Life Insurance for a Single Person

Even if you’re single, chances are good you still have financial obligations or dependents. Life insurance for single persons costs $26 per month on average. Buy life insurance for a single person if you have outstanding debts with cosigners, if someone financially depends on you, if you co-own a business, or if your family history includes significant health issues. Choose a policy with a death benefit significant enough to cover all of your final expenses.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Jul 16, 2021

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The Rundown

  • Life insurance for single persons costs $26 per month on average
  • Single people need life insurance if they have financial dependents, debt, business partners, or a rocky family medical history
  • Choose a death benefit significant enough to cover all of your outstanding debts and final expenses

It’s necessary to purchase life insurance for single persons who have financial dependents, business partners, debts with cosigners, or an imperfect family medical history.

Living the single life doesn’t guarantee you’ll be debt-free and without financial obligations. Keep reading to learn why even a simple term life insurance policy might be worth your while.

When you’re ready to buy life insurance for a single person, enter your ZIP code into our free quote tool above to start comparison shopping.

What are the average life insurance rates for a single person?

On average, life insurance quotes for a single person cost $26 per month. However, your rates depend on your age, health status, medical history, and coverage needs.

The underwriter places you in a rating tier based on your overall risk level.

People in average health receive the standard insurance costs. People in nearly perfect health earn the standard plus, preferred, or preferred plus rating tiers, receiving cheaper rates.

However, those in poorer health earn substandard rates, which cost 25% more than standard.

Compare the average monthly rates for life insurance by rating tiers relevant to unmarried people below:

  • Preferred plus: $12.32
  • Preferred: $15.52
  • Standard plus: $21.19
  • Standard: $24.64
  • Substandard: $30.80

Depending on your age and health, you can secure affordable life insurance for a single person.

Save money on life insurance by comparing quotes online for free from multiple different providers.

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What is the best life insurance policy for single people?

The right life insurance policy for you depends on many different factors. However, traditional term and whole life insurance policies are the most common.

Those with no dependents only need enough coverage to pay out all outstanding debts and other end-of-life expenses.

But single parents should purchase enough coverage to provide children with the same level of financial security they would have had until adulthood if the caregiver had survived.

Depending on your age, burial or final expense insurance may suffice to cover your funeral costs and any other minor needs.

In all cases, name the person you are responsible for or who is liable for your debts or a trusted family member as your beneficiary.

Compare life insurance quotes from multiple companies to find the right provider and coverage level for you.

Why do you need life insurance if you’re single?

You might be wondering, do I need life insurance if I’m unmarried? Is life insurance worth it?

Just because you’re single, that does not mean you’re free of debt or other financial obligations.

You may still have financial dependents who would suffer if you passed away. For example, consider your student loans, roommates, single parents, cosigners of loans, and business partners.

In fact, according to the Pew Research Center, America has the highest rate of single parents in the world.

Unless you have no debt and an abundance of savings, you should purchase life insurance.

Life Insurance for a Single Person: The Bottom Line

Unless you are debt-free with an abundance of savings, most people, single or married, should invest in some life insurance coverage.

To find the best life insurance company for a single person, compare free insurance quotes online from multiple different providers.

If you have any debt or financial dependents, even in the form of roommates or business partners, life insurance is worthwhile.

Compare life insurance rates for a single person right now by entering your ZIP code into our free quote tool below.

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