19/10/2020
As Pioneer Financial Planners, we have already spoken with a number of clients, and a lot of them are single men and women. 🙋♀️🙋♂️ 🙋♀️🙋♂️
The Singles, without fail, would normally ask us, “Do I really need Life Insurance, now?” Followed by statements like, “I don’t have children,”or “I earn enough for myself.”
We always tell them straight – YES YOU DO. There are so many reasons why single people need life insurance, and here are just some of it:
🔹Debts and loans. In case of your passing, with debts and loans remaining unpaid – these will be settled out of the proceeds of your estate. If there’s no estate to get it from, this may be a difficult situation for those who need to take care of it – like your bereaved family.
🔹You have financial dependents. Dependents are not only biological children; they can be aging parents and grandparents or children within your immediate family. All of them can be named beneficiaries to your insurance policy. Payout from your insurance benefits may help them with medical and living expenses, even when you are no longer around.
🔹Business with business partners. A business partner can also be named a beneficiary to your policy. Most business start ups are in debt or are low in profit. The benefits form your insurance can help your business partner out in maintaining your enterprise.
🔹Your future. So many years are still ahead of you. You can be single now, married tomorrow, with children in the coming years. Who knows? If not that, eventually you will want to retire and would need money for your own medical and living expenses. Yes, you have savings, but the earnings of your VUL Life Insurance can augment the value of your retirement fund. 🙂
It’s better to get Life Insurance now, while you are still single, because financial responsibilities are less. Protect and invest in yourself today, so you don’t need to worry of what’s ahead. 🙂