Though the matriarch and patriarch of families with children are the most common life insurance policyholders, that doesn’t dismiss this coverage as unnecessary for single adults. Young adults may not yet have enough financial responsibilities to warrant such coverage, but the need for this type of coverage often grows as you age and accumulate more financial responsibilities.
Many single adults have dependents—children, elderly/sick parents or disabled family members—that they provide financial care for. These dependents may or may not be able to monetarily take care of themselves, but oftentimes policyholders consider life insurance benefits to provide comfort and support in the wake of tragedy.
The family members of single adults may undergo a financial burden following that person’s death, even if they are not dependents. A single adult may leave behind unpaid debts, such as a mortgage, student loans, a car loan or credit card debt. If the deceased’s savings cannot cover these debts, they can default to the next of kin, placing a hardship on the grieving family. Life insurance benefits can be used to pay off such debts without dipping into the savings of the surviving family members.
Similarly, the expense of laying the deceased to rest can be quite high, averaging up to $15,000 including the costs of the funeral service, cemetery plot, casket and headstone. Rather than letting this burden fall to family members, a single adult can buy life insurance to cover these expenses so the family can mourn their loss without the added stress of scrounging up the money to pay for the funeral.
If you are a single adult and find yourself if one of these situations, you may want to consider purchasing life insurance. Your local agent can evaluate your needs and help you select the coverage that best suits your lifestyle and your budget.
Learn about your options today. Call Insurance Planning Service at (734) 421-9900 for more information on Livonia life insurance.