Life and personal insurance in Rancho Cucamonga CA isn’t just for those with spouses and children to consider. Even a single adult without children needs life insurance. Below, readers will find a few reasons why.
Debts With Co-Signers
While some debts, such as federal student loans, disappear upon death, others are a different story. For instance, if a person has private loans that are co-signed and they pass away, the co-signer is still responsible. Therefore, it’s a good idea to have sufficient life insurance to pay these expenses.
Dependents
Maybe a person doesn’t have children, but there’s someone else who depends on them for financial support, such as an aging parent or a disabled sibling. If there are plans to help this person in a financial way, account for that with a life insurance policy.
Being a Business Partner
Business partners depend on one another to keep things running. When a partnership is created, there should be a contractual provision to keep the company going if one partner passes away. To make that happen, partners might need life insurance policies.
A Family History of Health Issues
Some diseases, such as diabetes and heart disease, run in families. If a person is likely to face such a diagnosis, they should buy life insurance as soon as possible. It’s affordable while a person is healthy, but it gets expensive once a diagnosis is received.
Covering Final Expenses
Even if a person lives on their own, is debt-free, and doesn’t plan to start a family, they should consider purchasing a small life insurance policy. This is a good idea because someone will be responsible for funeral and other end-of-life expenses. A policy of $10,000-$25,000 will likely be sufficient to cover such costs.
In Closing
Unless a person has no debt and substantial savings, they probably fit one or more of the descriptions on this list. Term life coverage isn’t very costly, especially for those in good health. If a buyer is unsure as to who should be named as a beneficiary, or they don’t know how to choose life or personal insurance in Rancho Cucamonga CA, an agent with Barranca Insurance Services Inc. can help. You can also connect them on Facebook.
