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Is life insurance worth it if I’m single and don’t have children?

Even if you don’t have any direct dependents, it can still be worth taking out a life insurance policy. Otherwise, it’ll be down to your family to handle any outstanding debts you have.

Should you still have a mortgage, then this will need to be paid off before any beneficiaries receive anything from your will. But further still, your lender can demand your house is sold in order to recoup the money, including demanding extra if the value of your home is now less than your mortgage. A life insurance policy can prevent this.

The same goes for any other outstanding debts you have, such as credit card bills or loans – these still need to be settled upon your death, though this doesn’t apply to student loans.

The other thing to consider is inheritance. If you take out a life insurance policy written in trust, then the lump sum left to the beneficiaries is considered separate from your estate, and therefore cannot count towards the inheritance tax threshold. As a result, the payment process is usually much quicker too.

Think about what debts you owe, or may owe in the future. If you have any, then it’s certainly in your interest to take out a life insurance policy, and the younger you do so, the cheaper your premium will be.

Related guides

Is Critical Illness Cover the Same as Life Insurance?

It’s not always easy to speak openly about the chances of becoming seriously ill to the point where you can no longer work, or even the possibility of death. However, when you have loved ones, debts, or a mortgage to consider, sometimes the most positive step you can make is to compare life insurance options or critical illness cover. When the unexpected occurs, critical illness cover can help your family cover some important costs. But is this cover the same protection that life insurance policies provide you with? And what happens if you combine both into a joint policy?  In the guide below, we’ll look into the details of critical illness and life cover, learn about their differences and similarities, and help you to make sure you’ve found the best possible coverage for your specific needs. 

Life Insurance Calculator

People commonly misjudge how much life insurance they need. They either overestimate, splashing out on an extravagant policy with onerous monthly payments, or underestimate, leaving their survivors without enough to clear debts and meet their financial needs.Our life insurance calculator can help you determine how much life insurance you should buy by taking into account your family’s particular circumstances, financial situation, and needs.

Does my family history affect my life insurance?

Life insurance is, by nature, a complicated business. In order to create life insurance policies that provide value to both the policyholder and the insurance company, life insurance providers need to understand as much as possible about each applicant. This information is used to work out a customer’s risk to the insurer, and is judged by collecting as much information about them as possible.One key factor insurers consider is how family health history affects your life insurance policy. While it may seem unfair that your life insurance policy could be influenced by conditions you do not have, the reality is that your family health history can play a major role in determining your risk profile.