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Life insurance for single people or parents

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Protect your independence, long after you’re gone.

A life insurance policy can shield you from financial hardship if you get sick or injured. Whether you’re living alone, or with children, it’s important to make sure that you have the ability to tie up any potential financial loose-ends.

Why we like:

Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.

  • Apply online and get a decision instantly
  • Cancel your coverage at any time
  • No annual fees

Why we like: LadderLife™ Life Insurance

Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.

  • No brokers trying to upsell you
  • Your rate is locked in until your term expires
  • 30 day money-back guarantee
Promoted

What does life insurance cover?

There are different types of life insurance, and what you’re covered for depends on what kind of policy you have. You can choose one benefit type or bundle several together to create a customized policy.

  • You pass away suddenly. A traditional life insurance policy can help support any dependents and cover your debts and funeral expenses. If you don’t have any dependents to worry about, final expense insurance costs less and pays out just enough to cover funeral and burial/cremation expenses.
  • You suffer a serious medical condition such as stroke or cancer. Critical illness insurance pays out a lump sum if you’re diagnosed with a serious medical condition. The money can be used to help cover lost income, medical bills, nursing care and anything else you need to help you recover.
  • You’re unable to work. If you’re unable to work, either permanently or for a short period, income protection insurance can pay out a percentage of your income on a monthly basis.

Expenses to consider

When deciding what kind of insurance you need and how much coverage you should get, consider how much you spend each month and how long you’d be able to continue your standard of life if you were unable to work. Factor in:

  • Rent or mortgage
  • Daily living costs; food, groceries, and clothes
  • Utilities; electricity, water, gas and telecommunication
  • Healthcare bills
  • Short-term loans; credit cards, student loans, personal and car loans

Compare life insurance companies

Name Product Issue Ages Coverage Range Medical Exam Required
20 to 60 years old
$100,000 to $8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
20 - 80 years old
$25,000 to $10,000,000
No
Quickly get a quote for coverage with this marketplace, which compares term & whole life insurance policies from 45+ carriers.
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
Compare quotes from 16 life insurance companies side by side.
21 - 54 years old
$50,000 to $1,000,000
No
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
20 - 85 years old
$100,000 to $1,000,000
Depends on policy
Get a term or whole life insurance quote from Fidelity Life - starting as low as $15/day.
18 - 75 years old
$100,000 to $5,000,000
Depends on provider and policy
Apply for a simple instant-decision policy free of charge. Compare quotes from multiple A-rated carriers.
18 - 80 years old
$50,000 to $25,000,000
Depends on provider and policy
Get a quote within minutes from more than a dozen insurers.

Compare up to 4 providers

Four financial responsibilities to consider

How much life insurance do I need?

The amount of coverage you need depends on your personal circumstances, but using a calculator can give you a good starting point for estimating your coverage needs. You’ll also want to factor in your lifestyle when choosing a policy.

How much life insurance do you need?

Answer three questions to see the coverage we recommend.

1) How much debt do you owe?
Include mortgages, credit cards, car loans, student loans and other debt.

$

2) How much do your loved ones need each month?
Start with how much you take home monthly, adding rent, food and necessities.

$

3) How many months will your loved ones need the income?
Indicate how long you think your loved ones need before they can sustain themselves in your absence

months

Your recommended coverage:

$50,000

Typically you'll want to add another $15,000-$20,000 for final expenses such as medical costs and funeral expenses.

How lifestyle affects life insurance needs

The insurance needs of single people can shift at different stages in their life.

If the only person you need to take care of is yourself, you might not need a traditional life insurance policy. But if you think you might have children in the future, it’s a good idea to consider getting a policy now. Young, healthy people can take advantage of lower premium rates, and a whole life insurance policy or one with a long term will let you continue to benefit from lower premiums as you age.

Regardless of whether or not you’re considering having kids, it’s a good idea to get a life insurance policy that can cover your bills and everyday expenses if an injury or illness leaves you unable to work.

Single parents need to look out for both their and their children’s financial futures. Life insurance with a death benefit is more important here. If your family relies solely on your income, it’s also more important to get coverage that can help if you’re unable to work.

If your children are financially independent, you may be able to cut down on your premium costs by reducing the amount of insurance you have. But it’s still a good idea to keep some insurance so that an unexpected event doesn’t leave you or your family in financial danger.

Once you’re retired, you don’t need to worry about replacing lost income if you’re unable to work. Most people significantly trim down their insurance coverage at this point.

How to compare life insurance policies

To find the policy that’s right for you, factor in:

  • The level of coverage. Decide how much coverage you need before getting started so that you can compare policies with the coverage you need.
  • Discounts. You may be eligible for discounts if you bundle your life insurance with other insurance policies with the same company.
  • Exclusions and restrictions. As with all insurance plans, life insurance plans come with a number of restrictions and exclusions. Read all the fine print before choosing a policy to avoid any nasty surprises.
  • The premiums. If you’ve found multiple policies that fit your needs, compare them based on how much you’ll have to pay each month.

Bottom line

How much life insurance you need and what type of policy is right for you depends on your income, dependents and lifestyle. But being single doesn’t necessarily mean you don’t need coverage. Compare life insurance policies to find one that’s the right fit for your needs and budget.

Compare life insurance policies for single applicants

Frequently asked questions

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