Do I need life insurance if I’m single?

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Being single doesn’t necessarily mean you don’t need a life insurance policy.


Key points

  • A life insurance policy helps protect people who would suffer financially if the policyholder dies.
  • If people in your life depend on you financially, it may be a good idea to take out a policy.

As a general rule, it’s a good idea to take out a life insurance policy if people depend on you financially or if they are likely to be financially affected if you die. If you’re single, you might be wondering if you should bother buying a policy. But when it comes to life insurance, your marital status is not the only factor to consider.

The purpose of life insurance

A life insurance policy can protect people who may suffer financially if a policyholder dies. So someone who has no dependents and no dependent family members may not need a policy at this time.

But being single doesn’t mean you don’t have kids or people in your life that you help support. It’s often a good idea for people with dependents to consider purchasing life insurance and naming those dependents as beneficiaries of their policy.

Even if you don’t have kids and are single, here’s a scenario to consider. Imagine you have a younger brother in college who lives with you for free while he studies. If you were to die suddenly, your brother or sister would, in theory, be unable to pay the rent. In this type of situation, having a life insurance policy could offer that sibling some financial protection.

Also, a single person who has a joint loan with someone else can consider life insurance. Imagine that a brother and a sister own a house together. If the brother were to die, the sister would be responsible for the entire mortgage and she might not be able to handle this expense on her own. But if the brother had a life insurance policy in place, the sister could use the money from the policy payout to cover those mortgage payments — or even pay off the house in full.

What type of life insurance should you buy?

When it comes to purchasing life insurance, the choice is yours. You can purchase term life insurance, which covers a policyholder for a specified period. Or you can buy whole life insurance, which provides coverage for the rest of your life.

The advantage of term life insurance is that it can be much cheaper than whole life insurance. However, once the term of a policy expires, the policyholder will no longer have coverage and the policy will not accumulate any kind of cash value.

With whole life insurance, the policyholder will spend more on the coverage, but it will stay in place permanently. The policy will also accumulate cash value that the policyholder can withdraw or borrow.

No matter what type of policy you’re on, it’s a good idea to shop around for quotes from multiple life insurance companies. You may find that one insurer has much better premium rates to offer than another. But either way, don’t let the fact that you’re single stop you from getting insurance. You may not have a spouse or partner to worry about, but you may still want to take steps to protect the other people in your life who are important to you.

Life insurance protection for you and your family

While many varieties of insurance coverage are designed to help protect a person’s family and assets, life insurance is an essential type of protection. The right life insurance can help protect the people who depend on you most if you die. Choosing the right life insurance policy is essential to ensure the right protection for your loved ones. We’ve sorted through the different options to bring you our picks for the best life insurance policies available today.

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