Many singles feel life insurance is an unnecessary expense at this stage of their life. Life insurance, however, can provide singles with financial security to help loved ones after they’re gone. If you’re single, here are a few ways that a life policy from Greater Cincinnati Insurance Services in Cincinnati, OH can benefit you and those you love.
Pay Off Outstanding Debts
If you’ve recently graduated from college, you may have outstanding student loans to pay off. In fact, your parent or another family member may have even co-signed for these loans, enabling you to complete your education. If you were to pass on suddenly, these co-signers could be held responsible for these debts, putting them under financial pressure. Life insurance can help pay off outstanding debts to include student loans, home loans, etc., so others don’t have to assume this responsibility.
Support Loved Ones in Need
If you’re supporting aging parents in retirement or providing financial aid to a younger sibling to get through college, your sudden demise could put your family in a financial bind. With a life insurance policy, you don’t have to worry about your family’s financial future after you’re gone. You can designate that benefits are distributed among family members you’re supporting so they can continue to receive the financial help they need to carry on.
Pay Funeral Costs
Few young people today make arrangements for funeral expenses in advance, although this can be a costly matter. Life insurance benefits can go towards paying funeral expenses in the event of your untimely demise. This alleviates your loved ones from this financial burden at the same time they’re trying to cope with your loss.
For help selecting a life insurance policy or to learn more about policy options and costs, contact us at Greater Cincinnati Insurance Services in Cincinnati, OH.