You’re probably familiar with the idea that life insurance is a way to protect your family when you are no longer around to do so. If you have a partner or children that rely on your income, taking out a life insurance policy can protect them financially when you pass. Although it may seem that only married and those with partners and children need life insurance, single people can benefit from coverage, too. Here’s how.
Life insurance can pay off student loans.
Depending on where you went to college and how many degrees you earned, your student loan debt may approach six figures. If you have a cosigner, they could be on the hook to pay off your loans if something happened to you. If this is the case, consider taking out a life insurance policy. It offers an affordable solution to help protect the kind person who cosigned on your loans financially.
Life insurance helps pay off your mortgage.
If you’re a single homeowner with a mortgage, you should consider purchasing enough coverage for a sufficient term length, taking into consideration how much you owe on your mortgage and how many years until it is paid off. A life insurance benefit would be paid to your beneficiary, who could use it to help pay the mortgage.
Life insurance covers end-of-life expenses.
Believe it or not, but the average funeral costs between $7,000 to $10,000. Having life insurance takes the pressure off your loved ones to pay for these expenses when you pass.
Make sure you have the right life policy that steps in when your loved ones need it the most. Talk to a trusted life insurance advisor to determine your policy and coverage exactly. Contact Donald Weiss Insurance Services to get started on your coverage today.