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There is no doubt that Life Insurance provides benefits and security to families. However, many single people may not have thought of the fact that they also need to consider Life Insurance to cover expenses after they are gone.
Some expenses won’t go away with your passing, and having Life Insurance will help those responsible for the management of your estate to do so more effectively. For example, a Life Insurance Policy can help with:
- Mortgage and vehicle costs. These bills won’t go away when you are gone. A Life Insurance Policy can help pay for them.
- Funeral expenses. This can total anywhere from $2,000-$5,000.
- Pet care. Many singles have pets. Who will care for those pets – and how? A Life Insurance Policy can cover vet care and other costs.
- Child care. Single parents need to make sure funds are available for the continual care of their children.
- Debt. Your policy can help pay hospital bills, credit card, and other debt.
1. How much debt do I have?
2. If I have children, how much money will they need to reach the age of 21? (The average cost per child is about $200,000).
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