Thinking of buying life insurance but not sure if you should?
Here are 7 reasons you should buy it if you're single
Hey, guys, Max, here I am asked about life insurance, specifically term life, so often I figured I'd make it easy. A little guide on seven reasons why you should buy life insurance today, no matter how old, how young today is today.
Here we go.
It really is a deceiving title, though, because life insurance actually doesn't pay anything for life. It actually only pays for death. There's a death benefit. So life insurance, simply put, when you die, the life insurance company pays your beneficiary, whoever you say, to pay upon your death to cover many different things. We're going to start with number one. No. One is if you die, your student loans may still be enforceable depending upon what you have going on.
Federal loans, thankfully, are pretty much all dischargeable upon death. So when you're dead, nobody has to deal with your student loans. Now, if you have private loan through a bank or credit union, double check, check the terms because you may still be on the hook. Or I guess at that point your cosigners will be on the hook. So if you had anybody cosign on your student loans, i.e. your rentals, they still may be on the hook.
So make sure to check that out.
Second one, if you have a mortgage, if you're single on a home and live with a sibling, roommate or anyone you actually care about who would be affected by your death, which is pretty much anybody close to you. Life insurance is a good idea because if you're living with a sibling, let's make believe. Do you want to have them deal with the money factor as well as the death factor? Dealing with money is one thing. Dealing with someone's close to someone's death, close to you is a whole other thing.
Make sure to have them set up. And then third one, pretty simple if you have any cosigner on your debts, parents, boyfriends, girlfriends, aunt, uncle, grandparent, keep in mind, keep them in mind by the life insurance. So in case you kick the bucket, they will not owe your debt.
Next one is if you are in a partnership or have any type of ownership interest, you don't want to leave your partners having to pay all the bills, all the rent, everything, especially if it's only you and another person. Are you in a few other close people to you that will be affected also by your death, not just monetarily but also psychologically? Make sure to buy life insurance to be part of a partnership. If you guys are enjoying this, please like comment and subscribe at the Question of the Day is what is the most confusing thing about the life insurance?
I think for me at least, is knowing how each of the different types of life insurance help you. This is all about term life, but there are so many different ones.
So what is the most confusing thing about life insurance comment now? Number five, is anyone dependent upon you minus children? I know lots of single people who help pay their mothers electricity bill, who helped pay their mother's condo, ACOA, all these different things. Keep in mind, not just the mother, but father as well, who helped their parents out, help people around them. Those people are still dependent upon something after you pass. So especially if it's your parents, prepare for that and prepare accordingly.
No sex. You may have a family or may have children at some point. You're probably watching this. You're probably young. You probably think you're never gonna have kids. Well, most people say that in their twenties and then they realize after a while that life has some meaning with kids and kids give a lot of meaning to life and having a fruitful marriage with someone.
So the fact of the matter is, you don't know what the future holds. You don't know what tomorrow holds, let alone ten years from now. So prepare for what you think you may want down the line, because the right right now is cheapest. It's going to be every day and every year that goes by, the rate is going to increase. So it's better to buy it earlier rather than later. And then lastly, you want to leave a legacy.
Do you care about a cause or a nonprofit that's really near and dear to your heart? How do you want to be remembered when you die? I want to be someone who has all my obligations paid, everything complete, nothing left to be done. Now, I think you want that too. However, there are so many other things besides that. Like a legacy, like having a cause you care about. Do you care about the SPCA a ton?
Do you care about different nonprofits? How about if you were to donate half a million dollars to that nonprofit upon your death? That's a great legacy to leave.
A awesome, awesome place to leave, especially because your moving on to your next life, you can help the people who are still here on Earth.
And I know lots of young people are really, really all about the causes and the nonprofits and doing things that are more filan philanthropic, philanthropic or altruistic. So if you have a cause, you care about love insurance is a great idea. That's my reasons.
Those are seven of them. There's probably a multitude more, especially after you have a wife, husband and family. That's for certain. Think about them. But those are for the single folks and there are lots of single folks who still should buy life insurance. So if you answered any of those questions with a yes or maybe life insurance could be a good decision. And this is all education. I don't make any recommendations. Figure it out yourself. I have life insurance because I.
How about the people around me and I also care about causes, so I think I care about and I'll make sure that when I leave this Earth that nothing is left unpaid. I want all my bills paid when I leave her behind the video, make sure to, like, comment and subscribe. And I will see you guys on the next one.