For those who have children or grandchildren, the decision to get life insurance is an easy one. But what if you don’t have dependents relying on you to provide for them? Is life insurance coverage still necessary?
Dependents don’t necessarily have to be children. An aging parent or other relative may be a qualifying dependent. Even if you don’t have any dependents and you’re questioning if you really need life insurance, here are some considerations before you write off the idea of life insurance.
Could Your Spouse or Partner Get By Without Your Income?
You may not have any dependents, but if you have a significant other, they might need the financial support that your life insurance policy would provide. Many couples rely on a dual income to maintain their lifestyle, especially in retirement. If you, your spouse or your partner were to pass away, would you each be able to get by without the other’s income? Having a life insurance policy in place can help prevent financial hardship in an unexpected situation.
But what if you don’t have a partner? Does a single person need life insurance? Keep reading to see if any of these other circumstances apply to you.
Do You Own a Business?
When you think of others depending on you, business partners and employees may not be the first thing that comes to mind. However, your death benefit can help your business continue operating and stay financially stable in the event of your death. If you die prematurely, a little extra income from your life insurance policy could mean the difference between the company going under or staying afloat during a transitional period.
Do You Have Debt?
If you have a mortgage, car loan or credit card debt, you may want to consider a life insurance policy. Any debt you have when you die may fall on your loved ones. Having life insurance helps make sure your family isn’t burdened with your debt as they grieve. Even if you don’t currently have debt, think ahead. Do you anticipate having medical bills or auto repairs? These unexpected expenses may factor into your decision to get life insurance.
Do You Have Enough in Savings To Cover Final Expenses?
When you start to add up the costs of a funeral, burial arrangements and any hospital or medical costs, you’ll quickly realize why many seniors without dependents choose to get whole life insurance coverage. Between a casket, headstone, memorial service and other preparations, final expenses can cost $10,000 or more. A life insurance death benefit payout can help cover these additional end-of-life costs.
Do You Have or Foresee Any Upcoming Life Changes?
The older you get, the more expensive life insurance gets, so if you think you may need it one day, it’s better to get coverage sooner rather than later. Future life changes like gaining dependents, changing health conditions or a decrease in income may require life insurance coverage. Even if you don’t necessarily need it right now, whole life insurance will never expire. It’s a good idea to reevaluate your life insurance needs periodically to determine if getting coverage fits your current or future situation.
Whole Life Insurance From Americo Senior Life
If you still have questions about if you really need life insurance, contact an Americo Financial Life and Annuity Insurance Company representative. We’ll help answer questions like, “Do I need life insurance?”, “How much life insurance do I really need?” and more. Plus, we offer a range of coverage options to fit your unique needs and budget. Learn more and get an online quote in minutes.