Term Life Insurance for All Adults
A common misconception is that you should
only worry about having
life insurance if you are married. Ken
Barnes, onlypunjab.com writer, explains
why term life insurance is important for
everyone, regardless of marital status,
in his article, “Term Life Insurance
Quotes for Singles.”
Life
insurance is important for everyone
regardless of age. In fact, since rate premiums
increase with age and deteriorating health,
it is wise to get term life insurance the
younger and healthier you are.
There are several reasons as to why you
should consider term life insurance even
if you are single.
Dependants “Being
single does not necessarily mean you have
no dependents. You may have children from
a previous marriage or you might have parents
or grandparents who depend on you for financial
support. In either case, these people will
be impacted should you die prematurely.
They’ll lose you as well as a source
of income.”
Naming your children, parents or grandparents
as your beneficiary will ensure that they
have some financial income once you have
died. The money can be used to help pay
for burial costs, mortgage
payments, miscellaneous bills and debts
or general comfort.
Loan Obligations “Life
insurance is something you should definitely
consider if you have a loan that is
in your name and that of a cosigner. A cosigner
doesn’t have to be a spouse. It can
be a friend, relative, co-worker, even a
roommate. If you die unexpectedly and your
name is listed on a loan, your cosigner
becomes 100% responsible for repaying that
loan.”
You should consider getting
a term life insurance plan covering
the cost for at least the amount of an outstanding
loan and basic burial costs.
Medical Condition “Your
family history may make it difficult for
you to obtain a reasonable term life insurance
quote later on when you really do need life
insurance. Certain medical conditions are
genetic and even if you do not have any
symptoms now, they may appear years from
now.”
If you have a family history of medical
problems, you should apply for term life
insurance when you are young and healthy,
before any medical conditions occur. Even
if you develop a medical condition that
does not relate to your family history,
you will either not be offered coverage
or your monthly premiums will be much higher.
Burial “There is
one more good reason why single people should
get a term life insurance quote. If you
died suddenly, someone would be responsible
for the expenses involved in your funeral
and burial. A nominal life insurance policy
could relieve others of this type of financial
burden.”
Whether you are married or single, term
life insurance will provide loved ones with
financial assistance once you die, and relieve
them of the financial burden you could leave
behind.
