Just because he's risen to fame doesn't mean he's set for life. What if an accident happens? What if he has a wife and kids someday. We all love the glitz and glamour of American Idol, but these are real people just like us. They need to ensure that they are financially secure not just now, at the peak of their fame, but down the road a ways.

The average American needs life insurance to protect the loved ones he or she will leave behind. But let’s say you win the lottery, or even better, American Idol! Does Taylor Hicks really need life insurance? After all, he just won a recording contract, a new Ford Mustang and many, many American dollars.

The answer may surprise you.

There are several types of life insurance, the most popular being term life, which is sold in increments of 10, 15, 20 years, etc., i.e., for a specific term. Term life insurance is a great fit for families since it provides affordable coverage and can protect a family from the loss of primary wage earners during the critical years when children are dependents living at home.

Hicks, as all you female fans know, is single, with no family, no loving wife, no children depending on his recording career to keep them afloat. So he naturally doesn't need life insurance, right? Wrong. If you win American Idol, the lottery, or any other substantial cash prize, you might think you are set for life.

Nothing could be further from the truth.

The record contract an Idol might sign with Simon Fuller might have some clauses that would require the winners’ estate to pay back money in case of an untimely death, such as one that occurs in the middle of a tour or even a recording session. Once Hicks or a plain old lotto jackpot winner spend all of that money, there might not be enough left over to cover funeral costs, medical bills, or provide for future generations for many years to come.

Taylor, if you are reading this, and we know you are, you probably want to purchase term life insurance in the near future. Trust us.

Matt Richenthal is the Editor in Chief of TV Fanatic. Follow him on Twitter and on Google+.