Wednesday, September 22, 2010
I'm single. Do I need life insurance?
Question: I'm single. Do I need life insurance?
Answer: It depends
Single people often think they don't need life insurance and they're often right. But there are many factors to consider beyond marital status when deciding whether you want life insurance. Answer the following questions and see where you stand:
Do you have any dependents? If you have children, or provide support for a parent or grandparent, your death could create a serious financial hardship for these dependents. Life insurance can help provide a continued stream of income for your loved ones if you die prematurely.
Do you have a mortgage or loans held jointly with a cosigner? If so, your death would leave the cosigner responsible for the entire debt. You might want to consider purchasing life insurance to help cover these debts in the event of your death. If you have other personal debts, your creditors can make a claim for payment against any assets in your estate.
Are you at risk for any serious medical conditions? For example, if your family medical history includes certain genetic conditions, such as diabetes or certain types of cancer, you may want to consider purchasing life insurance while you’re young and healthy. Should you develop such a condition, purchasing life insurance later could be difficult, or even impossible.
If you died tomorrow, who would pay for your final expenses? For many families, even a relatively simple funeral can create a major financial burden. Life insurance can help offset these expenses.
Give me a call. We can discuss your individual situation so that you can decide if life insurance is appropriate for you. And if you feel it’s not necessary at this time, we can review your other insurance policies so you can be sure you have the coverage you want.
Life insurance issued by Farmers New World Life Insurance Company, Mercer Island