I Don’t have Any Dependents. Should I Invest in Life Insurance?

You may not think you have much need for life insurance if you are a person without dependents. However, nothing could further from the truth. Even if you don’t have children, life insurance has many benefits.

To Cover the Cost of Burial
At the very least, a small life insurance policy could help pay for your burial cost in the event of your death. Your loved ones wouldn’t have to worry about coming up with the money to give you a proper burial and, or funeral. 

You Can Settle Your Debt
Perhaps, the primary benefit of life insurance is the ability to pay off large debts that won’t transfer to your family in the event of your death. Your life insurance policy with a death benefit equal to the amount owed can cover a mortgage, an auto lease and loan, and credit card debt. Life insurance is beneficial because your debts won’t fall on your family members, and it gives you the ability to pass on your assets instead of creating extra bills for your family. Statewide Insurance Solutions of Gurnee, IL are committed to showing individuals how they can benefit from investing in life insurance even if they have no dependents. 

For a Future Family
You may have plans of having a family one day. If this is the case, investing in life insurance while you are young and, or unmarried, may greatly benefit you because you will pay considerably less for a policy. This may be a worthwhile investment if you feel having a family is a serious future goal for you. This future security may be a move in the right direction. 

If You’re a Joint Debtor
If you or another family member co-signed for a mortgage, car, or some other big investment, your death could put them in financial straights. A life insurance policy would help fulfill your end of the debt in the event of your death. The absence of a life insurance policy could leave your relative with the responsibility of the entire bill. Give us a call. We’re here to answer all of your life insurance questions.