Many people feel life insurance is only for older people or married couples with children. Nothing could be further from the truth. Life insurance has much to offer to single adults, whether they have children or not. Here are some of the benefits singles stand to gain from investing in a life insurance policy from Oliver Insurance in Canby, OR.
Payoff of Debts
If you’ve taken out a loan with a co-signer, your co-signer could be left with a substantial debt if you were to unexpectedly pass on. Life insurance benefits can help pay off your debts from student loans to a mortgage on a home so no one has to assume that financial burden.
Financial Security for Children
With life insurance, single parents can have greater confidence that their kids will have financial support upon their demise. Benefits can be used for a child’s personal care, schooling or even be saved to help pay for college tuition when they’re older.
Emergency Funds
You never know how life insurance can impact your future. Whole life insurance, for example, accrues cash value over the years. If you invest in it while you’re young, you could take out a loan against your policy’s value when you’re older to pay for financial emergencies that may arise. You’ll appreciate having this cushion to fall back on in your golden years.
Funeral Costs
If you’re like most young adults, you’ve probably made no provision for burial services when you die. Life insurance benefits can help cover funeral costs so your family isn’t burdened with this expense after you’re gone.
As a single adult, you shouldn’t bypass the opportunity to obtain a low-cost life insurance policy while you’re healthy and young. For more information on life insurance policies and costs, contact an agent from Oliver Insurance, Canby, OR, today.
