If you’re not married, then you might wonder what will happen to all your worldly possessions when you pass away. Do you have any savings to speak of? Any heirlooms or expensive items someone you love may benefit from?
Most importantly, do you have any debts such as a mortgage, credit cards, car notes, or personal loans? If the answer is yes to any of those, then it’s important that you know that all of your savings will be cashed out and possessions will be sold off in order to cover any debt that you have.
However, for those that may want to leave specific possessions to heirs (instead of having it sold to pay off debt), then life insurance may be for you.
For those of you who want to purchase a life insurance policy just to cover yourself, there are a number of things you should do when choosing the appropriate cover. Here are some top tips:
If you’ve yet to be responsible and protect your family from disaster, then I’d encourage you to shop life insurance rates over the next few weeks and get a policy in place ASAP!
Readers: what factors did you take into consideration when buying your life insurance policy?
The articles are written by personal finance enthusiasts (not certified professionals) based on their personal experience. What works for them may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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