Welcome to Quotacy’s Q&A Friday where we answer your life insurance questions. Quotacy is an online life insurance broker where you can get life insurance on your terms. I’m Jeanna and I’m Natasha. Today’s question is: do I need life insurance if I don’t have children? Life insurance is essential if you have children. If a parent were to die unexpectedly the surviving parent or family member who is responsible for raising the children may struggle without financial help. But if you don’t have children is there still a need to have life insurance coverage? We’ll go over a few questions you can ask yourself to determine the answer. Does anyone count on you financially? This could be your spouse or partner or perhaps you’re caring for your aging parents. If there is someone who would financially struggle if you were to die unexpectedly then term life insurance is something to consider. Has anyone been a cosigner for you? If someone helped you out by co-signing a loan for you, such as a mortgage or student loans, or cosigned credit cards, this person is responsible for your debt if you’re unable to pay the balance. Even if you die. A small term life insurance policy would help to ensure you wouldn’t leave anyone financially responsible for your debt if you suddenly passed away. Do you want to start a business? Many banks will approve business loans if you buy a term life insurance policy for the amount of the loan and use the policy as collateral for the bank. This happens all the time. It’s called collateral assignment. Do you have money saved up to cover your final expenses? If you passed away unexpectedly do your surviving loved ones, your parents, siblings, or significant other, have enough money to be able to take care of a funeral and burial without it hurting them financially? The average cost of a funeral can be as high as $10,000 and of course this doesn’t include any medical bills that may have occurred leading up to death. The last question you want to consider is do you want children in the future? If you and your partner are talking about having kids getting a life insurance policy now may not be such a bad idea. Your age and health are two of the biggest factors affecting life insurance costs. If you’re young and healthy you can buy a lot of term life insurance coverage for not that much money. For example, a healthy 30-year-old man could buy $750,000 of term life insurance that will last 30 years for as little as $45 per month. And a healthy 30-year-old woman could buy the same policy for $38 per month. If this couple wanted to become parents in the future they could purchase these affordable policies now and still have financial protection for each other and their future children until they are 60 years old. So, if you answered Yes to one or more of these questions you could definitely use life insurance even if you don’t have children. Term life insurance is affordable and can last up to 40 years. If you later on decide you no longer need the financial coverage there are no fees to cancel a term life insurance policy. Thanks for watching. If you have any questions about life insurance, make sure to leave us a comment. And if you have any questions regarding today’s topic, check out the blog link posted below. And if you’re ready to get quotes, check out Quotacy.com. We’re here to help you find the best deal on the life insurance you want. Bye! Thanks for sticking around. We’d appreciate it if you Liked the video and hit that fancy little Subscribe button to see us every week. Bye!