Many people make the assumption that insurance is for married couples and people with children. While it is true that not everyone one need life insurance, there are a number of reasons when it may make sense (right).
1. You have a student loan debt.
Many people assume that your debts die with you, but it does not always happen. While loans through the federal government runs out (aka forgiven) if you die, have a cosigner personal loans are generally not. That means if your parents, for example, signed a student loan through a bank, they would be responsible for paying the remainder of the loan if something happens to you. There are instances when the bank has called the loan to be paid in full immediately after death. You do not want to leave your parents deal with grief and loan payments.
2. You stay with your significant other.
When you live together, many become joint financial responsibility. Consider this example: You need both your income to meet mortgage or rent where you live. Have you thought about what happens if one of you dies prematurely? Partners should sell? Finding a new place to live soon? And this is just one example of many financial responsibility alongside the couple had. Insurance is easy answers to the questions.
If your parents sign a student loan through a bank, they would be responsible for paying the remainder of the loan if something happens to you.
3. You plan to have kids… someday.
That’s not possible right now, but when the kids come, as well as fees and charges. According to the USDA, it costs $245.340 for raising a child until the age of 18, and that’s without factoring in the cost of tuition. Getting life insurance in place now means you have coverage for when you have children. Plus, you protect you deserve to be insured for the future… And that brings us to the next reason.
4. You are young and healthy.
Age and health are two of the drivers how much you will pay for life insurance. Why not lock in a low price if you have both of them working for you? Did you know that the health of 30-year-old could earn $250,000 20-year term life insurance policy for about $13 per month? Can be done, right? Do not wait until health problems or age put insurance out of your reach.
5. You know you’ll take care of family members in the future.
This may mean aging parents or siblings may have special needs that you help care for and support financially. What will happen to them if something happens to you and support you disappear? Life insurance can ensure that there is money to fund those needs into the future. This is where it may be wise to consider the whole life insurance policies (those that exist for the rest of your life, as long as you pay your premiums).
6. This will pay for your funeral.
No one likes to think about things like that, but the truth is if you die, someone has to pay for your funeral. You do not want to leave your parents, partner, or family member struggling with grief and pay for the funeral and burial, which can cost an average of $7.100.
Getting life insurance does not have to be a daunting task. Life insurance agent can guide you through your options-free.