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  • Do I need life insurance if I’m single with no children?
  • July 10, 2015
  • If you are single and in your 20s or 30s, here are few factors to think about when you consider owning a life insurance policy:

    Health can be fleeting with age
    If you purchase a term life policy now, you will be guaranteed insurability in the future. Life insurance policies increase in price with age, so if you lock in a policy while you are young and healthy, you can convert to a more permanent policy later when your circumstances change. Also, as you get older there is a possibility of developing a pre-existing medical condition that may affect affordability. In some cases, depending on the severity of the medical condition, you can be denied life insurance altogether.

    Funeral costs
    The National Funeral Directors Association (NFDA) reported that the average cost of a funeral in 2010 was $7,323. Term life provides coverage starting from as low as $10,000 to more than $1 million. Term life would adequately pay for the cost of burial.

    College loans
    Two thirds of college graduates with four year degrees turned their tassels to the right side and left school buried in considerable loan debt. In four years, the average amount undergraduate and graduate students borrowed ranged from $27,000 to $114,000.

    While Federal loans are forgiven in the event of death, a private loan may not have the same provision. Private loans are often taken out as a supplement to Federal loans and other sources of financial aid. If you are still a dependent and you have taken out a college loan from a private banking institution (Sallie Mae or a bank) with your parents as co-signers, keep in mind that if you were to die, they would be saddled with paying off the remainder of your loan debt. A life insurance policy can be used to pay off the debt in full. It is best to discuss with your lender if your school loan comes with debt cancellation at the time of death.

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