Many single individuals believe that there is no need for them to hold life insurance policies until they are married, or have purchased a home.  In many cases they are correct, and are fine in waiting to purchase a policy.  However, there are a number of circumstances under which a single person could greatly benefit from the purchase of life insurance.  Some reasons for purchasing a policy while single include:

Having Co-signed loans

If you have a family member who co-signed a loan for you, they would be responsible for repaying the remaining balance of the loan at the time of your death.  Making the co-signer the beneficiary of a life insurance policy would take the burden of your debt away from them.

Wanting to Get a Cheaper Policy

As you age, the price of life insurance steadily increases.  Also, you’re statistically more likely to develop health problems later in life, which also increases the cost.  Getting a policy at a young age can result in significant savings.

Simplifying the Transfer of a Business

If you have a business, a life insurance policy can simplify the transfer of your holdings to your partners if you pass away.  You can specify that your heirs will receive the balance of the policy in lieu of a share in the company. This would make it easier for your partners to take control of you piece of the business.

Providing for the Support of Others

There are many millions of unmarried individuals today who have children that they support.  By buying a life insurance policy, single parents can help to ensure that their children are taken care of.  Additionally, there are those who are responsible for the financial support of older parents, or siblings with severe disabilities.  Having life insurance is a good way to provide for the care of these loved ones as well.

Giving to Charity

If you support a particular cause, and can easily afford the cost of a life insurance policy, you could choose to provide for this cause at the time of your death.  It’s easy to set things up so that the balance of the policy is dispersed to charity.

If you live in Alhambra California, or the surrounding area, contact Michelle Lim Insurance Services Insurance to discuss your coverage needs, or obtain a policy.