5 Reasons You Might Need Life Insurance, Even If You’re Single

Life insurance is traditionally thought of as the domain of the provider: those whose income supports others such as spouses and children. So, as long as you have no dependents, you don’t need life insurance, right? Not so fast. Life insurance helps cover some dependents you might have not thought of, as well as some costs that you may have not thought on. So, let’s take a look at five of the top reasons you might need life insurance even if you’re single.

1. Student Loan Debt (Or Any Other Co-signed Loan)

If you went to college, chances are you have debt from it. If you have a student loan that was co-signed (the majority of personal loans require co-signing by your parents), that debt will default to them if you die. This is true for any co-signed loan, such as a loan with a business partner, as a homeowner, or many others. The one thing to note is that if you have federal student loans, this might not apply to you: these government loans are discharged if you pass away, meaning they are forgiven.

2. It’s Your Funeral

While many envision their own weddings, few think much on their own funerals. However, funerals are very expensive, with a typical North American funeral today running anywhere from $6,000 to $10,000. While these costs might seem insane, think about everything that goes into it, from paying the staff who plan and carry everything out, to the material cost of your casket, to the cost of your grave space, and its “open/close” fee. This can help your family who is struggling with grief not struggle with their finances too.

3. You’ve Moved in With Someone

Have you gotten serious with someone? Even though you haven’t tied the knot, you probably already have started tying your financials together from paying the rent or mortgage, or utility bills and other reoccurring expenses. If you’re living with someone and it’s only together you can afford it, you already have at least one person who depends on you, even if they aren’t your dependent.

4. Youth and Health

Two things you’ve probably got in your favor. You would be right to think that you’ve got a pretty low chance of needing to use life insurance when you’re young and healthy. And this works in your favor: life insurance is very cheap for a 20 to 30 something, with premiums in the teens depending on the type and length of policy you’re looking to get. You can learn more about the different types of life insurance policies here.

5. Thinking About Future Dependents

Are you thinking about marriage? About having children? About having to care for your parents in the future? By locking in a great policy now (see #4 above), you’ve got that coverage for the future. Planning now allows that security later without paying for more expensive premiums.

At H&K Insurance, we want you to be ready for anything. Contact us today do learn more about your options when it comes to life insurance, and get your free quote today!