It goes without saying that the primary breadwinner in a family with three small children needs to be covered by a good, solid term life insurance policy. That’s just a no-brainer. If something should ever happen to him or her, the family will be in a rough spot and the last thing that they need to be worrying about is how they’ll pay the mortgage or cover the car payment. Term life insurance, in some ways, is a product designed for people in a particular phase of their life.

However, even if you’re single and don’t have any kids, term life insurance can be a good investment. Here are several factors that may make it worth looking into a term life insurance policy:

• You have a roommate. Now, I’m not talking about just a random person who answered an ad in the paper. I’m thinking more along the lines of someone you’re friends with that you also live with. No, it’s not your responsibility to make sure that your friend is provided for if something happens to you, but it will certainly make their life easier.
• You have a small business. Just because you don’t have children doesn’t mean there aren’t people depending on you. Your employees in a small business can often be like family. Having a life insurance policy can help them make the transition into finding another job or into running the business for themselves.
• You hope to have a family one day. Right now is the best time to lock in a low term life insurance rate. Once you pass 30 and then 35, your rates will increase dramatically. If you enroll in a fixed-rate term life insurance plan at 22, you’re going to wind up paying less over time for the same kind of peace of mind that will help your family. True, you’ll need a longer term, but it will pay off in the end.

Term life insurance isn’t, and shouldn’t be, a priority for the single person with no children, at least not in the same way it is for someone with a family. However, if you can afford it, a policy can be worth looking into at just about any stage of your life.

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