Has a family member or friend co-signed a private student loan, mortgage, car loan, etc.? If you die prematurely, the co-signor owes the outstanding balance. Naming this individual as a life insurance beneficiary will help them satisfy the loan. Or, perhaps you and another person bought a home together. If you pass, the co-owner may be unable to meet the mortgage obligation. A life insurance policy that names the co-owner as the beneficiary will provide stability for your partner.

Funeral expenses add up quickly and may create financial hardship for your grieving family. Life insurance will ease this burden.

Singles sometimes provide ongoing financial support to aging or special-needs family members. Benefits from a life insurance policy will help these loved ones live more comfortably upon your death.

And finally, age and medical history affect the price of life insurance. Rates are less costly if you buy coverage now when you're young and healthy.

Whether or not to buy life insurance ultimately depends on your finances, health, and post-death wishes. Examine your situation and explore multiple options. Companies offer a variety of term and permanent life insurance products.