6 Reasons A Single Person Needs Life Insurance

If no one depends on you financially, your path to financial security may be smoother than most.  However, it also means that if the unforseen were to happen, you may not have someone to rely on for support - financial or otherwise.  That's why there are certain considerations to take into account.




 Jessi Burch - A Single Mom's Gift to Her Daughter 

A Single Mom’s Gift to Her Daughter It’s not easy being a single parent, but Lauri Turnes faced more hurdles than most. A school bus driver in southern Virginia, Lauri suffered severe injuries from a car accident that left her barely able to walk and unable to work. In addition, her daughter, Jessi, was battling a life-threatening kidney ailment. 

When financial strains became severe, Lauri would sometimes turn to the whole life insurance policy she had purchased years earlier. By withdrawing funds from the policy’s accumulated dividends, she could make ends meet when money was especially tight. But by the time Lauri needed to buy a new car for herself the dividends were exhausted. 

Lauri considered cashing in the policy to make that purchase, but insurance professional, Lynne Crittenden, counseled against it. Knowing that the coverage was still needed to safeguard Jessi’s financial future, Lynne instead arranged for Lauri to borrow money from the policy, which allowed it to remain in force.* 

Not long afterward, while driving alone on a rain-slicked road one Saturday afternoon, Lauri lost control of her new car and struck a tree. She died at the scene. 

Today, Jessi lives with her grandparents and is studying nursing at a local community college. She is in good health, thanks to a kidney donation from her half-sister. Lauri’s life insurance policy and a death benefit from her auto insurance policy have provided Jessi with a financial cushion that can help pay college expenses. “Lauri is an example of someone who struggled financially but was able to take care of her daughter,” says Lynne.

 *Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in a tax liability if the policy terminates before the death of the insured.