Life Insurance for a Single Person (Discounts & Rates)

A common misconception is that a single person without children doesn’t require life insurance. However, there are many ways life insurance can help other than leaving money for dependents. Single people can benefit by helping their families, paying off debts, and leaving a legacy. Understanding how life insurance for a single person can be beneficial will help you make an informed decision.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 14, 2021

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The Highlights

  • Single people need life insurance
  • Buying younger helps get better rates
  • Life insurance can help you leave a legacy

Life insurance is designed to financially protect dependents. This causes single people to ask do I need life insurance?

A life insurance policy from the best insurance companies can help you pay off debts and final expenses. Learning more about life insurance for a single person will help you determine if you need it.

For more information on life insurance rates for a single person, enter your ZIP code to find the best life insurance quotes in your area.

Why do you need life insurance for a single person?

If you’re living a single life and don’t have any children, you might be asking, is life insurance worth it?

While those with children are most likely to purchase a policy, the Insurance Information Institute says that there are various reasons why you should buy life insurance for a single person.

You Have Debt

Whether it’s student loans, a mortgage, or some other debt, most people owe money and often have a cosigner. If you die before this debt is paid, the cosigner is on the hook to continue making payments.

A life insurance policy will help to pay those debts, taking the burden off of loved ones.

People Depend on You Financially

Not all dependents are children. A lot of people take care of aging parents, grandparents, or children in the family that aren’t theirs. These people might depend on a single person for financial support.

Another person that might depend on you financially is a business partner. A small business often depends on multiple owners.

A life insurance policy can ensure that those depending on you aren’t left in the cold when you die and your business can continue to flourish when you’re gone.

You Want Cheaper Rates

Most single people are younger and aren’t thinking about life insurance. However, the best life insurance rates are provided to young, healthy people.

Locking in cheaper rates at a younger age will be beneficial if you require a policy at a later date.

You Want to Leave a Legacy

Many people are concerned about the legacy they leave behind. This can be through your family or by helping others.

A life insurance policy can be used to grow your wealth, allowing you to leave money for your family or to help others, like setting up a scholarship fund.

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How much does life insurance for a single person cost?

The primary cost-benefit of purchasing affordable life insurance for a single person is that most single people are young. Those that are young and healthy experience cheaper rates than those that are older.

Being single itself doesn’t result in cheaper rates or discounts but young people are considered less risky to insure.

Buying a policy with guaranteed rates will allow you to maintain these lower rates when you’re older and considered riskier to insure.

How much life insurance for a single person do you need?

A common question about buying from a life insurance company for a single person is how much insurance is needed? The answer to that question depends on why you’re purchasing it.

If you’re buying life insurance to pay off debt, you’ll want enough coverage to pay it off in full. A cheaper reason is to pay your final expenses, such as funeral costs. There are smaller, specific plans to cover these expenses.

Reading life insurance companies’ life insurance reviews will help to determine which company offers the right policy for you.

Life Insurance for a Single Person: The Bottom Line

It’s common for people to think that single people don’t require life insurance but this is a misconception.

Buying life insurance for a single person can help get lower rates, pay off debts, and protect loved ones. Examining these factors will help you determine if you need life insurance for a single person.

If you’re looking for life insurance quotes for a single person, enter your ZIP code to discover the best life insurance rates in your area.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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