Do I need life insurance if I'm single?

What are the benefits of life insurance for a single person?

Even if you're single, life insurance can protect others from financial burdens that could be brought on by your passing. For example, if your next of kin would struggle to cover your funeral expenses, then a life insurance policy could provide the funds they'd need to pay for your funeral service, burial, and other costs.

What types of life insurance should a single person consider?

It depends on what you want covered. If you're mostly concerned with covering your final expenses or providing for someone regardless of when you die, then a permanent whole or universal life insurance policy is ideal (both provide lifelong coverage. If you're more concerned with covering temporary needs, such as a mortgage or other debt that someone may be responsible for upon your passing, then term life insurance may suit you better (typically lasts 10 to 30 years).

What situations make it worth getting life insurance if you're single?

You might know to get a life insurance policy when you have others relying on you day to day, but what about when it's just you? If you fall into any of the following categories, consider if life insurance is worth getting when you're single:

You want to cover your final expenses

Life insurance can be a way to support your loved ones after you're gone by paying for your funeral and other end-of-life expenses. A permanent life insurance policy, such as whole life insurance, is more affordable if you purchase it when you're young, and it will last until you die, potentially guaranteeing there are funds to pay for your funeral. If you're older, final expense insurance is available to individuals well into their 70s and 80s, and it's designed to cover your end-of-life expenses so your estate isn't burdened with those costs.

You're young with a family history of health issues

If there's a possibility that you could develop a serious health issue later in life, getting life insurance while you're still young and single can be a way to qualify for a more affordable policy than you would if you waited until you were older and less healthy. Plus, it may provide you and your loved ones with the ability to pay for medical costs, particularly if you get a critical or chronic illness rider or a long-term care rider.

You have outstanding debt

You want to leave a legacy

Life insurance isn't just for providing for family; it can be a way for you to leave a legacy when you pass away. Naming an organization you care about as your life insurance beneficiary would allow you to make a large donation when you pass away, and you can even split your death benefit between multiple people and organizations.

You want an additional financial resource

Permanent life insurance policies include a cash value savings component that increases in value over time. Once your policy's cash value is high enough, you can use it to borrow money, withdraw from, or use it to pay your policy's premiums. This additional financial resource may be useful for when you need extra cash due to unforeseen expenses later in life.

Learn more about taking out a loan against your life insurance cash value.

You may want to start a family later in life

Even if you don't have plans to start a family, your situation may change down the road. Buying life insurance when you're young and single allows you to lock in lower premiums since you're less likely to have health conditions that may cost you more in premiums later on.

How to get life insurance through Progressive

Get a life insurance quote online or call 1-866-912-2477 to speak with a licensed representative from Progressive Life by eFinancial who can help you find the right policy for you.