Often, people only think of life insurance in the context of helping their familial dependents. And that is definitely important. But too often, single people without kids consequently dismiss life insurance as being not for them. Simply put – that is not true.
Leave a Legacy
Life is short! We all want to make our mark on the lives of those around us. There are many ways you could legally direct life insurance money to make a significant difference. Remember, this is tens or hundreds of thousands of dollars we’re talking about – so it’s not an insignificant contribution you will be making. Charities and non-profit organizations are great ways to make a real difference. You can donate towards supporting people fighting terrible diseases, like cancer research or pediatric cancer funds. Foreign aid to third-world countries is always needed. There are many organizations dedicated to raising awareness and fighting the stigma against mental health and suicide. Pick the cause that is most meaningful to you, and make sure you research the organizations involved to ensure your money goes to a good place.
Cover Basic Expenses
With life insurance, you won’t have to depend on the finances of friends or family to ensure that you have your basics covered. This can include (but is not limited to) paying for funeral services, a coffin, a burial, a gravestone or marker, cremation fees, and numerous other costs. Do the research necessary to know what route you would want to take and have preparations in place to take care of it. For example, a funeral involves the casket whereas a memorial service does not. Those costs will be separate and substantial. If anyone needs to be paid for a wake, or anything else, keep that in mind.
Helping Family and Friends
Kids are just one way that people can build families. The truth is, everyone has a family – even if it’s just the family you find for yourself. While your loved ones may not be as dependent on you as kids would be, they still can use help after you’re gone. After taking out a life insurance policy, you can legally arrange for certain portions to be doled out to certain people, and you can even leave instructions telling them what parts of their lives the money is for. Consult with an attorney to figure out details.
Life is short, indeed – so there’s only so much you can do. A life insurance policy guarantees that no matter what happens, you will be helping someone in some way. At the end of the day, it’s between you and your family, whoever that may be.
Check out this article on how to make sure your wealth goes to the right people!