If you are a single person, it's a good idea to have at least enough insurance to cover your burial. The average cost of a funeral in America is between $7,000.00 and $14,000.00, depending on your final wishes. If you only desire to be cremated, you need at least $3,000.00 of coverage.
Take into account also, what debt you may leave behind. If this debt will become the responsibility of loved ones, you should have enough coverage to protect your loved ones from a financial burden, following your death.
Term Life...
Many single people have term insurance to cover them for just the reason, stated above. Term life is very inexpensive. It does not build any cash value and it not permanent, however.
Whole Life...
If you're a young person looking for permanent insurance that will have level premiums, level death benefits and will build cash value, whole life insurance is what would be suggested. The monthly premium never increases, the death benefit never decreases and the cash value is guaranteed for as long as you live, or until age 100.
Regardless of the type of insurance policy that you select, protecting your loved ones, family and friends from a financial burden when you die, is a responsible and caring act.
To find an insurance company that offers low insurance premiums for single persons, you can conveniently compare policies and quotes, online. You do not have to actually apply for insurance online to have access to quotes and policy details. It's the responsible thing to do.
