One of the most important reasons to purchase life insurance is to protect your children financially in case something should happen to you. However, too many people mistakenly think they don't need coverage, simply because they don't have children yet. Below are some of the most important reasons you might need life insurance, even without children.

3 Reasons You Might Need Life Insurance When You Have No Kids

1. To Protect Your Spouse

Many double-income couples live beyond their means to live on a single income. With house payments, car payments, utilities, gym memberships, and other expenses, your spouse might be left unable to maintain his or her lifestyle without your help. Life insurance guarantees they won't have to downsize, sell the home, impose on parents or other family members, or file bankruptcy if something should happen to you. 

2. To Pay Off Debts

Many young people expect to live for many decades and see no reason to guard against unforeseen situations. However, if something should happen to you, the burden of your debt may fall on your survivors. For instance, any consumer debt will have to come out of your estate—and from your spouse, if your estate cannot cover it. Moreover, if your parents or other family members have co-signed a loan for you—for instance, a mortgage or student loan—repayment will fall on them if you are not there to fulfill the debt. Life insurance can repay them, so your loved ones don't have to.

3. To Pay for Final Expenses

The cost of a funeral service and burial can be very costly. Someone must pay for this, and it's often bereaved family members who are unprepared for the financial burden. If you purchase even a small life insurance policy, the death benefit will cover your final expenses and prevent your loved ones from incurring the cost when they cannot afford it.

To discuss your life insurance needs with a friendly, experienced insurance agent, contact the Kelley Agency in Lorain, OH. They are an independent broker serving clients throughout Greater Cleveland and Sandusky. In addition to life insurance, they also specialize in home, health, business, and auto insurance. Call them at (440) 282-8898 to schedule an appointment.