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19 March, 2020 0
man looking at paper while at home desk, why singles need life insurance too

Circumstances Where a Single Person Might Need Life Insurance

Why single people still need life insurance coverage.

When you think about life insurance in Los Angeles, you probably imagine it in relation to parents with young children.  While it’s true that most people do not need life insurance until they have a family depending on them, there are some situations in which single individuals can benefit from having a policy in place.  Here’s when life insurance matters for single people.

  • When They Have Student Loans

Today, most college graduates have some kind of loan debt.  While federal student loans will be discharged in the event of your death, private loans will not.  If your parents cosigned on your private loans, then they will be responsible for paying them back in your absence.  If you do not want to leave your parents with this financial burden, then you should get a life insurance policy with enough coverage to pay back your creditors.

  • When They Have Business Partners

If you have started a small business along with a partner, then you may have secure business loans to get your company off the ground.  If you were to die unexpectedly, then your business partner would be responsible for paying back these loans all on their own.  If you do not want this financial burden to affect the growth of your business, then you should secure life insurance and list your business partner as a beneficiary.  This way, they can use your life insurance payout to pay off the loans and keep your business moving forward.

  • When They Want to Pay for Final Expenses

The cost of a funeral and burial can easily cost tens of thousands of dollars.  If you do not want your loved ones to shoulder the weight of your final expenses, then you should secure a life insurance policy to cover this cost.  Having enough coverage to cover your final rights can take the financial pressure off of your loved ones and allow them to focus on the grieving and recovery process.

  • When They Want to Give Back

Many people want to make a difference during their lifetime.  However, if your life is cut short, then you may not have the opportunity to leave your mark.  Fortunately, securing the right life insurance can help you leave a legacy that you can be proud of.  For instance, your life insurance benefit can be used to take care of your loved ones.  It can also be used to give back to charity or support another organization that you feel passionately about.

These are some of the situations in which single people can benefit from having life insurance coverage.  Looking to secure the right life insurance in Los Angeles?  Then contact the experts at Fuller Insurance Agency in Southern California.  We are ready to assist you with all your coverage needs today.

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