Why Do I Need Life Insurance If I Am Single?

Young single woman thinking about life insurance.

Life insurance is critical for any family household. Leaving a spouse and/or children with no financial means of survival following an unexpected death is any parent’s worst nightmare.

That said, life insurance isn’t just for families. There are cases where a single person may want to consider investing in this valuable financial resource, as well.

Today, we’re answering the life or death question: Why do I need life insurance if I am single?

Three Reasons You Need Life Insurance If You Are Single

1. You Support Your Parents, Siblings, Etcetera...

Being labeled “married” or “single” commonly refers to the presence of having a spouse or partner; this status, however, does not take into consideration the other people who may depend on you for financial and emotional assistance. If you regularly provide support to your aging parents, a disabled sibling or even an in-need friend, a life insurance policy can ensure these individuals are taken care of, despite your absence.

2. You Have Outstanding Payments That Need to Be Made

The saying goes that the only sure thing in life are death and taxes. Unfortunately, the arrival of death doesn’t necessarily render your debt null and void. If you have pending student loans, car payments or a mortgage, collectors may pursue your relatives to resolve these debts if you do not have adequate saved funds following your demise. To ensure the ones you love aren’t stuck with footing your remaining bills, you are advised to invest in a life insurance policy.

3. Your Relatives Don’t Have the Funds to Lay You to Rest

You may not often consider how your funeral will be paid for once you have passed on, yet the average cost to lay a human body to rest can range anywhere between $7,000 to $10,000. To prevent relatives from getting stuck with this unexpected bill on top of the grieving process, a life insurance policy is necessary to ensure these expenses are covered.

Life Insurance You Can Trust

The topic of death can be difficult on nearly every person you regularly come in contact with, especially your family. To learn more about how the right life insurance policy can take care of you and your loved ones once you have passed on, consult in a life insurance service you can trust; contact us below at The Mutual Fund Store Life Insurance - Financial Engines today.

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Term Life Insurance products are offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors, L.L.C. (FEA), in states where licensed. TMFS Insurance Agency, LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.