Why Even Young and Single People Need Life Insurance

It’s hard to take life insurance seriously when you are young or single. When are young, you’re probably in the peak years of your health, and there are so many other fun things to do. If you are single, you may think nobody depends on you for anything. Truth is, if you are a working adult, regardless of your age, you should give serious consideration to life insurance.

Regardless of where you are in your life right now, your death will affect many people. Besides your family, there might be business or investment partners, people you support, or close friends who would be impacted. In their time of grief and uncertainty, you want to make sure they are covered and minimally impacted by your loss.

Who Depends on You?
Are you providing anybody with some form of assistance? If you should die, who would replace that support? If you are supporting a family member through school, a health emergency, or an unexpected loss of a job, the proceeds from life insurance policy would be able to give them support while they adjust to a life without you.

Consider any loans you might have co-signed for, or loans you took out with a partner for a business or recreational item. In the event of your death, the remaining co-signer will be stuck with the debt. Naming that person as a beneficiary will allow them to satisfy the debt without an unexpected financial burden.

Insurance benefits can also be used to finalize the costs and taxes of your estate. If you have any outstanding liens against your home, the insurance policy can pay for them. Again, this is a tremendous amount of relief for your family, and can prevent future problems.

Do you have any children who depend on you for their future? Life insurance is an excellent way to provide support for your kids when they go to college, trade school, or to help them get ready for the real world after they become adults.

If you own a business with a partner, life insurance can be the cornerstone of a business succession plan. The policy can be used to help the business continue until it adjusts to your loss.

Plan for the Future
Nobody knows what the future is going to bring. Despite the fact you’re single now, you may be married in five years. Having a life insurance policy in effect when you meet your future partner means they will be taken care of financially in the event of your death. Even if you choose not to marry, you’ll still be able to name them as the beneficiary, giving them the protection they need.

Finally, life insurance is cheaper when you are younger. As you age, the rates are only going to increase. Also, as you get older you may develop health issues that could also increase the premiums. By insuring yourself early in life, you may be able to guarantee yourself a low rate for the life of the policy.

If you would like to discuss this with us further, we encourage you to contact us for an appointment. Our associates at Flagler Financial will work with you to develop an insurance plan that provides you with protection and is economical.