The world may be your oyster but it does not mean that you should be unprepared for life's not-so-pleasant moments. Young single adults typically need significant insurance cover. However, you may be constrained by your budget as you've just started your career.

If you participate in dangerous sports like mountain climbing, you need to protect your greatest asset: yourself. You need to protect your income stream and make sure your parents are taken care of if the unfortunate should happen.

To this end, young single adults should consider a whole life policy. Though the risk of critical illness is low at this age, do consider taking up critical illness rider coverage as well.

A whole life insurance plan provides lifetime protection for you as long as the policy remains in-forced. If the policy is surrendered before that, you will be entitled to the cash value.

Besides life insurance, young single adults should not overlook the importance of sufficient health and disability insurance.

The principle is: remember to insure yourself against risks that will leave you financially drained.