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    Life Insurance Makes Sense Even When You're Young and Single

    Life Insurance
    Life insurance is often billed as a tool for married people with children. But every person can benefit from the safety net these insurance policies offer. If you are unmarried, don’t have children, and don't have life insurance, you and your family face many unnecessary risks. Learn why life insurance for young and single people makes sense.   

    Family Health History

    Purchasing a life insurance policy while you're young and in better health can guarantee more affordable coverage later in life, especially if family members have a history of certain medical conditions.

    For example, diabetes is a medical condition that often runs in the family. But the average person doesn't receive a Type 2 diabetes diagnosis until the age of 54. While you might be young and vibrant today, you have no idea what is looming around the corner.

    Life insurance companies use formulas to determine the cost of coverage. The age and health status of the applicant are two significant parts of the equation. In fact, a 50-year-old person could pay three times more for a new life insurance policy than a 35-year-old applicant buying the same coverage. Factor in any health conditions the 50-year-old has developed, and the cost difference further increases.

    In addition to the above cost benefit, buying a plan when you're young may also give you access to a higher-value policy at an affordable rate.

    Student Loans

    A college education is a costly expense for many families. Unfortunately, federal loans, grant programs, and scholarships aren't always enough to cover the cost of tuition. If your family co-signed on a private loan to fund your education, the student loan might not go away when you pass. The death discharge benefit does not typically extend to co-signed private loans.

    The co-signer on the loan would immediately become 100 percent responsible for repayment of the remaining balance. With some loans, the death of the primary loan holder can even send the account into default status. Once in default, full payment on the loan may be due immediately.

    The average person has more than $30,000 in student loan debt, which is a lot to pass on to someone else. Joint credit card and auto loan accounts are subject to the same practices. Secure a life insurance policy equal to the value of your shared debts to provide your family with the necessary protection. 

    Aging Parents

    The cost of the average funeral and burial amounts to $8,500, but elaborate arrangements require more money. A death is rarely expected, and some families don't have the money to cover end-of-life costs. If your parents have reached the age of retirement, they may be on a strict budget. Unfortunately, your aging parents could face hardships to cover the cost of your burial expenses.

    Buy a life insurance policy to cover your funeral costs. When purchasing a policy, you have a couple of choices. One option is to list a family member as the policy beneficiary. Upon your passing, the policy proceeds go directly to the recipient for payment of your burial expenses.

    Another option is to list the funeral home director as the beneficiary. With this option, the proceeds from your policy go straight to the funeral home. Make sure you pre-plan your arrangements to ensure that the policy covers all of your burial costs if you list the funeral home as the beneficiary.

    Do you want to protect yourself and your family from future added expenses? The Rowell Insurance Agency wants to help you. Call our office so that we can discuss our life insurance options with you so that you can get you the protection you need.