Those of us here at The Smith Insurance Group Inc. often see life insurance policies purchased by people with children, spouses and other close people who may be put at a financial disadvantage after their death. So naturally, this brings the question: do you still need life insurance if you have no dependents?
The short answer is, it depends.
Residents of Sandy, UT (and the entire Salt Lake City area) are not required under law to have life insurance, and it’s true that not everyone needs it. That said, it’s still something that everyone should review every few years or so.
The truth is that life insurance isn’t just used to provide financial stability to dependents. In fact, you can name pretty much anyone you like as a beneficiary on your life insurance policy. That said, your life insurance doesn’t necessarily have to be used for someone else’s financial benefit. Instead, many people without dependents choose to set up their life insurance for future funeral and burial costs, pay off any outstanding debts, etc.
Others choose to set up a lasting legacy for themselves by using life insurance to set up charitable donations long after they are gone. You can even name a charity as your beneficiary, allowing something you believe in to flourish even in your absence.
While thinking about the end of your life can be scary, setting up a life insurance policy can make everything feel a lot less daunting. It is therefore important for everyone without dependents to think hard about what they want to happen once they are gone. At The Smith Insurance Group Inc., we’re happy to answer all of your questions to help you determine whether or not life insurance is the right decision for you.
Please feel free to give us a call or stop by our offices in the Sandy, UT area at your convenience. With the right life coverage, you can get on living without worry!