When you are single and living alone then you are footloose and fancy free. Why would you want to put aside money that will be good only if you are dead? Decidedly in such a scenario, life insurance is not really a necessity except that it will ensure that you have a real nice funeral. Even then you will not live to see it! Of course you may want to leave a tidy little sum to someone who matters, but then you'll have to die young for it.
However, the situation changes if you are single and living alone with a mortgage. A mortgage is an inherited debt. Let's say you die before you were planning to, well then whoever inherits your house also inherits the unpaid mortgage. Supposing it is your old parents who get the house, well then what you are leaving them with is a monthly payment that they will have to make till such time that the house finds a buyer. In such a case, if you have a life insurance it could go a long way in covering the mortgage and making life easier for your heirs.
There may also be a case when you are married, without kids and living alone in a house. In this case consider if your spouse will be able to maintain the lifestyle and the financial commitments that you may have made jointly, should something happen to you. If the answer is no, then you should opt for insurance. If anything unfortunate happens, your partner will not be left n a financial lurch.
There are some of you who may be married, and have dependent kids. This is the situation that is ripe for an insurance policy. More so, if you are the sole bread earner. Should anything happen to you, your spouse and kids will have enough to live on comfortably. Your kids' education specially will not come to a halt.
You also need insurance when you are planning to start a family. If you are looking at having kids then it is a smart move to buy policies together. You can never start too early. Not only will the coverage be more but also make sure that should anything happen to either of you, the family will not fall apart.
So see, which slot you fit in and make your decision. Buy a life insurance if it makes sense to you.