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Although many single people don’t realize it, there are a variety of reasons for taking out a life insurance policy. In this blog, we talk about why life insurance isn’t just for married couples with kids and explain why it makes sense to have life insurance when you’re single.

Do You Have Student Loan Debt?

Don’t assume that your student debt goes away when you die because that’s not always the case. Federal student loans are discharged when you die, but personal loans that have a cosigner will need to be repaid. So if your parents cosigned your student loans, they would be responsible for settling your debt if you die. If you don’t want your parents to deal with your debt on top of their grief, you should consider life insurance.

Do You Live with Your Significant Other?

If you live together with your significant other, you likely share numerous financial responsibilities. Ask yourself these questions:

  • Do you need both of your incomes in order to pay your mortgage or rent?
  • Do you have a financial plan for what happens if one of you prematurely dies?

If you answered yes to the first question and no to the second question, you should take out a life insurance policy that will allow you to cover your shared financial responsibilities if one of you dies.

Will You Have to Take Care of Family Members in the Future?

Aging parents and other older members of your family might have special-needs in the future that requires you to support them financially. With life insurance, your loved ones will have enough money to fund their necessary expenses if you die.

Are you ready to find out which type of life insurance policy is best for you? Call us today at (888) 451-0883 to schedule your consultation with a member of our team.