Most young, single women don’t think about life insurance. In fact, less than 5% of all insurance policies sold in the past year have been contracts for single women. Most people in general don’t contemplate the need for life insurance until they get married, have a child, or incur a large debt. But even a single girl needs to give plenty of thought to purchasing a life insurance policy.
Quint Cook, Executive Vice President and Wealth Consultant, states that there are many reasons one should have an insurance policy. He asks clients, “Do you own your own home? Do you have unsecured debt such as student loans or credit card bills? What would happen to this debt if you were to die unexpectedly?” Chances are your estate will not be able to cover these costs in a timely manner, leaving your family to bear the financial burden. I’m sure you would agree with me when I say I never want to be a financial burden on my loved ones. With life insurance coverage, you will have peace of mind knowing your financial responsibilities and debts are covered in the event of your death.
Quint also points out that at our younger and healthier age, we have the opportunity to purchase life insurance at a reduced cost. The older you are the higher the health risks and premiums, so it’s smart to purchase life insurance now. You can easily add to your coverage when life changes occur such as marriage or having a child. Other than reduced costs, there are other benefits to purchasing life insurance at a young age. As time passes you will accumulate a cash value in your policy, which can be used to help secure loans and provide a more desirable credit profile to lenders. Building a strong financial base at an early age is always beneficial down the road.
Insurance policies are available in many formats, such as: Term Life, Whole Life, and Variable Policies. Costs vary depending on the type of coverage you elect as well as any pre-existing health conditions or risks. If you would like to know more about life insurance or any other financial topic, I recommend you call Greg Powell or Quint Cook at fi-Plan Partners today.
For more financial insights for the single woman, call me at 205.989.3498 or email me here.
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