If you have debt
This is a significant reason why single people need life insurance, especially if there is a cosigner on your loan or when you share a mortgage with a friend, relative, or someone else.
Student loans can be especially private loans can be a burden to your cosigners. That’s because, unlike federal loans, they aren’t discharged when you die. This could leave a cosigner like a parent on the hook for your loan. Also, mortgages could leave your fellow borrower in the same situation.
We have an easy and affordable solution if you have debt like this is. Purchase a term life insurance plan; it will step in and pay off your portion of the loan if you were to pass away prematurely.
You have dependents or people who depend on you
Being single doesn’t mean you don’t have people who depend on you. Perhaps you’re a single parent with young children. Or you have aging parents or disabled siblings who rely on you. If anyone counts on your income to make ends meet, you almost certainly need some form of life insurance.
You want to pay for the funeral cost.
A funeral can easily cost more than $10,000. This is another big reason why single people need life insurance. Without it, your friends and family will be on the line to cover those costs.
You want to grow your wealth.
Life insurance isn’t just there to take care of things when you’re not around. Life insurance can also benefit you while you’re living.
Permanent life insurance gives you a death benefit while also accumulating cash value on a tax-deferred basis. You can use that accumulated cash to increase your income or buy a home, supplement your retirement income, cover an emergency expense, and more.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
