Life insurance benefits for a married person are apparent: your children and spouse get financial protection when you die. But does that mean that if you are single, you don’t need life insurance? Does life insurance protect married persons only? The answer is no. Life insurance is broad and covers various categories of persons. According to Vance Insurance Group LLC of Oklahoma City, OK, while no kid or spouse depends on your income, you still need life insurance.
To cover your funeral expenses.
Yes, while you may not have dependents, you need life insurance to cover your funeral expenses. Even if you want a modest funeral, a funeral is always a costly affair. Without life insurance, your relatives or friends will have to foot the bill, putting them in a difficult financial position even as they mourn your demise.
To cover your debts
Do you have a loan with someone? Do your debts exceed your assets? If yes, you need life insurance to take care of your financial liabilities when you die. Without life insurance, your death may leave your loan partners and cosigners paying the loan.
Someone else is depending on your income.
Whereas you have no kids or spouse, someone else could be depending on your income. It could be your aging parents or a sibling. How will they cope financially when you die? Life insurance replaces your income to help those that depend on your income meet financial obligations.
To protect your business.
Life insurance doesn’t protect individuals only. It can protect your business. When in a business partnership, your partners depend on your financial contribution. Purchasing life insurance ensures that your death doesn’t interrupt the financial position of your business.
Buy life insurance today in Oklahoma City, OK
Are you shopping for life insurance to secure your financial interests? Please contact Vance Insurance Group LLC for affordable life insurance.