I’m not married and don’t have kids. Should I invest in life insurance?

Life insurance has many benefits. However, it is hard to determine who needs it and who doesn’t. Our Rochester, MN team at Safechoice Insurance Agency wants to take the confusion out of life insurance.

What is Life Insurance?

Life insurance provides a lump sum of money to a beneficiary of your choosing. You select a beneficiary as the recipient of a lump sum of money in the event of your death or illness, critical or terminal. You pay premiums for a specific period or your entire life based on the type of policy you invest in. Common life insurance policies are either for a "term" or your "whole life."

I’m not married and don’t have kids. Should I invest in life insurance?

To some, life insurance may not be worthwhile if they don’t have a spouse or children. However, there may be other reasons, beyond family, why life insurance may be a wise investment. If you want to pay for your burial, or have other financial obligations, like a mortgage, life insurance is a wise investment. If you pass away before your mortgage is paid off, the mortgage company can reclaim the equity in your home.

Common sense would suggest that life insurance makes the most sense for people with a spouse and dependents. However, there are benefits for single people as well.

If you have questions about life insurance, call us. We can help you explore the benefits of life insurance for single people and your own unique situation.