When you hear about life insurance, chances are you think of parents financially protecting their children. While many life insurance policyholders are members of similar families, this type of coverage is beneficial in a number of different situations.
Though single adults do not have a spouse or children to protect, they do have debts and other expenses that can place a burden on their family in the event of an untimely death. Life insurance can lift this burden by providing the funds to pay for funeral expenses and to pay off debts such as a mortgage, car loan, student loan, credit card debt etc.
Life insurance has a variety of benefits for married couples with no children. If both spouses work, life insurance benefits can act as a form of wage replacement, allowing the surviving spouse to both pay for final expenses and maintain his or her accustomed lifestyle. If only one spouse is the primary wage earner, both should still consider life insurance. A stay-at-home spouse provides his or her own form of monetary value to the household in the form of cooking, cleaning and other chores. If this spouse were to pass away, life insurance benefits can fund these necessary services.
Adults with Dependents
The word dependents doesn’t always refer to children. Perhaps a married couple with no children cares for elderly parents, either at home or at a retirement facility. Or maybe a single adult cares for a disabled family member. The care for these dependents will still need to be funded even after a person passes away. The best way to ensure their continued care is to purchase life insurance.
Life insurance is not a one-size-fits-all type of policy. The amount you need greatly relies upon your particular circumstances. Talk to your independent insurance agent for a customized evaluation today.
Our goal is to help you protect your loved ones. Call ECI Insurance Agency at (405) 373-2977 for more information on Oklahoma City life insurance.