There are several reasons you might want to purchase a single premium life insurance policy. You may need less coverage than an individual with a spouse and children depending on them but that doesn’t mean you have no need for it. Here are some reasons you might want to invest even when you are single.
- Cost – When you are young and healthy, premiums are much more affordable.
- Funeral expenses – Your funeral could become a financial hardship for someone else. Life insurance covers any funeral costs, so your surviving relatives can grieve you without added stress.
- Debt – If your parents or another individual co-signed any loans, you could leave them on the hook for the full amount.
- Dependents – Just because you are single doesn’t mean you don’t have dependents counting on you.
- Business owner – If you are a small business owner and you want your legacy to live on after your death, a life insurance plan could be the answer.
A single premium life insurance policy isn’t for everyone, but it might be for you. Consider your current state in life and talk with a local agent to determine whether it is right for you. An agent can better assess your needs. They are there to help you find a policy that works for you. Don’t leave your loved ones saddled with debt, explore your options today.