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We can\u2019t tell you what to do. But when you\u2019re young and single, life insurance could really help the people who matter to you.<\/p>\n
Insurance companies spend a lot of money getting your attention. That\u2019s ok. We\u2019d rather have a conversation without the marketing buzz.<\/p>\n
From a social perspective, \u201csingle\u201d could mean:<\/b><\/p>\n From a legal perspective, \u201csingle\u201d means you aren\u2019t married.<\/p>\n Here\u2019s the easiest way to describe how life insurance works:<\/b><\/p>\n How do they get the money? That\u2019s the tricky part. See, you have to die first.<\/p>\n It\u2019s not all doom and gloom, though. Keep reading to see the impact you could make with life insurance.<\/p>\n The\u00a0<\/b> 2018 LIMRA Life Insurance Barometer Study says\u00a0<\/b><\/a>44% of millennials overestimate the cost of life insurance by 500%.<\/p>\n Chances are, life insurance is more affordable than you think it is. It all boils down to your financial obligations and what you want to leave behind.<\/p>\n A Pekin Insurance agent<\/a>\u00a0will help you create a plan that fits your budget.<\/p>\n \u00a0<\/p>\n Ouch! Your bank account feels the pain when you think about student loans.<\/p>\n Who will handle those debts after you pass away?<\/p>\n Federal student loan debt is usually canceled when a person dies before paying it off. Private student loans don\u2019t work like that. A co-signer would pay it off in a worst-case scenario.<\/p>\n Think about\u00a0a term life policy<\/a>\u00a0as a back-up plan for your college debt. With term life, you have coverage for a set amount of time like 10 years.<\/p>\n Term life coverage serves two purposes:<\/b><\/p>\n \u00a0<\/p>\n The Balance<\/a>\u00a0says the average monthly mortgage payment falls somewhere between $1,022 and $1,505. That\u2019s $12,264 to $18,060 per year.<\/p>\n Would your family be able to make house payments if you suddenly left the picture?<\/p>\n They would take on the mortgage if they took over the property. If you have a cosigner, they’d have to pay off the debt or sell the home.<\/p>\n Life insurance could take the pressure off your loved ones by wiping out your mortgage. Even if you don\u2019t own a home, this is something you should keep in mind for the future.<\/p>\n Single parents could really use life insurance for school supplies, clothes, tuition, groceries, and too many things to list here.<\/p>\n Don\u2019t name your child as a beneficiary, though.<\/p>\n A minor can\u2019t receive a life insurance benefit. If you don\u2019t name an adult guardian for the benefit, the insurance company might have to go to court to appoint that person.<\/p>\n The proceedings take time and require attorney fees.<\/p>\n\n
How Life Insurance Works<\/b><\/h3>\n\n
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Is Life Insurance Affordable?<\/b><\/h3>\n
How to Pay Off Student Loans<\/b><\/h3>\n
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What Happens to Your Mortgage?<\/b><\/h3>\n
Leaving Your Children an Inheritance<\/h3>\n