The youth has a feeling of invincibility in them. They are generally healthy and likely not concerned about the risk of an untimely death. They do not consider that there is a need, and in a fact, a long-term benefit and how life insurance can fit into their financial security plan.
Yes, a tiny percentage of the single population really needs no life insurance at all. It could be that rare person who is not attached to anyone or anything, and they don't care about their legacy, but for a variety of reasons, it's a good tool for everyone else.
Here are some reasons to consider purchasing a policy, even if you’re not married:
You're not likely to be single forever: Buy a policy now, and you can just build on your existing coverage once you're married, instead of starting from scratch when you're older and initiating coverage will be more expensive. Also, it’s cheaper to buy a policy when you’re young and healthy.
Depending on the type of life insurance you buy, a policy can also be a forced savings vehicle.
If your parents (or other family member or friend) co-signed a student loan or a mortgage with you, they’ll be fully on the hook for the amount owed in the event of your passing. The last burden a grieving family member needs is a loan company hounding him or her for payments.
Life insurance can be a great way to leave a legacy to nieces, nephews or anyone else. That list also includes your favorite charity. You could buy a single policy that would pay a lump sum to the organization or have the policy paid to a trust and create an income stream for as long as you desired.
Life insurance is at the foundation of the financial planning pyramid. Bad things happen. And when they do, life insurance is the only product that provides the right solution for that moment in time. Your chances of dying are one out of one. It's just a matter of when.