Insurance Services of Washington Blog
One good thing about having life insurance is that no matter what happens, whether you become bankrupt in the next couple of years or become bedridden in the next month or so, you know that your loved ones will be adequately taken care off, in financial terms.
But what if you don’t live with anyone or if you don’t have dependents? Would you still need to purchase life insurance? This is a question that haunts many young and single individuals out there. So, here are some considerations you want to factor out when deciding whether or not to get life insurance.
Relatives That Are Financially Dependent On You
When we say “dependents,” this usually refers to having children. However, this isn’t a universal definition, however.
Having dependents could either mean being a parent to a child under the age of 18. It could mean being the financial supporter of either a sibling, a mother, or a father.
If that’s the case, you might think you are perfectly capable of financially taking care of your relatives, but you never know what can happen in the long run. In line with that, it would be best to plan out a financial alternative when a case like this happens. So far, getting life insurance is your best bet.
Your Financial Stability
There were days when the only time you can retrieve your life insurance investments is if there was something that happened to you. Perhaps an accident or whatnot.
In our modern time, however, there are already a ton of companies offering not only life insurance but financial investments in the process. This means that while you are paying out each month for life insurance, you earn interest.
The investment policy might depend on each company, but we know of a few where you can already withdraw your earned money after five years.
Your Plan For The Next Five Years Or So
Being single will probably be one of the best days of your life. Single and childless - that’s something to celebrate about.
However, this is also an excellent time to think about what you want to do in the next couple of years. Do you intend to stay single and dedicate your life to charity works or whatnot? Or are you planning to say “I do” in front of the altar standing next to the man or woman of your dreams?
If you picture yourself having children in the future, there’s no harm in planning out in advance. Take note that the amount of premium you get will depend on how young you are when you make the life insurance purchase.
Are you single and thinking of getting life insurance? It’s not a bad idea. After all, this kind of investments isn’t to be just for your dependents. It is an investment toward yourself as well.
At Insurance Services of Washington Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (425) 868-1123 or Click Here to request a free quote.