Indiana Life insurance is something only married people need, right? As with so many personal finance questions, the answer to this one is, it depends.
There are several reasons you should consider to purchase Indiana life insurance even when you’re single, though you may need less coverage than someone who wants to provide for a surviving spouse or children. The reasoning is there may be other family members or loved ones who may be affected financially in the event of your death.
Many single people are now pondering buying Indiana life insurance, given that more adult Americans today are single than are married and that the median age at first marriages has never been higher. Young adults today are also waiting a longer period of time to buy homes or have children, milestones typically associated with the purchase of life insurance.
1. You want your business to continue. If you’re a small business owner with partners, a life insurance policy can allow your partners to more seamlessly purchase your portion of the business. Partners in the company would enter into a buy-sell agreement, buying policies on the lives of the co-owners with the understanding that the payout would go to the deceased partner’s heirs without giving them a stake in the company itself.
2. You support others. This is probably the most important reason a single person should purchase life insurance. Nearly 16 million unmarried parents live with their children, according to the U.S. Census. Even if you don’t have kids, there may be others who depend on you financially, including elderly parents who need caretaking or special needs siblings. The right Indiana life insurance policy could serve as a financial safety net for those you care about most.
Work with a financial planner to determine how much life insurance you need on top of any other assets you own in order to insure that your dependents are properly cared for financially after you are gone.
3. It’s cheaper to buy a policy when you’re young and healthy. Not every young person needs life insurance, and if you haven’t yet established an emergency fund or you’re still living on your parents’ couch, buying life insurance certainly shouldn’t be a top priority for you. However, if you’re making the maximum contribution to your retirement fund and have six months of expenses stashed in a savings account, you may want to consider purchasing a policy.
For more information in regards to Indiana Life Insurance, and the benefits of it, feel free to visit https://www.iip-llc.net/ today.
There are several reasons you should consider to purchase Indiana life insurance even when you’re single, though you may need less coverage than someone who wants to provide for a surviving spouse or children. The reasoning is there may be other family members or loved ones who may be affected financially in the event of your death.
Many single people are now pondering buying Indiana life insurance, given that more adult Americans today are single than are married and that the median age at first marriages has never been higher. Young adults today are also waiting a longer period of time to buy homes or have children, milestones typically associated with the purchase of life insurance.
1. You want your business to continue. If you’re a small business owner with partners, a life insurance policy can allow your partners to more seamlessly purchase your portion of the business. Partners in the company would enter into a buy-sell agreement, buying policies on the lives of the co-owners with the understanding that the payout would go to the deceased partner’s heirs without giving them a stake in the company itself.
2. You support others. This is probably the most important reason a single person should purchase life insurance. Nearly 16 million unmarried parents live with their children, according to the U.S. Census. Even if you don’t have kids, there may be others who depend on you financially, including elderly parents who need caretaking or special needs siblings. The right Indiana life insurance policy could serve as a financial safety net for those you care about most.
Work with a financial planner to determine how much life insurance you need on top of any other assets you own in order to insure that your dependents are properly cared for financially after you are gone.
3. It’s cheaper to buy a policy when you’re young and healthy. Not every young person needs life insurance, and if you haven’t yet established an emergency fund or you’re still living on your parents’ couch, buying life insurance certainly shouldn’t be a top priority for you. However, if you’re making the maximum contribution to your retirement fund and have six months of expenses stashed in a savings account, you may want to consider purchasing a policy.
For more information in regards to Indiana Life Insurance, and the benefits of it, feel free to visit https://www.iip-llc.net/ today.