Single people may not purchase life insurance because it is seen as an unnecessary expense. They wrongly assume that life insurance should only be obtained for married people. They only consider the money being needed to support the surviving spouse and children with living expenses. However, our culture and family makeups have changed over the years. Now, some people choose cohabitation. Also, many single people have children and other responsibilities. Some reasons why a single person should purchase life insurance are:
Not to burden surviving family members with paying thousands of dollars for burial expenses. Single or not, someone will have to pay for final arrangements. The task of coming up with the money often causes conflict and strife between already stressed and distraught family members.
Here are some other popular reasons:
- To pay for a child’s living expenses or college tuition. Many single people have children who would need financial help if the single parent becomes deceased.
- To pay for care giving for aging parents, or disabled siblings. Many single people have elderly parents who need to be cared for after the death of a care giver. Some families also have disabled siblings who would need care.
- To pay for the care of a family pet. Some people, especially single persons consider their pet as a family member. If something happens to the pet owner, it’s uncertain how the pet would be cared for. Insurance money could be used to care for a loving pet.
- To leave a sizable donation to a non-profit organization or a humanitarian cause. A lot of us are very passionate about certain issues that affect our lives. An important cause can continue receiving financial support even after the donor’s death.
A qualified insurance or tax professional can properly document a customer’s wishes in the event of death. They are knowledgeable and aware of any laws or regulations in carrying out the plans customers want.