There’s no doubt about it, young adults are staying single longer and often have more debt and other financial obligations than their parents did at their age. If you’re in your 20s or 30s and unattached, it’s important to consider life insurance as part of your financial strategy.
September is Life Insurance Awareness Month, the perfect time to consider how singles can benefit from purchasing life insurance. Once considered something that only married people with dependents need, young single people are gaining a deeper appreciation for how life insurance can provide critical financial support to their loved ones and even help them leave a legacy in the event of their untimely passing.
If you’re single and can relate to at least one of the following scenarios, you should speak to an insurance professional about how life insurance can benefit you:
- You provide financial support to family members
In the past, singles have been thought of as having no “dependents” and therefore, no need for life insurance. Today, however, unmarried individuals might be raising a child, or they may have a parent or sibling who they support financially. A life insurance policy can help these dependents when the family member who provided financial support is gone.
- You don’t want to burden others with your debt
If you’re like many singles, you have debt—and some of it may include co-signed loans for student loans, a car, or even your home. Consider the financial burden that would fall on your co-signor (often a parent or other family member) if you were to pass away and, they’re on the hook for the full amount of the loan—or if your family has to pay off any loans in your name. If you have life insurance, it can provide funds to help eliminate any outstanding debts.
- You want to save money
Looking toward the future can pay off. Life insurance rates are often lowest when you’re young and in good health. So you may want to consider buying a policy now so you’ll have lower-cost life insurance coverage later in life when you’re married and/or have dependents.
- You want to be prepared for a life-limiting illness.
While you may think that you are invincible, the truth is, none of us are. If you pass away, especially after an illness requiring considerable medical care, someone will be responsible for paying those bills. A life insurance policy can help your family members do this. Also, a policy with an accelerated death benefit can be used to fund end-of-life medical expenses or extended care if necessary. Your life insurance can also offset funeral costs.
- You want to make a difference.
If you don’t have dependents and your debt load is low, you may wish to leave a legacy by designating a charitable organization or your alma mater as the beneficiary of your life insurance policy. In doing so, your passing will create a permanent memory recognizing the organization or cause that’s important to you.
If any of the above scenarios apply to you, or even if you’ve never considered how life insurance can benefit you as a single person, now’s the time to talk to one of our insurance professionals. They can help you look at the different types of policies that are available to you and which ones will best fit your individual needs.
Need more convincing? Watch this video and see why life insurance isn’t as expensive as you think!
So let’s talk!
If you’re single and have questions about life insurance, contact Kemner Iott Benz today! Our experienced insurance professionals can answer all of your questions and help you get the coverage you need to keep you safe and secure.
Andrea Bailey specializes in asset protection and risk management for our personal lines customers at our Adrian location. Born and raised in Adrian, MI, Andrea graduated from Lenawee Christian School and has both her undergraduate and master degree from Siena Heights University. An active member of the Kiwanis Club of Adrian, Andrea also enjoys watching her son participate in soccer and basketball. Andrea has been a member of the Kemner Iott Benz team since 2012.
Join the conversation! Connect with Kemner Iott Benz on social media and stay up-to-date on the latest news during Life Insurance Awareness Month.