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Financial Responsibilities of the Young and Single

The following is a contribution from Natasha Cornelius at Quotacy.

sunglasses-635269_1280Are you young and single? You probably do not have too many responsibilities other than paying rent on time and working toward getting rid of those student loans. Fewer responsibilities mean you don’t have to think about life insurance, right? Well, you may be surprised. More single people than you think carry life insurance to protect their loved ones and leave behind a legacy.

So, why might you want to consider buying life insurance even if you do not have any kids and aren’t married?

Co-Signed Loans

If you had your parents, grandparents, or anyone else help you out by co-signing on a loan, then that person will be contacted by your creditors to pay any outstanding debts owed if you die pre-maturely.

Rather than burden those who were so willing to help you in a time of need with this debt, your life insurance policy proceeds can be the best way to say thank you in the end by relieving them of any obligation to pay the loans back on their own.

Credit Card Debt

One thing that surprises people is that credit card debt can be passed on after someone dies. Credit card companies try really hard to get you to add people to your card as an authorized user. By doing so and listing your significant other, children, or your parents as authorized users, the credit card companies can now go after them for any outstanding debt or missed payments if you can’t pay, even if they have never used the card. That’s something to think about.

Taking Care of Dependent Loved Ones

Many single people are finding themselves caring for aging parents or other loved ones in need. Whether it’s to pay off your home that is being shared with your elderly parents, or to provide relocation assistance into an elderly care facility, having life insurance is a great way to ensure your aging loved ones continue to get the best care possible.

Planning Ahead

Just because you are young, doesn’t mean you aren’t planning for the future. Buying life insurance when you are young and healthy can save you hundreds. Term life insurance that will last until you are in your 50s or 60s can be purchased now for under $20 a month. If you know you want to get married and have children, locking in those low rates now will help exponentially in the future.

The moral of the story is that even single people need life insurance in many cases and term life insurance is extremely affordable. But don’t take my word for it, run quotes for yourself at Quotacy. You can look at pricing anonymously, which means you do not have to give up any personal contact information to see quotes. Freedom to window shop at Quotacy is a great new and convenient way to shop for life insurance.

 

Do you have term life insurance? Why did you decide you needed life insurance?

 

 

Photo courtesy of: jill111

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Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

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