Life insurance is designed to provide financial protection for your loved ones in case anything happens to you. When you die, your policy provides a cash payout that can help cover funeral costs, student loans, credit card debt, or any other expenses.

While you may think that life insurance isn’t necessary if you’re on your own, there are still situations where you might need a financial cushion to cover costs you leave behind. If a partner or children are in your long-term plan, applying for a policy sooner than later can also be a smart move. Here are a few reasons why you may need life insurance while you’re single.

• Lock in low rates: Buying life insurance now ensures that you have protection later when you need it. The younger you are, the lower your life insurance rates are likely to be. Rates generally increase by 8 to 10% a year, so it’s never too early to get started. Many people who plan to get married, start a family, or buy a house choose a 30-year term life policy, so they can make sure the money will be there to cover their future expenses.
• Guarantee coverage for the future: Does your family have a history of heart disease, diabetes, or other health conditions? If you might be diagnosed with issues like these later on, be aware that they can increase your rates – or even prevent you from qualifying at all. Getting life insurance now while you’re healthy can save you money and stress.
• Cover any debts: If you leave student loans or other debts behind, your family could be on the hook for them. The government may write off your federal student loans, but private student loans co-signed by your parents could be a different story. The same goes for other co-signed debts such as mortgages, auto loans, or jointly owned credit cards.
• Supplement your coverage at work: Plenty of people choose to get covered through an employer, but group life plans may not provide the coverage you need. You can’t take group insurance with you when you switch jobs, and policy coverage amounts often aren’t high enough to meet all your expenses. Supplementing your employer-provided insurance with an individual policy can help make sure you’re covered when it matters.
• It can pay for your funeral: No one likes to think about it, but if you die, someone will have to pay for your funeral. You wouldn’t want to leave your family struggling to meet your final expenses while they grieve. It’s always a good idea for single people to have at least enough life insurance to cover these expenses after they’re gone.