Life insurance is a subject lots of single Australian men and women tend to avoid completely in conversations. It is often seen as a necessity only if you are married or have dependents. Here, we will look at why you should consider life insurance even if you are single.
Help to Pay Your Debts
Many Australians will have accumulated a significant amount of debt in their lifetime – from personal debts such as loans and credit cards to student loans and mortgages. It all needs to be paid off, and any property or significant items of value that you leave behind in your will may end up being sold to pay off creditors rather than being kept by a friend or loved one. Taking out a life insurance policy is a way to release funds in the event of your death to take care of debts and leave some money to a friend or relative.
Help to Pay for Funeral Expenses
According to some sources, the average funeral costs up to $7,000. If you don’t have a funeral insurance policy, could your next of kin afford to pay for your funeral in the event of your death? A low-cost life insurance policy offers a way to cover these expenses and give loved ones financial peace of mind.
Help to Look After Dependents
If you have any dependents such as children, the elderly or a long-term invalid, life insurance may be essential to ensure they are taken care of in the event of your death. Ask yourself if they could manage to pay their current living expenses if you were to pass away. A life insurance policy is a way to make sure your dependents can pay the mortgage or rent and other basic costs of living if you’re no longer with them. It provides a safety net to give financial support to the beneficiaries.
Help to Pay Any Business Debts
A life insurance policy may also cover any debts against a business you own, in the event of your death. You would then be free to leave your business interests to relatives, friends or a charitable cause. A life insurance policy may pay off any debts your successor in the business would otherwise inherit, helping the business to continue after your death.
Pay Money to Good Causes
A life insurance policy allows you to leave a lump sum to a charity or another good cause you support. If you have few relatives, and want to make a difference in the world after you die, this is one way for single people to support a cause that they are passionate about without spending their money in their own lifetime.
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Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.