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Here is a question that I am asked often. Do I need life insurance if I’m single?

Single people with no children often don’t need life insurance because no one is relying on their income. But there are some reasons why you might need life insurance if you’re single.

So ask yourself these questions and it might help you decide.

1. What if you died, who would pay for your funeral? Even a simple ceremony could be costly. If you don’t have life insurance, someone else like your relatives may have to foot these bills. And even if you have only a small policy, the death benefits could be used to cover these expenses.

2. Do you have debts in excess of your assets, or do you owe money together with someone else? Perhaps you’re a joint debtor with your sister on her mortgage. If you died, she’d be responsible for the entire debt. Would she be able to make the monthly payments on her own? A life insurance policy naming her as your beneficiary could give her enough funds to cover your share of the mortgage, or perhaps to pay off the entire debt.

3. Could it be possible that your health will deteriorate in the future? Maybe you have a family history of cancer or heart disease. If that’s the case, you might have trouble buying life insurance later when you’re older, especially if your health has begun to decline. So even if you’re single now, you may be wise to buy life insurance now before it gets too expensive or you become uninsurable. After all, you may not stay single forever.

4. Income from a permanent life insurance policy could be a very good source of income when you retire and remember, if it is structured properly, the income is tax-free and non-reportable. Because of this you might be able to keep more of your Social Security Benefit Income in retirement.

So think ahead when determining your life insurance needs.