Do Single People Need Life Insurance?

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The short answer should be that anyone, regardless of circumstance, that has present and future financial obligations should buy life insurance to cover them.
At the very least, a working single person should have enough money put away to pay for their burial, as morbid as that may seem to some people.
So-called whole, permanent, universal, etc. life insurance is extremely expensive. The only reason that a policy builds up cash value is that this cash is used to pay the policy face value at death. You don't get extra cash.
If you want to use life insurance as a savings vehicle, you need to buy a very specific type of policy. This is outlined in a book "Bank on Yourself". It is not a panacea for a savings program.

Jimmy of LA 1:46PM September 06, 2011

If you think the cost of daycare is outrageous you should try reading the fine print in your live insurance.

Snookered of NH 1:45AM August 28, 2011

When I was single I purchased a $250,000 Term policy. I wish I would have purchased more because now I am married with two kids and I don’t think $250K will be enough to take care of my family. The cost of daycare is outrageous! Also recently I have learned how great permanent life insurance is with a guaranteed interest rate and a dividend option you can’t get such a high guaranteed rate any other place in the market these days. Everyone should have live insurance at any age.

Dawn of WY 11:00AM August 24, 2011

Veronica if you haven't been earning enough to cover the payments for 2 straight years on the student loan your Nana cosigned for...
HOW ON EARTH ARE YOU GOING TO PAY FOR LIFE INSURANCE!!!??

SUZE'S TUBE of KY 11:00PM August 19, 2011

I have a very very dear friend who passed away unexpectedly at 22 years old (drunk driver hit her). She had the standard insurance through her auto insurance but had taken an additional policy offered through her job. No one expects to pass that young. The policy was a 80/20 split between her mom and sister. With all that was happening with her death, the cost of the funeral was one less worry off of her mom's shoulders. Her Mom was surprised but grateful she had it. I urge everyone to have it. I hate the idea of my family grieving for me AND worrying about a funeral cost during and after.

Melissa of NY 7:30AM August 18, 2011

I probably should have a smallish policy 10 or 20k to cover the student loan my Nana cosigned for. I haven't been earning enough to make 2 straight years of payments to release her as a cosigner and in the event something happened to me, I wouldn't want her on the hook for that loan.

Veronica of NH 2:20PM August 17, 2011