Many individuals feel life insurance wouldn’t benefit them because they don’t have a vast “wealth” to protect.
The arguments against life insurance are always the same. “It costs too much.”
Others ask, “Why pay for life insurance when I have a negative net worth?”
And some believe that because most bills are in their own name, their family won’t have to pay for them if they die.
All of those comments are inaccurate in one way or another.
Having a negative net worth is a better argument for purchasing life insurance than not. Even if you’re single, your financial burdens are passed on to your living relatives in the event of your death.
Additionally, whether you choose to be buried or cremated, there will be bills associated with your dying. It is recommended you purchase at least enough life insurance to cover your final expenses.
If you do decide to purchase life insurance, determine how much life insurance you need prior to picking a specific type of life insurance policy.
As far as cost goes: term life insurance is a relatively cheap way to purchase large amounts of coverage for specified periods of time.
An individual may be able to secure $250,000 to $500,000 of term life insurance coverage for 10 years for less than $30 per month. (Expect to pay higher premiums if you are a tobacco user.)
Don’t let poor heath sway your decision to purchase a policy. There are guaranteed issue life insurance policies available in the market to serve your needs.