Why Singles Need Life Insurance

by Community Manager on ‎06-22-2015 11:47 AM - last edited on ‎06-30-2015 10:21 AM by Lithium Technologies (4,162 Views)

Married people with families aren’t the only ones who need life insurance. Here are some surprising reasons you or a loved one, too, may want life insurance.

 

Do you think that, because you’re single, you don’t need life insurance? After all, there is no spouse requiring financial support. Well, here are six circumstances where life insurance can provide valuable options, even for someone who is single:

 

You Support Other Family Members

You might be raising a child, or maybe you have other loved ones who can’t afford to lose you, such as a disabled sibling or an elderly parent. A life insurance policy could help them when you’re gone.

 

You’ve Got Financial Obligations

If you’ve cosigned a loan and pass away, the cosignee will be responsible for the entire amount—but, if you have life insurance, it could help cover what’s owed. Funeral costs are another expense that could be offset by your life insurance.

 

You Want to Make a Difference

Do you have strong ties to a charity, an alma mater or other organization? A life insurance policy can allow you to leave a legacy.

 

You Want to Be Ready for the Future

Life insurance rates can be lowest when you’re in good health. If you’re young, now may be the best time to buy a policy—so you’ll be covered when it’s time for marriage, kids or other responsibilities.

 

You May Have Future Health Concerns

A policy that includes a clause for an accelerated death benefit can be used to fund end-of-life medical expenses or extended care, or even to embark on a last excursion before passing away.

 

You Decide to Help a Young Relative

Maybe you have a niece, nephew or grandchild who doesn’t recognize the benefits of obtaining coverage now. You might consider getting a policy for him. And if it has a guaranteed purchase option, it will allow him to buy additional coverage if he needs more later on.

 

The best way to know whether you need coverage is to meet with a life insurance specialist for a needs analysis. This quick and simple conversation uses easy-to-answer questions that will give a clear picture of the coverage that’s right for you.

 

To find out more, contact your agent or read about AAA’s life insurance policies online.

 

Life insurance underwritten by our affiliate, AAA Life Insurance Company, Livonia, MI. AAA Life is licensed in all states except NY. ALMI-22678-515-XX

 

A version of this story appears in the July/August 2015 issue of AAA Living magazine.

 

Image credit/source: Jing Jong Tsong/theispot.com

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