Do Single People Need Life Insurance?

(Kimberly Palmer)- If you’re married with children, then you probably know you should have life insurance to protect your dependents in the event of your death. But do single people without those same dependents also need to insure themselves? According to USAA Life Insurance, the number of single people buying life insurance has increased 10 percent compared to a year earlier. The biggest growth was among twenty-somethings, which experienced a 24 percent increase in life insurance purchases.

The increase appears to be driven in part by the economy. During economic downturns, people across the board tend to buy less insurance, simply because they can’t afford it. In fact, life insurance ownership in general is at a fifty-year low right now, a dip that industry experts attribute to the economy. So part of the increase in life insurance purchases, which is happening across multiple demographic groups, can be attributed to the economic recovery following the most recent recession. Read more here…