Married or single, many need life insurance

Jul 27, 2011

Married people aren't the only ones who could use life insurance

A report says married couples aren't the only ones who may need to consider a term life insurance policy. Ultimately, the policies are useful for anyone with dependents.

According to Investopedia, married people are the ones most often cited as typical life insurance policyholders because they have financial dependents - each other, and often children, too. However, even a person with no children or significant other may need a life insurance policy if they're caring for their parents or other family financially. It's important to protect anyone who may suffer financially if a person were to pass away, said the report.

Those who have business partners also need a policy, since their death could cripple the company financially, according to the report. It's particularly important for consumers to purchase a term life insurance policy if their death would leave any major debts - such as a mortgage - on their dependents' shoulders.

Consumers are advised to exercise care when calculating how much term life insurance they need, while shopping around for life insurance quotes can help narrow down the most affordable policy.

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