You’re Young and Single. Do you Need Life Insurance?

Who buys life insurance? It’s often someone with a spouse, children, other family members or business partners who depend on him or her financially – or will in the future. The death benefit from a life insurance policy helps compensate for the lost financial contribution in the years to come. But there are situations in which young, single people should consider life insurance, too. For example, if you’re supporting a parent or sibling – or it’s likely you might need to do so in the future – a life insurance policy can make sense. Some folks also get life insurance to benefit a favorite cause or organization. Remember also that life insurance premiums tend to be lower for younger people. If you’re likely to get married and/or have children, lining up life insurance when you’re younger, then switching the beneficiary to your spouse or children later, could be a shrewd move.

Read more at Wisebread.

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