Think that having no dependents means you don’t need life insurance? Think again! Being single and childless often comes with a liberating sense of freedom. You answer to nobody and the only person you’re responsible for is yourself. Why would you need life insurance?
Thing is, there are several reasons why single people could benefit in a big way from life insurance and some of them might even surprise you. Ready to break it down?
Your Debts Don’t Die With You
Student loans, car payments, even personal loans – none of these things simply evaporate when we pass on. In many cases, they can be passed on to your loved ones and will be the last thing they’ll want to deal with during an already difficult time. If you have a life insurance policy, however, you can use this to secure any debt, ensuring that it’s paid off with your passing. Also, if you’d had any assets that you’d have wanted to pass on, like a beloved bakkie you’d want to leave in your will to your younger sibling, you can then rest assured that it won’t become an asset that’s sold off to settle your debt.
Protect YIourself In The Future
Many assume they can take out a life insurance policy at any stage of their life but this simply isn’t the case. In fact, many life insurance companies set the limit at age 65. Also, you should know that the older you are when you finally decide to invest in a life insurance policy, the higher your premiums are going to be. You might also develop a chronic condition later on in life and this can also contribute to having to pay a higher premium. This is why it’s always a good idea to buy life insurance sooner rather than later, so you can lock in a lower premium while you’re still young and healthy. Also, don’t be so bold as to assume that just because you love being single and fancy free in your twenties that you’ll always stay that way. Life is weird. Circumstances as well as people change all the time – and you might just be one of them.
Funerals Cost More Than You Think
Another great thing about MiWayLife’s 4-in-1 policy is that it includes an accelerated funeral cover benefit. This means that, once we’ve received the necessary claim information, we’ll pay out 10% of your total available life cover (up to a maximum of R50 000) to help your assist your family with funeral related expenses. Many young people assume that their funerals could be paid for via their bank account, but don’t realise that all your accounts are frozen when they pass away – and remain that way until their estate is wrapped up, something that could take years. Having a life insurance policy with a funeral benefits means you don’t have to burden your loved ones with the cost of giving you a dignified farewell.
At the end of the day, being single and childless doesn’t exempt you from the realities of life, but with a life insurance policy, you can enjoy peace of mind knowing you’ve made a savvy choice to protect your future.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.