Money fix: Life insurance for singles

Sure you're single, but ask yourself this: If you died today, would there be an emotional and financial loss?

Despite the popular belief, life insurance isn't just for married people. According to LIMRA, an insurance industry organization, more than 50 percent of single people lack life insurance. Yet, it can be a good investment.

Single parents should have life insurance, especially if the other parent is unable to provide care, says Michelle Megna, managing editor of Insurance.com. The policy can help pay for college and other expenses. Then too, if you're supporting a relative, who will pinch hit?

Maybe you don't need life insurance if you're single, in your 60s and sick; it will be pricey. But for many singles, life insurance makes good financial sense.