Most people think that life insurance is only for those who have partners, children or some other kind of dependents, but it’s certainly not a bad idea for a bachelor–no matter which stage of life he’s in–to have a life insurance policy ranging from $20,000 to $100,000. Here are two main reasons why North Carolina bachelors should take out a life insurance policy:
End of Life Expenses- You want your life insurance policy to be large enough to cover the costs of your funeral and burial so that your family and friends don’t have to step in and pay for the expenses, which can usually run up to $20,000. Make sure that your will specifies what your exact funeral and burials wishes are, or if you have already prepaid for some of the expenses, so that your family needn’t make these emotionally-charged decisions.
Pay Off Debts- While most debts are automatically forgiven upon death, for many people, it’s important that the debt gets paid anyway. Having a life insurance policy that would allow the executor of your will to pay all debts in-full is a gesture of good-will. No matter what your feeling is on this suggestion, it is a good idea to have the money to pay off personal loans from family and friends. Unlike large mortgage lenders and credit card companies, your loved ones are probably counting on getting that money back from you, and by planning for the money to be given to them, you honor your word.
For personalized assistance in determining how much life insurance you should have, contact your Burlington, North Carolina independent agent today. We’ll work with you so that you have an adequate amount which ensures that your loved ones aren’t financially burdened by your passing. Disclaimmer: The content of these blogs do not represent any type of specific coverage’s offered by the agency.