For example, if you would like the life insurance to pay for some outstanding debt at the time of your death, then you would want to get a life insurance policy with a an amount of coverage that would provide enough funds to pay off the entire amount of debt.
If you want your life insurance policy to pay for your funeral, you would need a final expense life insurance policy of that amount, which may exceed $5,000 as the average cost of a funeral and related expenses is about $7,750.
There are many ways that life insurance can be used to settle financial affairs upon the death of a single person. Because life insurance does not have to go through probate, many single people find life insurance to be a simple and effective way of handling their estates.
A single person or anyone for that matter, can use a life insurance calculator to quickly and easily find out how much life insurance to buy.