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I Don't Have A Family, Should I Have Life Insurance?

I Don't Have A Family, Should I Have Life Insurance?

There are some individuals that don't have families. Because of this, there is a grueling question on their minds as to whether or not they should invest in life insurance such as a term life policy for themselves. They don't know who to make as their beneficiaries.

If the above describes you, there are some areas of your life that you can evaluate that will help you to answer this question. You may be surprised at your own answers. Once you have them, you will then know what to do.

Funeral Costs

Whether you have family or not you will have funeral costs. Someone has to pay for them somehow. If there is no one available to pay for your funeral costs, then you may not like the end result. Whoever is placed in charge of your arrangements will have to choose the cheapest method possible. Unless you're indifferent, this may not be something you want to have happen.

The cheapest method possible usually consists of a simple pine box, no vault, and a grave marker. The headstone has to be purchased separately and sometimes they are not purchased when an individual does not have life insurance. A lot of traditional tasks are not done when there are no funds to cover the funeral costs.

You can expect funeral costs to cost around $10,000. You will also want to leave room for the increase in cost that will occur throughout the years. Inflation also has an effect on funeral costs. Make sure you account for this when you are determining the coverage amount that you need to pay for your funeral expenses.


Even if you have no family, you have to set aside beneficiaries. Look at your friends and see if you have any friends that you can trust. You do not have to pay their bills for a year or set them up for the rest of their life. Simply buy enough life insurance to cover any debts that you may have and to cover your funeral costs.

When you can think of a friend that you can trust, talk to that friend about taking care of these things for you. If at any point that friend moves out of your life, you will need to designate someone new. If that happens, you contact the insurance company and tell them of the beneficiary change. That way they can apply the chance as soon as possible.

And any time you have a significant other, you can change your significant other to be your beneficiary. If you break up, then you will have to find someone else. Just make sure that you never forget to change your beneficiaries so that the money doesn't go to the wrong person.

When the day comes that you are married, you can make your spouse your beneficiary. And then when you have children you will have multiple beneficiaries and won't have to worry about changing individuals all of the time, if you have to do that. Some are able to keep the same friend as their beneficiary all of the time.


The person who you designate your money to go to is going to be the person who will take care of your outstanding bills as well. Make sure you go through with that person everything it is that they need to do so that they are not stressed about what to do. When you have a plan in place, you make the task much easier for your beneficiary. And you may even decide to set a little money aside for them for settling everything for you.  Alll of the above are reasons you may want to consider life insurance without a family.

ING Transamerica Insurance and Investment Group American General Life Companies Prudential Genworth Financial Services SBLI Life Insurance Company

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