For many parents, getting life insurance is a no-brainer. However, if you are childless, you may be tempted to forgo it. Does it make financial sense to insure yourself? What if you have a spouse? If you have no dependents, who will take on the burden of your final expenses? For the greater Spring Grove, IL area residents, Spring Grove Insurance is here to help answer those questions and more.
Why should I have a life insurance policy if I’m not married with kids?
If you’re a single person without children, you may not think that you need life insurance. However, you should not ignore the importance of life insurance as a means of protecting your other loved ones in the event of an untimely death. Without a policy, your spouse, parents, or even business partners could be left with your debts. Even a small policy can help pay for the funeral expenses.
Many insurance companies offer life insurance policies targeted at young adults. These policies can be cheaper than those meant for older adults with families to protect. Later on, if you get married or decide to have children, you may be able to adjust your policy to include more beneficiaries. If you are dedicated to remaining child-free, your life insurance can be designated to benefit other qualified persons.
Who can be my beneficiary if I don’t have a spouse or children?
A beneficiary can be anyone who has an "insurable interest in the life of the insured". These persons would suffer a significant financial loss in the event of your death. For example, close relatives such as your parents, grandparents, or siblings can be designated beneficiaries because they might be the ones who take on your final expenses and debts. Unrelated persons may also be designated, such as business partners or best friend. In the end, it is up to the insurance company to determine whether your proposed beneficiaries have an appropriate insurable interest.
If you are a resident of the greater Spring Grove, IL community who wants to explore more about life insurance, please reach out to Spring Grove Insurance today!
