If you have children that are dependent on you then you will already know that life insurance is essential, but if you don’t have kids, it doesn’t mean that you don’t need life insurance. There are several other reasons that you may need life cover. You should definitely have life insurance if anyone is depending on your income.
Life Insurance is for Anyone You Support Financially, Not Just Kids
You may be under the impression that you only need life cover if you have children, however, there might be other people who rely on your income and without it, they would struggle financially.
Those that rely on your income will benefit from you taking life insurance as it will provide them with financial security when you are no longer around.
Here are the questions you should be asking yourself, so you can decide if you need life insurance even though you don’t have children.
Do You Support Family Members Financially?
Are you offering financial assistance to anyone in your family? Like paying for family members that live with you, paying the rent for your parents, giving a loan to a relative or anything else. If you were no longer able to offer these family members financial help, would they be able to cope?
A life insurance policy will payout to these family members that you support, so they can get a financial boost and still be able to afford their lifestyle when you are no longer here.
Are You Living or Married to Your Significant Other? Then You Need Life Cover
When living with a partner or married our finances usually become one. We might pay for different things or contribute in different ways, but we often share everything.
If you were no longer around then your partner would only have one income to pay for everything that you were both paying for, so you need to ask yourself if they would be able to afford it.
Losing your partner is tough and life insurance can’t replace the one you love, but life insurance will make things easier for the surviving partner and they will be able to carry on with their lifestyle and be supported financially even when you are no longer around.
Do You Have Debt?
You should take a look at your finances and determine your total amount of debt. Now think about what happens to your debt when you die. Well, your debt doesn’t disappear when you are no longer here, it still needs to be paid. This burden will often end in the laps of your family, but with a life insurance policy in place, the payout could be used to pay your debts, so that your family doesn’t have to.
You Can Still Help, Even When You Are No Longer Here
There are probably a hundred different ways that you contribute to your family and friends and that is just a part of life and who you are. Your financial contribution no matter how big or small does make a difference to their lives and you can continue this when you pass on by having life insurance in place, so you can still help those that relied on you.