5 groups that really do need life insurance

Singles without children
Singles without children © Wavebreakmedia/

One of the joys of single life might be having fewer responsibilities, especially financial obligations. So it may seem logical for singles to shrug off life insurance.

But not all single people are footloose and fancy-free, Komer says.

"A lot of singles are taking care of a parent," she says. "You see that more often, as people are living longer."

Or, perhaps your heart belongs to a charity. Life insurance can help you leave it a legacy, Boglioli says.

"By paying a little bit each month now, you can pay significant dollars upon your death to a charity that you care about," she says.

Life insurance also can cover your funeral costs and certain debt obligations, so loved ones will not have to pay those expenses after you're gone.

Rothschild cites a less obvious reason for young singles to buy life insurance.

"If you're young and healthy, you have a better likelihood of qualifying for a low rate," he says. "It may make sense for you to lock in the premium."

This approach makes the most sense if you expect to get married and have a family someday and want to keep costs low during those years, Rothschild says.


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