If you're not married or don't have a family depending on you financially, you may ask yourself this question. There are a number of reasons why purchasing a life insurance policy makes sense when you're single.

Life insurance costs less when you're young and healthy
Buying life insurance when you're young and healthy makes it possible to lock in lower rates and guarantee future insurability. Health risks tend to increase with age, so waiting can mean you'll pay significantly more. Plus, some conditions may make it difficult or impossible to become insured down the road.

Some life insurance policies also build cash value that can be borrowed¹ against to make a down payment on a home, pay for college, meet medical expenses or even purchase a business.

Would you leave loose ends?
Even if no one depends on you financially, take a moment to think about how your bills would be paid. If you have debt from college or a mortgage, life insurance can ensure you don't pass on that burden. Would it be difficult for your survivors to pay for your funeral and related expenses? It can take years to sort out an estate and liquidate assets. Life insurance benefits pay out immediately and can keep your loved ones from having to cope with your final expenses. Term life insurance can be used to create coverage for a specific period of time, while debt is being paid back, for example. It's an inexpensive way to get started and often can be converted to permanent insurance as your needs change.

Single doesn't mean alone
Even though you’re single, you may still have people who depend on your income. For single parents, life insurance can be even more important than for two-parent households. If something happens to you, who would step in to cover the cost of supporting your children? Family members might be able to provide care, but where would the money come from?

Some singles also may provide care for aging parents or other family members. Adequate life insurance on you can help ensure your loved ones' care and medical costs are covered, should something happen to you.

Passionate about a cause or kids
Even without dependents or debt, some single people use life insurance to leave a legacy to a favorite cause or charity, or even to help send nieces and nephews to college.

Is my company life insurance policy enough?
If you have life insurance through your job, check the coverage limit of the policy. If you have minimal needs like burial expenses, it might be adequate. But remember that group life insurance policies don't follow you if you leave the company.

The bottom line is that if you're single, you shouldn’t automatically assume you don't need life insurance. Talk with a local Farm Bureau agent today to see if life insurance makes sense for you at this stage of your life, and then explore your options.

¹Any loans from the policy’s cash value will reduce the policy’s cash value and death benefit if the borrowed funds, plus interest, are not repaid by time of death.