Life insurance can help make one's passing a less traumatic experience for survivors, and this includes those with no dependents. Life is unpredictable, and medical costs or other misfortune can eat up savings and investments intended to pay for funeral costs. Because life insurance pays at one's death, it will be there when the need arises. The death benefit is paid quickly, it is usually nontaxable, it goes to the beneficiary you most trust to handle it well, and it can take care of final expenses and debts much more simply than having to wait for probate.
Also, a single person may be the owner of a business or wish to leave money to charity, in which case life insurance can help create a business succession plan, or give to the charity in an organized and cost effective manner.
Insurance Advisor, Lordship Insurance Services, California
Insurance covers losses. When a single person dies someone will be responsible for the financial cost of a funeral. A single person can view insurance as a way to ensure that whoever covers the funeral will have ample resources to do it.
Single people can also use insurance to add to their personal savings portfolio. They can use products like Universal life which has a savings feature and still offer a death benefit to those who will handle funeral arrangements.
A single person should talk to an agent and get some quotes on the various types of insurance available to them and see if it meets their needs.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
There may be no financial reason to have life insurance if you have no family, business partners or charities who depend on you. If you have no current financial liabilities, future obligations and charitable intent, it is conceivable, no matter how improbable that you do need need life insurance in the traditional sense.
You may, however,want to investigate the tax advantages for supplemental retirement income that life insurance can generate with it's diverse crediting methods that may fit your sangs or investment profile.
In some ways, a single person with no dependents needs life insurance more than others, because they may want to make their estate very easy to settle upon their death. Paying funeral costs, disposing of property, and settling bills all take money up front, that life insurance can easily and quickly provide.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The key reasons to buy life insurance are that you love someone or owe someone. It is crazy to think that because you are single that you don’t love. Some of my most caring friends are not married. Think about the effects upon those that you love. Would money help them, would it provide a legacy? Others love in a general way and many contribute to charities through life insurance.
Principal Agent, First Insurance Agency Inc, United States
A single person has debt and financial obligations and someone has to pay when they die. You will not leave a load of debt on loved once to pay. It better to die in dignity. Get life insurance. How will you expect your remain to be disposed of if you have no life insurance.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Need. That's a personal question only the individual can answer. What would the need be for? And 'Life Insurance' covers a lot of territory. When a single person with no dependents asks me if they need life insurance I ask them, "Do you feel that you need a safe, protected way to save and grow your wealth tax-free?" (And there are a few other questions I ask) As an Insurance Adviser I'm a big fan of Whole Life Insurance through a Mutual company because of the tax-free cash value growth. Something everyone can use - even if it's not a "Need" as in the case of people like Warren Buffet, Bill Gates, etc.
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Also, a single person may be the owner of a business or wish to leave money to charity, in which case life insurance can help create a business succession plan, or give to the charity in an organized and cost effective manner.
Single people can also use insurance to add to their personal savings portfolio. They can use products like Universal life which has a savings feature and still offer a death benefit to those who will handle funeral arrangements.
A single person should talk to an agent and get some quotes on the various types of insurance available to them and see if it meets their needs.
You may, however,want to investigate the tax advantages for supplemental retirement income that life insurance can generate with it's diverse crediting methods that may fit your sangs or investment profile.