Do You Need Life Insurance If You’re Single?
Life cover for a singleton.
It goes without saying that couples, families, and businesses need to protect their financial futures with life insurance. What is often missed out is if life insurance is needed for single parents. There are those who have children depending on their sole income. As a single parent, you may believe that you don’t need life insurance. In reality, you may need certain coverage.
It’s important to understand that life insurance can be a smart purchase for unmarried individuals. For example, you may be in one or all of the following situations:
- You provide financial support for children, aging parents or siblings.
- You have substantial debt and would not want to pass that on to surviving family members.
- A family member paid for your education.
Life insurance is an excellent way to address these obligations and reimburse your family for their contributions. Even though you may think it’s okay to skip coverage, these situations may make you think otherwise.
Money may be tight for single parents, especially when disasters happen. For example, Summer, a single mom, needed life insurance more than ever when she was struck by a car while walking and killed. Her policy was able to take care of her son, Nathan, and provided funds for a beautiful funeral. Furthermore, Nathan got the care he needed as the death benefit allowed Summer’s mom to step in and leave her job for Nathan.
Nathan is now a happy 5-year-old, and Coleen has officially adopted him. She has even set aside the remaining money from Summer’s policy for Nathan to use for college.
Life insurance helps to give you peace of mind that your finances and children are protected, should anything happen.