Do single people need life insurance?

A man sits and contemplates whether he needs life insurance even though he is single with no dependents.

While others may not be relying on your income, there are many reasons why you should consider life insurance even if you’re single. One of the primary benefits of getting life insurance while you’re young, healthy and single is to lock in a favorable rate, as life insurance premiums increase as you age and your health changes. This article will cover additional reasons why you should consider life insurance, how much coverage you may need and what the right coverage might be for you.

Why do you need life insurance if you are single?

There are a number of reasons you should consider buying life insurance, even if you’re single. Some of the most common include:

  • If you have any outstanding loans or debts, such as student loans, a mortgage or credit card bills that would need to be paid in the event of your passing.
  • To lock in coverage at a more affordable rate while you’re younger and healthier.
  • To cover final expenses, such as a funeral or burial costs.
  • To leave an inheritance or a gift to another family member, close friend or charity.

Best Life Insurance for Singles

One of the best and most affordable types of life insurance for single adults is likely going to be term life insurance. While term insurance doesn’t build up a cash value like a permanent life insurance policy, it is an especially smart investment to gain peace of mind during your single years.

How much life insurance coverage do singles need?

How much life insurance you need will vary from person-to-person. Even as a single person, it’s important to consider the loved ones in your life and any expenses they’d be responsible for if the unexpected were to happen to you. When determining how much coverage is right for you, take into account any outstanding debts you may have, bills that would need to be paid following your passing, final expenses and more. Our life insurance calculator can help you figure out how much coverage would be good for you and your needs.

Other Reasons Why People Buy Life Insurance

There are a number of reasons people buy life insurance, and oftentimes, it isn’t a consideration until they are married or starting a family. The reality is, though, that everyone could benefit from having life insurance. Whether you’re single, married or divorced, you want to ensure your loved ones and family members are as supported as possible if something were to happen to you. And the younger and healthier you are, the more likely you’ll find coverage at an affordable rate. 

SelectQuote Can Help Singles Find the Best Life Insurance

When it comes to finding life insurance for singles, SelectQuote can help. We’ll get to know you and your needs and help you find the right coverage with the right carrier at the right price. In just minutes, we can compare policies and rates from some of the most trusted life insurance companies in the nation.

We do the shopping. You do the saving.

Get started todayStart Quote