Why do Single People Need Life Isnurance?

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In honor of Insure Your Love Month at the Michael Delaney Farmers Insurance Agency, we will be exploring the topic of why single people need life insurance. While life insurance is a must have for married couples and families alike, single people still have a need for life insurance too. Today we will be looking at the top five reasons why singles need life insurance too.

  1. You are a small business owner. As a small business owner, it is important to ensure that your business lives on if you, or one of your key employees passes away. With a Key Person Life Insurance policy you can do a variety of thing with the death benefit including funding of buy/sell agreements, providing funding for day to day operations, or emergency access to cash if you have a permanent life policy.
  2. You are thinking about having kids. If you plan on starting a family in the near future, it is best to obtain a life insurance policy while you are still young and healthy. By doing so, you are locking in your insurability and keeping your premiums low.
  3. You just purchased a new home. The average homeowner in California carries a mortgage balance of $347,652 according to market data. In the event of your untimely death, life insurance can help to pay off the balance of your home mortgage. Looking for a cost effective way to protect your mortgage? Purchasing term life insurance is a great way to do so!
  4. You have student loan debt. If you had your parents co-sign on that student loan you took out, life insurance is a must. When you pass away, your debt doesn’t go away. That means your parents would be stuck paying off those loans. By having life insurance, your loved ones can use the proceeds to pay off your student loans and other outstanding debts.
  5. You are caring for someone in your immediate family. Maybe you are part of the sandwich generation, meaning you have to take care of your own family and your parents. Having life insurance means there is money to take care of aging parents, special-needs siblings, or other family members who depend on you.

How much and what kind of life insurance you need will depend on your needs and goals. Call us today to learn about all the different Farmers Life Insurance products we offer.

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