There are a lot of reasons why someone might purchase life insurance (here's more info on how exactly life insurance works, in the first place). Most people first consider it when they have children. They want to know that even if they pass away, the people depending on them financially will be taken care of. 

That said, there are some reasons why single people might want to get life insurance, as well, such as if someone else guaranteed their student debt, they own a home or co-own a business. 

There are a few different types of life insurance that you will likely want to know about. Two of the most common types are term and whole life insurance.