Oftentimes, life insurance is something a lot of people get because they just got married or had a kid. They start thinking of the future and for those they provide for, and having insurance protecting your family if any tragedy were to befall them is the best way to ward off further hardships.
But what if you’re single and don’t have children? A lot of people question why it’s needed if they’re in this situation, considering they’re not providing for anyone else. So, we’ve got a few reasons why you should still think about getting this insurance even if you are single and without kids.
You should still consider a smaller policy even if you consider yourself completely health, debt-free, and don’t ever want a family. Why? Because someone will end up needing to pay your end-of-life and funeral expenses if you die early. Policies from $10,000 to $25,000 are usually just fine in order to cover these expenses. You don’t want your friends and family to have to grieve and pay for your funeral, do you?
You’ve had someone else cosign on loans.
Yes, federal student loans go away when you die. But private loans typically aren’t the same story. Other cosigned debts are the same, even if it’s a car, credit card, or mortgage. The other person will still be responsible to pay your debts after you die, so having something in place to cover those expenses for them is a great idea.
You may want kids someday.
Tip: Get it now while you’re younger and healthier. It’ll be cheaper than trying to buy once you have kids, are in your 30s, and other reasons you can’t help. By the time you do have kids, your base coverage will already be in place and you can then increase your coverage as needed once the kids come.
Your family history shows inheritable health issues.
Do your parents have health issues? You may too, down the road. Buying insurance now will ensure that you get it far cheaper while you’re still healthy instead of being diagnosed with a health condition that will raise your rates. Just be planning ahead, as you don’t want to have to worry about insurance down the road when you do have a family, and you definitely don’t want to see larger dollar amounts when you could’ve locked in a great rate today.