It is a common misconception that life insurance is only required while one has a family to offer for. A part of the blame for this misbelief may be on the shoulders of the numerous classified ads that sell life insurance as a ?family? financial product. Now, it?s true that a life insurance plan does preserve many benefits for you and your cherished ones. However, that doesn't suggest that an unmarried person no longer need to take life insurance. In fact, life insurance has lot of perks to provide for a single person too!