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You probably already know you need health insurance, car insurance, and homeowners insurance, but do you need and what are your options for life insurance options for a single person?

Even if you don’t have dependents or anyone else relying on your income, you likely still have financial responsibilities like student loans, a mortgage, or business expenses. Life insurance for a single person in Northern Virginia will help prevent these from being a financial burden to your loved ones after you have passed.

How Much Life Insurance Does A Single Person Need?

The amount of life insurance for a single person is going to depend on your individual circumstances.  There are a few factors that you should consider:
 

Mortgage

If you currently have a home mortgage, a life insurance policy can help to make the remaining mortgage payments.  
 

Student loans

Federal student loans are often forgiven in the event of death. However, if you had a family member help to obtain your loans, a life insurance policy can help if you pass away unexpectedly.  
 

Business owner

A life insurance policy can help keep your business running.  The death benefit could allow someone to replace you, protect your business partners, and provide for employees if you were to pass.  
 

Funeral Expenses

The average funeral costs around $7,000.  You can ease the burden on your loved ones after you’ve passed with a life insurance policy that covers your funeral and other end-of-life expenses.  Here’s a calculator you can use to get a better idea of how much life insurance you need.  Many insurance companies recommend having six to ten times your annual salary.

Explore Your Life Insurance Options in Northern Virginia

While there are many reasons that you should consider life insurance for a single person, you probably have questions about what type you need.  Our free e-book will help you to understand the basics of life insurance in Northern Virginia and our team can help you find the options that are right for you!