As a single person, do I really need life insurance to pay for my funeral costs or
debts?
If you're single, you may need life insurance for a variety of reasons. However, the old
industry sales pitch that you need insurance to pay for your funeral and retire your debts
if you die prematurely is not among them. According to Get a Financial Life (Simon &
Schuster), "Your parents, other relatives, or friends will probably be willing to pay
for your funeral in the unlikely event you die with no assets. As for your debts, unless
you cosigned a loan with parents, partners, or friends, no one else will be responsible
for paying them. If you have any assets, the creditors will sell them to pay your debts.
Otherwise, the creditors will simply take the loss."