Why a Single Person Might Need Life Insurance

23 Jul Why a Single Person Might Need Life Insurance

If you’ve ever contemplated life insurance, you may have – at one point – thought “I’ll wait until I’m married to get coverage” or “I don’t have a spouse so I don’t need coverage.” These are both normal to believe, yet single people can benefit from life insurance more than you think. You don’t need a spouse or kids to justify getting coverage. Here’s why.

Student loans

If you have student loans, it’s well worth taking out life insurance. Depending on which school you went to and how many degrees you have, your debt could reach six figures. Life insurance is an affordable solution to help protect the person who cosigned on your loans financially and pay off your student debt when you pass.

Mortgage

If you took out a mortgage to buy yourself a house, you should consider purchasing enough life insurance to cover your mortgage term length. A life insurance policy would be paid to your beneficiary, who could use it to help pay off the mortgage.

End-of-life expenses

The average funeral can total $10,000. If you want to spare your loved ones the expense paying for a funeral, then life insurance can help. The death benefit can go towards laying you to rest so that the pressure is taken off your friends and family.

There are many reasons why a single person would need life insurance coverage. Skip the search of finding the right life coverage – Visit the team at Doughtery Insurance instead. We offer quality life insurance for business owners across Illinois, Wisconsin, and Indiana.