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I’m in my 30s and have just started a family, but do I need life insurance?

When you should take out life insurance is more marked by what stage you’re at in your life, rather than what age you are. While life insurance will usually be cheaper the younger you take out a policy, many don't really think about it until they have children.

One of those life stages is having children or other people who depend on your income. Family life insurance is there to provide financial support should the worst happen – you may want to ensure your family has enough to get back, as well as pay off any debts you have such as a mortgage - for this reason alone, it is advisable to look into life insurance even if you are single and don't have children. 

That average cost of life insurance increases with every age bracket from then on, so again the advice rings true: buying when you’re young will save you money, even if you’re paying for longer.

Generally speaking, our thirties are when debts are great and disposable income small. It’s when most people take out a mortgage, start a family and are climbing a career ladder. But, it’s also when life insurance prices aren’t yet prohibitively expensive, so if you’re young and have recently started a family there’s no better, nor more sensible time to take out a policy.

Related guides

Waiver of Premium Explained

Typically, if you miss a monthly premium with life insurance products, your policy will be cancelled. Then no matter how many years of diligent payments you’ve racked up, your family won’t be able to make a claim on it after your death.But insurers understand that difficult circumstances arise. They’re in the business of offering protection against the financial repercussions of trying times, including death and illness. And they’ve included a rider on some insurance policies - a waiver of premium - that allows you to miss monthly premium payments in the event of critical illness or serious injury and maintain your coverage. These provisions can ensure your insurance product is always there when you need it. In fact, you can think of a waiver of premium provision like an insurance policy on your ability to pay the premiums on your insurance policy.

What's the Right Age to Take out Life Insurance?

Few of us like to contemplate our own deaths, but it's an inevitable fact of life, and one that can be financially disruptive and even devastating to the ones you leave behind. That's why, since the 18th century, Britons have been insuring their own lives, paying instalments in life so their survivors can receive a financial windfall or simply support after their deaths.Just under half of all Britons have some form of life insurance policy, some provided through their employers and some linked to mortgages. These policies can pay out a lump sum or monthly income to survivors, pay off the outstanding balances on mortgage, replace the salary of the deceased, or at the very least, cover the expenses of a funeral, which regularly run over £4,000.But at what age should you start reckoning with your mortality and making provisions for a future without yourself? You can earn cheaper life insurance premiums by taking out a policy when you're young, but it's also unlikely you have the financial and personal obligations to require life insurance at that point. Additionally, most life insurance products sold as term policies, these policies may expire before you most need them. So what's the magic age?

Pension Term Assurance

Until the end of 2006, pension term assurance was available as a form of life insurance that could be bought as part of a pension plan complete with the associated tax breaks.While this kind of policy is no longer available to new customers, those with such policies active are still entitled to continue them, and to enjoy the tax advantages they come with.