With life insurance, your beneficiaries get a large payment, known as a death benefit, when you die. Even if you don’t have children to provide for, you still need to get a policy. The funds can be used to pay for your funeral, eliminating the financial burden on loved ones. Beyond covering end-of-life plans, below are a few additional reasons to sign up for life insurance.    

3 Incentives for Childless Adults to Get Life Insurance

1. Settle Debts

If you have student loans, a home mortgage, car loans, or credit cards with joint holders, you need life insurance. When you die with unpaid private loans, cosigners are responsible for paying back the money to lenders. They can use life insurance to settle the debts. Using your estate to come up with the funds can be a long, time-consuming process. 

2. Care for Loved Ones

Other people in your life might need financial support after you’re gone. The money can be used to care for elderly parents, paying for their housing and health care. The same is true if you have disabled siblings. If you have a live-in partner or roommates, they can use life insurance to cover your portion of the rent until the lease expires. 

3. Secure Business Loans

If you own a business or are thinking of starting one, you’ll need a life insurance policy. This is often a stipulation to secure a bank loan for your venture. Lenders want to know funds are readily available to cover the payments if you die. This often removes the burden from loved ones, who would otherwise be responsible for paying the balance.

For life insurance to cover your finances after you die, contact Christina Mendoza & Associates LLC Insurance and Financial Services. With more than 10 years of experience, these San Antonio, TX-based, certified, licensed insurance agents provide residents in Bexar County and the surrounding areas with financial planning, life, and health insurance solutions to prepare for the future. To schedule a consultation, call (210) 389-5289. Visit the agency online to read client testimonials and become a Facebook fan for answers to policy questions.