| By :
Marilyn Katz
We usually think about buying life insurance when we get married or have kids. However, life policies have lots of uses for single people too. First, think about why you would buy life insurance in the first place. The main reason is to leave money in case you pass away. That is probably why we associate these policies with protecting a spouse or children. However, there are other people, or even things, you may want to protect. Let us look at some of the uses and advantages of life insurance so we can examine reasons why you may need a policy. Do you have any outstanding debt? If you passed away, would your parents or siblings have to settle that debt? By providing them with the cash from a life policy, you can make sure you are not leaving them with a big financial burden. This may be especially important if a family member cosigned on your student loans, home mortgage, or car loan. Even if you own your car without a loan and rent an apartment, you never know when you may generate debt in the future. If you do end up getting sick and leaving medical bills, or even have a funeral that somebody needs to pay for, you can see that buying a policy is a generous and thoughtful thing to do. If you are unmarried now, you may still be fairly young. You will find that it is a lot easier to buy cheap life insurance when you are young. You may want to marry and have kids in the future. If you already have a policy in place, you will have a big advantage. So one big reason to purchase a life policy now is just because it will be a lot less expensive than it will be when you are older. If you are one of those lucky people with some money in the bank and no loans or obligations, you may still want to leave a legacy. Many people leave the death benefit to a favorite charity or foundation. Of course, you could do this now. Later, if you do start a family or take out a loan, you can always change the beneficiary. This is a great way to prepare for the future. Some types of life insurance even accumulate a cash value. You could make payments on a whole or universal life policy that will grow into an asset you can use later for your financial security. Some of these policies can even be paid off. You can pay premiums today, and then have the security of life insurance for the rest of your life. In the future, you may keep your coverage, borrow against it, or sell it. If you are a professional or business person, you may even use certain types of policies to protect your business or secure business financing. There are many reasons for people to buy life insurance, even for people without kids or a spouse.
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