Many of the discussions around the benefits of life insurance center around the others in your life. Yes, life insurance will help you to leave a legacy behind for your beneficiaries and prevent any outstanding debts from being passed along to them. Life insurance is absolutely something that you should discuss and obtain (if you have not already) if you get married or have a child. However, with more single people in America than ever before, and Americans tending to have fewer (if any) babies, not everyone has other people at the top of their list of priorities.
Even if you’re young, unmarried, and not planning on having children, you should still get life insurance coverage, and you should get it today. Why? Let us explain some of the benefits that life insurance has for those of us who are flying solo.
It Will Cover End-of-Life Expenses
There’s no such thing as a free funeral. Someone is going to need to cover the cost of your funeral and other end-of-life expenses, and if you don’t have any family or other loved ones who would be able to take this on, that could be a problem. Funeral costs are rising, but a life insurance policy can cover these expenses.
It Pays Your Debts
Certain debts (such as federal student loans) are written off if the holder passes away. However, any individual debts (such as private student loans, mortgagees, car payments, and credit cards) will not disappear upon your death. If someone cosigned these debts at some point, they will be responsible. If you don’t have any co-signers, the debts will instead be settled out of the proceeds of your estate, which could be a complicated, time-consuming situation. Life insurance proceeds, however, can be used to settle your debts, leaving your estate untouched.
It Leaves a Legacy to Whatever You Want
We know what you’re thinking. “I thought we already established that I’m not married and not planning on having any children.” Here’s a little secret: you don’t have to leave your legacy to a person. As mentioned above, you could use your benefits to settle any remaining debts, or you can leave your death benefit to a charity in your name. If you don’t have any relatives or other loved ones that you would like to name as your beneficiary, you can instead take the opportunity to make a worthwhile contribution to one of your favorite causes.
Your Circumstances Could Change
Right now, you might not be planning on starting a family. However, there’s no predicting what could happen later in life. You could change your mind, or you could unexpectedly become responsible for someone and end up having some dependents that you would like to provide for. Perhaps an ill or aging parent will require care (single people are often the ones who are responsible for parents or grandparents), or you could be named the legal guardian of a relative’s child. In general, single people are more likely to experience major life events that could necessitate life insurance coverage, and it’s always better to get coverage sooner rather than later.
Rather than waiting until the last moment for coverage, we suggest obtaining life insurance now. It will be less expensive, less complicated, and less stressful for you. Contact one of our agents today to learn more about the right policy for you!
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. Sales from our financial services products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. Our portfolio is extensive, ranging from various life insurance policies to IRA’s to support your financial needs no matter what stage of life you’re in. For more information, contact our friendly experts today at (855) 804-7424.