According to the Insurance Information Institute (I.I.I.), the lack of life insurance protection among single adults in the US is a pressing concern. With 33 million people living alone in the US, 53 percent of them women, life insurance could play a crucial role in their financial planning.
The non-profit organization recently released a press release that strove to debunk the notion that life insurance is useful for families and married couples but not for single adults.
In the press release, the I.I.I. argued that life insurance can be used for many purposes not least of all financially taking care of a spouse were the main breadwinner in the family to die.
I.I.I.’s contention that singles should be contemplating the purchase of life insurance policies piqued the interest of World Financial Group (WFG) who formulated a press release of its own, affirming its position that life insurance can play an important role in the lives of singles.
WFG, is a North American company that provides educational and advisory services including college tuition planning, small business development, retirement saving and more. They are a passionate believer in the use of life insurance.
The I.I.I. press release stressed the importance of life insurance for singles who have children. Were a tragic accident to occur, life insurance could ensure that the child is taken care of and provided for. Life insurance could be used by the guardian to fund childcare and educational expenses.
“For singles, life insurance is a wonderful way to ensure those financially dependent on you will be covered if something happened to you. For those without dependents, life insurance can still serve the purpose of ensuring the final expenditures are taken care of,"WFG said in statement.