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Life Insurance for Singles: Nearly half the population of the United States is unmarried. You may feel insurance is unnecessary but, probably, your death would have a financial impact on other family members. Life insurance helps you to meet those responsibilities. It can help protect your own financial future. For example: If you are a young adult, you may be paying off education loans and credit card debts. Many education loans are taken out in the names of other family members, generally with a parent as co-signer. A co-signer is fully obligated to pay 100 percent of a debt if the other signer is unable to do so for any reason. Life insurance can help protect your family members from this obligation, in the event of your premature death. In addition, the final expenses for your funeral can be met by owning an adequate amount of life insurance. Though single today, you may eventually have a family. Cash value life insurance, once issued, is in force for life, assuming all required premiums are paid. This is the case in spite of any changes in your health that may develop in the future. It is even possible to lock in the premium rate for life. Premiums at issue are lower for younger men and women, increasing each year. However, you can "freeze" those rates at the age of issue, so it is possible to pay the same low premium rate when you are 70 that you did when you took out the policy at age 25. If you are a single parent, you are the sole breadwinner in your household. You know all too well the cost of maintaining your children's standard of living. It takes money. If you died prematurely, your income would die with you. A single parent's need for life insurance is even more crucial than in two-parent households which will have another source of income if one parent dies. Life insurance is one of the most cost-effective ways to help ensure that your children are financially protected in the event that anything happens to you. Finally, if you are a surviving spouse whose children are grown and on their own, life insurance will help protect the estate you and your spouse accumulated over the years. That way, the bulk of it can be passed on to your children and grandchildren someday, rather than seeing it go to state and federal taxes. Plus, cash value policies also include an attractive accumulation element. These dollars can be used in the future for whatever purpose the policyowner desires, to supplement retirement income, help pay tuition bills, etc. For more information about the types of coverage available, contact your Stanton Insurance agent for assistance. << BACK |
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