Single people are those who are not married, let alone have children of their own. Individuals who fall into this group often think they don’t need life insurance. But experience has shown that some circumstances or futuristic goals may compel them to own a life insurance policy. Here are the top reasons why single people need life insurance.
You have dependents.
If you are a single person with parents and family members who still depend on your financial support, you need to purchase life insurance for them. That way, your beneficiaries will be able to use the death benefits to cover medical bills and other everyday expenses.
You have debts.
How would you feel when you are no more if your debtors continue harassing your loved ones because of your debts? Or how would you feel when you are gone if banks take possession of your property from your families because of your debts? Of course, you will feel distraught. Life insurance can provide coverage for your student loans, mortgage loans, consigned debts and other debts when you are gone.
You want to leave a legacy.
This is a powerful but uncommon reason why single people should own life insurance. If you still want to still donate to charity or have plans to use your death benefits to provide financial support to non-governmental organizations, you can achieve your futuristic goal by getting a life insurance if you are single.