Young, single professionals without children may want to consider life insurance for the following reasons:
Funeral expenses add up quickly, and can create financial hardship for your grieving family members. You can ease this burden by purchasing life insurance.
Have you asked a family or friend to co-sign a student loan or mortgage? The co-signor has to repay the money even if you die prematurely. Compare your assets to outstanding debt. Naming the co-signor as beneficiary on a life insurance policy will help them pay off the loan.
Age and medical history affect the cost of life insurance. Rates are less costly if you buy coverage when you are young and healthy. It may be difficult and/or expensive to secure life insurance if your health deteriorates in the future.
Singles sometimes provide ongoing financial support to aging or special-needs family members. Benefits from a life insurance policy can help these loved ones live more comfortably should you pass before them.