I’m single. Why should I get life insurance?
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UPDATED: Sep 15, 2020
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When people think of life insurance, they often assume that it is only a useful tool to keep families financially afloat after the loss of one of the parents. But there are many advantages to having life insurance when you’re single, including:
- Creating a fund for final expenses. It can be awkward to leave your family with the burden of paying funeral expenses. A small life insurance policy can address that need without compromising your family’s finances.
- Creating a legacy. Life insurance is often used for legacy planning. Imagine how many people both in and out of your family could be helped with the death benefit from your policy. You could put your nieces and nephews through college, pay off your parents’ home and send your siblings to graduate school. You could even leave your death benefit as a charitable contribution to a cause that means a lot to you.
Don’t be afraid to make every effort to ensure that your life insurance death benefit is used as you want it to be. Your life insurance company or agent can help you determine whether your bequest is reasonable and compliant with insurance company insurable interest requirements, The Patriot Act and other laws. A tax or legal advisor should also be consulted to ensure that you set up any trust accounts for your estate and beneficiary.