As a single person, you may not see the immediate need for life insurance. You might think it’s something you get once you have dependents. However, it’s ideal to start a policy while you’re young for the benefits outlined below.
1. Affordability
Starting a life insurance policy when you’re young and single often results in lower monthly rates than if you were married with children. The rates also increase as you age, so starting a policy as soon as possible is beneficial.
2. Covering Final Costs
In the event of your unexpected passing, there will be final costs for funeral services and expenses. With a life insurance policy, you can cover all that financial burden, allowing your loved ones to mourn without worrying about financial concerns.
3. Settling Outstanding Debts
Another expense to consider is your outstanding debts. In the event of your death, if you have a home, vehicle, or other property you want to pass on to a loved one, they’ll need to be able to pay the balance. These debts aren’t eliminated if you pass away, and the loan companies will come to retrieve that property.
4. Leaving a Final Gift
As a single person, you still have friends and family to whom you may want to leave gifts should something happen to you. In the event of your death, you can leave a financial gift for your parents to help them through the next few years or a significant other you have grown fond of and want to take care of in some way.
If you’re in the Canby, OR area and looking for a personal quote on life insurance, we’re here to help. Contact our team at Oliver Insurance today for more information.
