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The 4 Biggest Reasons Singles Need Life Insurance

  12/16/16 4:00 AM

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There is a common misconception that life insurance is only for people with a family; a person married and with kids. This is because life insurance is bought to secure your family’s future. If you don’t have a family, there is no point in buying a policy. There are 5 good reasons for singles to buy life insurance

1. The saving habit

Buying life insurance will inculcate the saving habit in you. Setting aside a premium every year and paying it to the insurance company will ensure that you save at least the amount of premium that you’ve to pay every year to the insurance company. Slowly, the habit of saving may grow on you and you may start to save in other instruments also.

2. Cheaper

The younger you are, the cheaper are the insurance premiums for you. So, if you are in your early 20's, buying a term insurance plan now rather than 5 years later would be a better bet for you. Lock-in a lower premium for a simple term insurance plan today. This way, you can take the advantage of lower premiums for your term policy.

3. You also contribute to the household income

You are earning income which also contributes to the family income. This way, if you are not around, your family may have to take a financial hit. To avoid this, buy a term life insurance policy so that your family need not suffer a financial hit in terms of losing the income that you bring to the family.

4. You may have student loan debt

As a student, you may have taken a student loan to meet the costs of your education. You may now be repaying the same. In this situation, you need financial back-up in case something happens to you and you are no longer around to pay the student loan. If you have taken the student loan jointly with your parents, the entire burden of repaying the same may fall on them. To avoid this, its better that you purchase a life insurance policy so that your parents are bot burdened with the payment of your student loan debt.

Generate a quote today and find out the cost involved for buying a term insurance plan for yourself.

Also Read:

Tips To Calculate Your Insurance Need

6 Things That The Olympics Teach Us

4 Advantages Of Online Life Insurance

Benefits Of Life Insurance For Women

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Life Insurance Can Provide A Secure Future

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