Committed bachelors and bachelorettes may insist that remaining single has many benefits. However, skipping out on life insurance premiums isn't generally among them.

Just because you aren't married doesn't mean friends, relatives and associates won't feel the financial sting of your death, experts say.

Here are five situations in which you might want to consider a life insurance policy--even if you are currently single:

1. A dependent is counting on you.

What happens to a dependent if you are no longer around to help financially? Will your child, parent or grandparent suffer if you do not have life insurance?

Picking up a policy to protect your dependents in the event of your death is a good way to secure the financial future of loved ones. Contact your insurance agent to find out how much life insurance you require.

2. You have a loan co-signer.

Consider what might happen to your co-signer(s) if you die without making the appropriate financial arrangements.

Purchasing an adequate amount of life insurance coverage can help ensure that co-signers on mortgages or other loans will not be on the hook for the loan upon your death.

3. A disease or disorder runs in your family.

You may be young and healthy, but that doesn't mean that you're invincible. Experts urge everyone--even singles--to secure the best possible coverage early on, before their health declines.

This is especially important if you already know that a certain disorder or disease runs in your family. Having a "pre-existing condition" might make it more difficult and/or expensive to secure life insurance in the future.

4. To pay for your funeral.

Funerals can be pretty expensive these days. In 2009, according to the National Funeral Directors Association, the average cost of a funeral was $6,560, and that doesn't include cemetery, monument or marker costs or miscellaneous charges such as flowers or obituaries.

Given that, it's easy to imagine a scenario where your parents or siblings have to shell out thousands of dollars in burial costs.

If you designate a particular loved one as a beneficiary on your life insurance plan, he or she can use the proceeds to help cover these costs.

5. You own a family business.

Life insurance is a must for singles who own small businesses. Without such coverage, you likely will have no way to ensure that your company will outlive you.

If you fail to plan ahead and protect your family members and business partners in the event of your death, your debts may very well sink the business that you worked so hard to build.