3 Reasons Singles Still Need Life Insurance
5-05-2017As producers, it can be easy to focus on selling policies to families. But, what about single clients? You might say, “Singles are too busy hitting up bars and swiping through Tinder. Most of them are not thinking about life insurance.” Our response to that is, as life shows us, everyone needs life insurance. Here are three reasons singles still need life insurance:
- Outstanding debt could be transferred to relatives - If a single person passes away prematurely but still has outstanding debt, the responsibility of paying off that debt could be put on the shoulders of their grieving relatives. This includes student loan debts. Clients who are single could purchase a term policy that covers these debts while they are in the process of paying them off.
- Financially supporting aging parents - A single person supporting their parents financially or helping to pay for medical expenses should have some type of life insurance coverage for themselves. In the event of that person’s death, a life insurance payout could continue to cover the parent’s expenses.
- Possible retirement vehicle - Some singles may not be financially supporting someone else, but they are certainly financially supporting themselves. Contributing to their 401K and investing in the stock market seem like popular choices for singles to save for retirement. Another option they can look at is purchasing a life insurance policy that accumulates cash value. This helps to diversify their portfolio and gives them yet another vehicle for income after retirement.