The Biggest Myth About Life Insurance
There are many misconceptions about life insurance, the biggest myth about life insurance is that you don’t need it if you’re single. There are various situations where getting individual life insurance as a single person could be good idea. For example, you may have children from a past relationship that you want to provide financial protection for should you pass away. You may have other family members that depend on you financially. If you own a property that you would like to leave to a loved one if you were to die, life insurance could cover the cost of your mortgage if you pass away while covered.
How do I know if I need Life Insurance?
Now we have established that not needing life insurance if you’re single is the biggest myth about life insurance, how do you know which life insurance is for you?
The following questions are a good place to start if you’re unsure:
- Is anyone financially dependent on you?
- Do you have any children you want to leave money to?
- How much money do you owe, to a mortgage and other lenders?
- Could your funeral costs be covered or do you want to leave money for it?
- Would you like to leave money to a charity or other organisation when you die?
These questions should give you an idea about whether life insurance is right for you. Of course it’s not the only insurance policy you could buy.
There are also products like critical illness cover, which would provide money if you were diagnosed with a specific illness. Or income protection insurance, which could cover your income if you weren’t able to work. These policies might arguably be more important to you if you’re single, as you might not have another income to fall back on if you’re unable to work.
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