When it comes to life insurance, most people are often told to purchase a life insurance policy so your kids are provided for if you pass away early or so that your spouse can continue on with their same quality of life. But what if you don’t have kids or a spouse? Does a single person need life insurance? We are often asked this question here at Don Allred Insurance, serving the Burlington, NC area. Here is the answer that this question.
One of the reasons why a single person may need life insurance is to help pay for their final expenses. When you pass away, who will pay for your final expenses and how? Your parents or siblings may be responsible for finding the money to pay for a cremation, burial and/or funeral. Purchasing life insurance ensures that there is money to pay for those expenses so no one in your family has to struggle with covering those costs.
Another common reason why a single person may need life insurance is because of joint debts. If your parents co-signed on your student loans, and you pass away, they may still be responsible for them. Have you purchased a home with your sibling and make part of the payment? Then they may rely on your money and could struggle to pay the mortgage if you pass away. Purchasing life insurance helps to ensure that there is money to pay for the debts that you have outstanding with someone else.
Being single does not mean you cannot benefit from purchasing a life insurance policy. Are you looking to purchase a life insurance policy in the greater Burlington, NC area? Call Don Allred Insurance today to obtain a free quote for life insurance today.