Why Do I Need Life Insurance If I Am Single? 
You may not `` need '' life insurance , but you might want to buy it . I often recommend that a young single person purchase a quality permanent plan of insurance for final expenses and then purchase additional amounts of term life insurance as life events occur -LRB- marriage , children , mortgage , etc. -RRB- . In later life , the term ends asinsurance needs reduce , and the insured person then has very inexpensive life insurance for wrapping things up after a long and productive life . If it can be afforded , a goalfor paying off the premium on the permanent plan early can be made so that covering some or all of the final expenses will be with `` free '' life insurance . If the permanent plan is participating whole life -LRB- life insurance that pays a dividend -RRB- , later in life the dividend may be large enough to either greatly reduce or eliminate premium altogether with the possibility of having an increasing death benefit as surplus dividends purchase additional coverage going forward . The variable in this strategy is insurability . None of us knows if we will become uninsurable in the future due to accident or illness . Buying permanent insurance as young as possible and getting the lowest premium possible is an important factor in planning . The second best choice is a fully convertible term plan of insurance that allows the insured to convert or exchange all or part of the terms death benefit to a permanent plan of insurance with the same carrier . There is no need to medically qualify in exercising this contractual guarantee . -LRB- NOTE : Be careful to assure yourself that the conversion is contractually guaranteed for the full period that the policy is in force . Some carriers have weakened this feature with limitations and exceptions . -RRB- 