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Do I Need Life Insurance If I Have No Dependents?
If you’re single and have no children, it may be natural to wonder if you need life insurance since you have no dependents. But even if you don’t have anyone financially dependent upon you, there are plenty of good reasons why life insurance is still a good idea.
Life Insurance With No Dependents
So why would someone take out a life insurance policy if they don’t have anyone depending on them for income? There are several reasons.
1. You may not be without dependents forever.
People are getting married and having children later in life than ever before. Just because you have no dependents now doesn’t mean you won’t later on in life. By locking in a life insurance policy at a low rate now, you can ensure you’ll have a plan in place if you ever do get married or have children.
2. You may not have dependents, but you do have beneficiaries.
You may not have anyone financially dependent on you, but you may have people in your life that could benefit greatly if you purchased a life insurance plan. Your sibling and their family may not rely on your income, but a life insurance payout could certainly leave them with a nice gift in your memory.
3. You don’t want your death to be a financial burden.
Even though you have no dependents, someone in your family may still be financially burdened by your death. Funerals can cost thousands of dollars and your family will surely want to give you a proper service.
Also consider any debts that you have including a mortgage, car payments, credit card debt and student loans. Should you die, lenders may be able to seize some of the assets in order to settle the debts that are secured by them, reducing the amount of your estate that might otherwise be inherited by a loved one.
4. You can benefit from it yourself.
Permanent life insurance policies contain a cash value that can be borrowed against. If you buy life insurance now and reach retirement age without acquiring any dependents, you may be able to borrow against your policy to fund your retirement years, pay for a vacation and more.
5. You provide care for your parents.
Support comes in multiple forms and not all of them are financial. If you are providing care for a parent or grandparent in the form of housework, cooking, transportation or more, there is financial value in your services that would have to be replaced if you were to die. A life insurance payout can make sure those family members are adequately equipped to pay for any such services in your absence.
6. You wish to leave your legacy behind.
You can take out a life insurance policy and choose to leave a charity or other organization as your beneficiary. This allows for your legacy to live on after you’re gone in something that you were passionate about.
The Best Time to Buy a Policy
The best time to buy life insurance may be right now. Life insurance rates can be based on age, medical history and current health status so a young person who is still in good health can typically acquire a policy for a much lower rate than someone older.
Have questions about life insurance? Contact licensed agent online to see how an affordable life insurance policy can be beneficial even if you don’t have any dependents.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.