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.

Who depends on you? If you have a co-signer on a loan and you died, your loved one would be stuck making the payments. Solve the problem by purchasing enough life insurance to cover the loan. Name the co-signer as the beneficiary.

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?

Leave a legacy. If family members paid for your education, say thanks with your policy or use your policy to help out your favorite charity. You don't want to leave behind bills; a policy can cover final expenses.

You may not stay single.  You'll get much better rates now while you're young and healthy. You'll also guarantee your insurability, meaning you won't have to worry about higher rates if you buy later when you're older or may have declining health, says Megna.

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.