At Access Insurance Services of San Antonio, TX, we are often faced with this question from our clients: Do I need life insurance if I am unmarried? The simple answer is yes. Life insurance isn’t only about married people and persons with children. It’s broader than that. Here are a few reasons you should purchase life insurance even if you are single.
You have debts
If you have federal student loans, your debt is written off once you die. However, if you have private student loans with a consignor, he or she may still have to repay the loan when the good Lord takes you. The same goes for other cosigned debts — mortgages, jointly owned credit cards, and car loans.
Anyone that guarantees your loan will have to bear the financial burden if you die. As such, life insurance becomes a worthwhile investment to ensure that you don’t burden those you leave behind with loans.
You have other dependents
Maybe you don’t have children, but you have other people depending on you. It could be your siblings, parents, or someone close. If you want your dependents to have an uninterrupted flow of income when you die, life insurance is the go-to safety net.
You own a business
If you have a business partner, it’s good to invest in life insurance to ensure the business’s continuity. Life insurance plugs the financial hole left in case of the demise of one of the partners. While life insurance won’t replace your skillset, it buys your partner time to make decisions suitable for the business.
To cover funeral expenses
Final expenses cost an average of $7,000 to $10,000. Without proper investment and planning, you could burden your mourning friends and family with funeral expenses. However, when you purchase life insurance, your loved ones can mourn your death peacefully without the headache of footing your final expenses.
Are you ready to get started with life insurance? Whether young or old, it’s never too late to talk to Access Insurance Services of San Antonio, TX, for life insurance coverage. Contact us today.