While a person who has family members who are dependent upon them, will feel the greatest need to purchase life insurance, this need may not be as urgent for a single person. Some may even question whether or not a single person with no dependents should even consider purchasing life insurance. After all, a bank account may suffice just as well.
One fact is clear: everyone, no matter what their circumstances, has to face death; and therefore, everyone should consider how they will be cared for when they die and how their possessions will be managed. Single or not, it’s likely there will be some debts that will have to be cleared. An advantage of life insurance is we can calculate in advance how much we may eventually require and purchase a policy that will cover those anticipated financial needs. If a person doesn’t have close family members, they will no doubt elect to have either an executor or a chosen beneficiary to take care of all their business needs upon their death. Whoever is chosen has an insurable interest in the person and will need sufficient funds to handle everything satisfactorily.
Since the primary purpose of life insurance is to have a sufficient amount of money to cover funeral and burial costs and pay off all remaining debts a person may leave, it’s advisable that all people, no matter what their circumstances, should purchase life insurance.