Individual Life Insurance - Let’s Look At The Facts
Most people think of life insurance as a necessary expense for married couples, especially those with children. It is very important for married couples to have life insurance coverage, especially for the breadwinner in the household, but what about individuals? You know, single people? Why on earth would they need a life insurance policy? Well, it's more important than you may think. Read on.
Individuals have everyday expenses the same as married couples do. The only difference is that they're responsible for themselves and no one else. However there are certain circumstances where a person very much needs an individual life insurance policy. Here they are.
They need to have at least enough coverage to pay for their funeral expenses. Hey, if you are an adult then you and you alone are "responsible" for your burial costs. It's completely unfair for people to be negligent in these matters because if something DOES happen, which happens all of the time, then your loved ones are left with a sizeable debt that could have been avoided. The average funeral costs between $6-$10,000.00 these days. Would you really like to leave that burden on your parents, especially if they're elderly, on a fixed income or both?
Some people are not aware of the consequenses of this matter. Let me give you an example of what could possibly happen. Let's say that you suddenly pass away as the result of a car crash. I know, I know. Yes, it IS morbid, but it's also REALITY! Have you read the newspaper or watched the news lately? It happens every day so get over it and listen up.
You visit the funeral home and they have your loved ones sign paperwork vouching that they'll take care of the costs of your funeral. Well, we all know how difficult it is for some people to make ends meet these days. What would happen to them if they missed a couple of payments? Your loved ones could be taken to court and have a judgement filed against them because of YOUR debt. I've seen this happen and it's most unfortunate. Lien's could be placed against their personal property too, unless the payments are made. Not only would they have the emotional burden of your loss, but also be forced to repay a debt that was caused soley because you were irresponsible. Enough said.
Another reason that you should have individual life insurance is if you have items financed, especially if you have a co-signer that would be responsible for the payments. In most cases things like automobiles would be covered mostly by the auto insurance, but there would still be a deductible to be paid. This could be anywhere from $500.00 or more, depending on the insurance policy.
Lastly, and this is also a "no brainer". You should have individual life insurance if you have children, even if they don't reside with you. You still have a responsibility for their financial support. This is extremely important if they're young because of the difficulty of single mother's to make ends meet and try to afford daycare, ect.
These are just a few reasons that you should get more information about buying an individual insurance policy. There are probably more that could be listed here, but you get the idea. Look into getting individual life insurance right away!
Joe Stewart is a Webmaster and former Life And Health Insurance Agent. He's made understanding life insurance simple for consumers. You can read detailed explanations about life insurance at his website TheLifeInsuranceGuys.com or by clicking on Individual Life Insurance
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