Aging Parents
If you’re single and have financially dependent parents, then you need a life policy to keep them secure if you aren’t capable of being around to care for them. In an increasing number of cases, elderly parents are becoming dependent upon the income of their adult children. It’s becoming more common as people live longer. Even if they had a substantial amount of savings and investments earlier in life, if they live long enough, they begin to outlive their money.
Sole Breadwinners
If you’re the only person earning money to support your household, you need life insurance. A wise breadwinner makes sure that he or she can provide for the family even if they lose their capacity to do so. Insurance helps breadwinners by giving a lump sum amount of money to a breadwinner’s family in case he/she gets into a situation that prevents them from earning income. These situations could vary from an accident, disability, critical illness or even when they pass away.
Children’s Future
We see the cost of higher education rising every year which means many graduates are bound to take education loans to complete their education. However, buying a life insurance may assist in your kid’s future education requirements in case you’re not around to help them.