It’s a common misconception that single individuals do not need life insurance; however, that couldn’t be further from the truth.
This comes as no surprise that one of the biggest reasons to be insured is to provide your family with money if you were to pass away. So a logical response to that is to think you don’t need life insurance when you do not have a spouse or children that depend on your support, precisely your money. However, there are certainly times when a single person needs to be insured, and we are here to tell you some of the common reasons why.
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Why Single Individuals Still Need Life Insurance
You Are in Debt — One of the biggest reasons to be insured if you are single is that others will not be burdened with your debt if you were to pass away. This usually happens when you have a cosigner on loan or share a mortgage with someone. Thankfully, there’s an easy and affordable solution — term life insurance.
You Have People that Depend on Your Support — Being single does not necessarily exempt you from having people that depend on you. Whether you are a single parent with younger kids, have a disabled sibling, or aging parents that rely on you, you will want to be insured to help make ends meet if you were to pass away prematurely.
You Want to Cover Final Expenses — Funerals can end up costing close to $10,000, and if you have an expectation of how you’d like your funeral to be and don’t want to leave your loved ones footing the bill, life insurance can help cover these costs.
You’re a Business Owner — In many situations, your business loan lender will require you to have been insured to ensure they get their money back if you pass away before the loan is paid off. You’ll also need to be insured if you have a business partner, so they aren’t left in a difficult situation if you were to die.
You Want to Leave a Legacy Behind — If you want to leave money to a beloved charity, school, religious organization, or person, you will want to be insured. A portion or all of your policy’s proceeds could help further a mission that is important to you. It could also help someone’s future if you donate your money to something you care about.
Need Life Insurance? Contact Bear River Mutual Insurance
As you can see, life insurance is essential to have regardless of your marital status. If you need life, health, auto, home, business, or another type of insurance, contact the knowledgeable professionals at Bear River Mutual Insurance. Our team of experts is dedicated to helping you find the best rates and protection that will give you and your loved ones the peace of mind you deserve. We are committed to finding the perfect balance of security and value for you and your family. We proudly serve those in Orem, Provo, Salt Lake City, and any neighboring cities in Utah. Contact us for a quote today.