Many people forgo life insurance because they feel they don't need it. Unfortunately, without insurance, their survivors wouldn’t be protected from financial loss if they die unexpectedly. Nearly everybody benefits from having coverage. Even if you’re single and have no dependent children, a life insurance policy has several advantages. Here are a few.

3 Reasons You Need Life Insurance Even If You Have No Dependents

1. Pay Off Debts

If you have an unpaid mortgage, credit card debt, or student loans, your creditors will seek payment from your estate if you should die leaving accounts in arrears. If your parents or another loved one co-signed loans for you, they’ll be responsible for the amounts you owe. The death benefit paid out by a life insurance policy protects co-signers from shouldering your debts.

2. Cover Final Expenses

If you should die suddenly, your parents, siblings, or friends would be expected to pay for your funeral, burial, and other final expenses. These charges may run upwards of $10,000, placing a heavy financial burden on people who may not have adequate financial resources. You can provide for all these end-of-life costs by purchasing a life insurance policy to cover your final expenses.

3. Invest for Retirement

A whole life policy usually includes an investment component to let policyholders accumulate wealth for retirement. Part of your monthly premium funds an investment account. You can withdraw earnings from this account as you age. In addition, many life insurance plans include long-term disability coverage, which pays out benefits if you become disabled.

If you seek a life insurance policy to cover final expenses or pay off debts, contact Farmers Insurance Group in Mountain Grove, MO.  We supply coverage for individuals and businesses throughout Wright County. In addition to life insurance, we also specialize in Medicare, Medicare Advantage, prescription drug plans, and auto, motorcycle, and homeowners insurance. Visit us on Facebook to learn more about our agency, or request an insurance quote today by calling (417) 926-7900.