Do single people need life insurance?

A lot of people make the assumption that if they’re single, they don’t need to be bothered with life insurance. The truth is that anyone who has loved ones who would suffer as a result of their death needs to have a life insurance policy in place to protect them.  If the following situations apply to your life, then you need to have life insurance.

1. You don’t have enough assets today for your final expenses. If your estate can’t cover your funeral, then it will have to be paid for by someone else. Small policies are often sold to singles specifically for this reason. Fortunately, they are relatively cheap.
2. You have relatives who depend on you. Kids and/or elderly parents that rely on you for financial support will be effected by your death. Life insurance funds can be used to replace child support payments as well as provide funds to attend college. They can also provide lifelong care and/or someone to take over the tasks you normally do for your parents. 
3. You own a business. If your death would be the end of your business, then you need to be insured. While many banks will insist on a policy if you have a business loan, it’s also a good idea to keep a policy that will compensate your employees and provide them with some severance as they look for new jobs.

If any of these circumstances apply to you, then call the agents at Mid Atlantic Insurance Financial. They have years of experience helping people find the life insurance policy that is right for them at a price that fits into their budget