There are a few things to consider before dismissing life insurance as something only people who have children need. While those who are single may struggle with determining the usefulness of life insurance and how it applies to them, couples who may simply have no dependents may wonder the same thing.
While you may not have a crystal ball, thinking about the future can help determine your best choices when it comes to life insurance. Planning in advance can save money now and help with unforeseen costs later. Your future self just might thank you.
Why You Might Need Life Insurance Without Dependents
Life insurance is designed to help provide for those you leave behind after you pass. It is often considered a means of providing financially for children; caring for them for a period of time as they adjust and deal with the potential income reduction. However, anyone can be affected, not just dependents, and life insurance often helps with other things.
The most obvious thing to consider is final expenses. Costs surrounding funerals and burials can be unexpectedly high. Since there is no “standard” funeral cost, the range can be from $4,000 to $12,000 with the current median cost being over $7,600. These costs can be offset by life insurance, ensuring that you can be laid to rest without leaving the funeral expenses as a burden to others.
Speaking of others, consider those who may have less income, or no income, such as a spouse, parents, or other family members. You may not consider them “dependents” but even if they aren’t children, your income could be important to them, especially in the case of a spouse, and they may need some extra financial assistance in the event of an untimely passing. Choosing a beneficiary even when you don’t have dependents can be a great benefit in your absence.
Depending on what stage you are at in life, it may be hard to imagine taking care of your parents or other family members. But knowing life insurance can help them should the need arise can bring peace of mind which is one of the reasons to consider purchasing life insurance with no dependents.
What If You Plan to Have Children in the Future?
If your future plans include children, or you think children in the future is a possibility, something to keep in mind when considering life insurance is the fact that premiums begin to rise as you grow older. They also increase if you develop new health issues as you age. By purchasing life insurance before you have children, you lock in a lower premium.
Getting life insurance without dependents is a good way to ensure more manageable expenses along the way. It will also mean you’ll have one less thing to take care of once those children do begin to arrive. It can be surprising how easily something that you were planning to do after you have children can fall off the radar when there’s a constant stream of diapers, toys, and laundry.
Does Everyone Need Life Insurance?
It’s been said that chance favors the prepared mind. Life insurance when single with no dependents may not be something you really need; or it may not be something that you need right now. But preparing now for what your future may hold is wise. If you are unsure, the best thing to do is talk to your insurance agent. They can help you decide if life insurance is right for you, and which type of policy would fit best with your needs and financial goals as well as your future family plans might be.
Contact Iott Insurance for a Quote Today
Iott Insurance has been a part of southeast Michigan for over 50 years. We can help you plan your insurance needs and find you the right policies or plans to protect you.
Or you can visit one of our three offices in southeast Michigan:
Blissfield, MI – (517) 628-4574
Lambertville, MI – (734) 807-3825
Petersburg, MI – (734) 215-9884
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