03/05/2024
I AM SINGLE WITH NO DEPENDENTS, DO I STILL NEED LIFE INSURANCE?
Single people with no dependents are often advised that they don’t need a life insurance policy. However, there are some reasons why you might need life insurance even if you're single.
1. If God calls you home today, who would pay for your funeral expenses? If you don't have life insurance, someone else (e.g., your family and relatives) may have to foot these bills. According to a friend, even if you have a memorial plan in place like St. Peter, funeral expenses can still amount to at least 100k. The death benefits of a life insurance policy could be used to cover these expenses.
2. If you have debts in excess of your assets or if you owe money together with someone else, you might be needing a life insurance policy. If something happens to you, who would pay for these debts? Would your partner in debt be able to make the monthly payment on her own? If not, then a life insurance policy is needed with your partner in loan as beneficiary.
3. If you are trying to have a family in the future, it’s wise to get a life insurance policy as early as possible - while it’s more affordable and while you are insurable. I have clients who are not insurable already even they are only in late 20s because of a medical condition. You must prepare early because you might have trouble buying life insurance later when you're older, especially if your health has begun to decline.
At the end of the day, the main reason why you will be getting a life insurance policy is because you want to be responsible not to be a burden to people you will leave behind when God calls you home. 🤗
As a single person, a small life insurance coverage enough to meet the above needs would be fine, what you should focus more on is HEALTH INSURANCE.
The next questions would be:
As a single with no dependents, How much life insurance I should be needing? What health insurance do I need?
If you need help on these questions, comment “YES” or send me a PM 😊
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