Why You Should Have Life Insurance Even if You’re Single
Many single people make the mistake of thinking they don’t need life insurance. A significant number of individuals view life insurance as something only married people need. Permanent life insurance for single people provides a variety of benefits of which individuals may not be aware.
Final Expenses
A life insurance policy is an excellent way to ensure your funeral expenses are covered and any outstanding bills or other financial obligations are met. It’s especially beneficial for any debts that won’t be forgiven upon your death such as student loans. It ensures co-signers won’t get stuck with the balance of the loan.
The same is true for car loans or mortgages held with another person. A policy provides financial protection for any business partners, along with dependents for which you’re responsible such as siblings and aging parents or grandparents. You can also designate charitable donations.
Build Wealth
The policy can help you build wealth while you’re still alive and provide financial security later in life. The policies have a cash value element. As you pay your premiums, the funds go to the death benefit and cash value, both of which increase every month. The cash value portion can be withdrawn in the future to use any way you please.
Flexible Savings
You’ll also have options that enable you to save money in a high-growth investment account (VUL) or a high-interest savings account (IUL). You can access the funds right away or after a vesting period of 10 years and its tax free. Us the funds to purchase a vacation home, start a new business, remodel your home or travel the world – the choice is yours.
Income Protection
If the event of an illness or injury renders you unable to work, a large life insurance policy provides funds that you can access. You’ll have money to put food on the table, pay bills, and reduce or eliminate out-of-pocket costs for healthcare.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
