Being unmarried doesn't equal a lonely, sad-sack existence, and it doesn't mean you should automatically skip life insurance.

Single people may want to have life insurance for many reasons, from providing for elderly parents who need caretaking to covering debts amassed throughout life.

If someone has co-signed a loan for you, for instance, for education or a home, they'll be on the hook for the loan in the event of your untimely demise. With insurance, you can leave on good terms.

Life insurance can also be used to pay for your funeral costs should anything unfortunate happen.

Planning for your own funeral may seem morbid and dour, but with life insurance, you win if the policy doesn't pay off.

"The good news is you're still alive," says Russell Fox, a Certified Financial Planner with Apex Wealth Management Group in Oxnard, Calif.

Of course, the insurance company also wins.

The type of insurance you purchase is purely a personal decision based on your health and income. Term insurance is a good bet for covering all your bases unless circumstances dictate having coverage for your entire life.

Don't forget that many employers offer group term insurance as part of their benefits package, so a person with minimal life insurance needs may have their obligations met with just that amount of coverage.

"If they have that basic type of coverage, it could add piece of mind," says Fox.

Group term life insurance could be less expensive than an individual policy, so it may be a good option. One potential drawback: It may not be convertible to an individual policy should you leave the job.