Money Expert > Life Insurance > Do I need life insurance if I’m single?

Do I need life insurance if I’m single?

Compare life insurance policies through Money Expert now to see if it's the right choice for you.

Last updated: 16/05/2025 | Estimated Reading Time: 5 minutes

Life insurance is usually seen as being a way to protect those who are dependent on you, namely your spouse and children. Yet life insurance can in fact help you to protect any number of your loved ones, as well as your your assets. In this guide we will take a look at the reasons why you may want to take out a life insurance policy even if you do not have a significant other, and how it can benefit you and your loved ones.

In This Guide:

Do I need life insurance if I'm single?

Just because you're a single person with no children or partner and no financial dependents , doesn't mean you have no need for a life insurance policy. Many people have loved ones, like ageing parents or a close friend, who may rely on their financial support. Taking out a policy can offer peace of mind, knowing that those you care about are protected even if you're no longer around.

A life insurance cover can help cover funeral expenses, outstanding debts, or leave money behind as a financial legacy, alleviating potential financial hardship for your loved ones . If you were to pass away unexpectedly, your assets, including your property, could be used to pay off debts such as a repayment mortgage, loans, or credit card debt. Having a lump sum payout from your insurance can ensure these costs are covered without forcing a sale of your home, preserving its value for your family members or other beneficiaries.

Instant Camera Pictures of Friends on Holiday Flat lay montage of instant film photos of friends on vacation in Tuscany, Italy. family photos on wall stock pictures, royalty-free photos & images

Is there any point in life insurance when I have no dependents?

If you have no people who rely on you and your income, then there is obviously less direct need to take out a single life insurance policy. However, this does not mean that there is no need altogether.

One of the main reasons for purchasing life insurance is that it can help to protect your assets, and particularly your home. Once someone passes away, any debts that they owe (mortgages, loans, credit card debt, etc.) can be recollected by lenders, and this is usually done through claiming equity off of their estate.

This may often require their home to be sold off, as it is usually a person’s most valuable asset, and having a life insurance policy can mean that the payout is used to repay these debts rather than one’s assets. This means that your life insurance can be used to ensure that your property is protected and can be left to people that you care about.

What are the benefits of single person life insurance?

If you are young and single, it is easy to forget that this situation may not last forever, and that you will grow older and may find a significant other and start a family.

When you sign up for life insurance, the amount you pay in premiums will be calculated by the risk you pose to the insurers. This means how likely it is that they will have to pay out sooner. Naturally, if you are younger then you will pose generally lower risk to insurers than someone aged 60 or over, meaning that you will usually be able to get cheaper life insurance deals.

A good thing to do if you are in this situation is to take out a long term life insurance policy, which could have you insured for 20 or 30 years, or a whole of life insurance policy, which will protect you for the rest of your life.  Taking out a policy when you are young and single will often mean paying far less in premiums than if you were to do so a decade later.

Serene woman relaxing on sofa, enjoying peaceful moment at home Redhead woman lying on a comfortable white sofa with hands behind her head, eyes closed, enjoying a serene moment of relaxation in a cozy, light-filled living room Single british person relaxing at home stock pictures, royalty-free photos & images

What if I’m over 50 and single?

People over the age of 50 will be more inclined to take out life insurance than their younger counterparts, as they naturally approach the later years of their life. However, it’s not just those with families to look after that are taking out protection.

Over 50s life insurance policies can be a great way to cover end-of-life expenses, including funeral costs and paying any outstanding debts you may have. These types of policy are known as ‘whole of life’ policies, which means they’ll pay out whenever you die (there’s no end date to your cover).

Another thing that’s great about over 50s policies is that they promise ‘guaranteed acceptance’, no matter your health status and medical history. This makes them a great option for people with pre-existing medical conditions who may be struggling to find affordable life cover elsewhere. They are suitable for those who are UK residents aged between 50 to 85. 

Happy senior woman smiling at home Cheerful senior woman holding book and eyeglasses thinking while relaxing at home. Happy elderly woman reading book at home sitting on couch. Beautiful old teacher takes a break from reading while looking through the window with a big grin. Mature person or senior smiling in a relaxed setting stock pictures, royalty-free photos & images

How to make life insurance better for you

To get more out of your life insurance policy, you can customise it with added benefits. A popular addition is a critical illness policy. This pays out if you’re diagnosed with an illness covered in your policy and can’t work.

While it increases your premium, the benefit is greater protection. You can use this payout to help with medical treatment, cover your mortgage payments, or supplement your income while you recover.

You can also consider mortgage life insurance, which is specifically designed to help repay your mortgage if you pass away before the end of your policy term. If you have a decreasing life insurance policy tied to your repayment mortgage, the remaining amount of the mortgage will be covered as the balance reduces over time.

Other add-ons or types of life insurance cover to explore include:

  • Joint life insurance if you share a mortgage or financial obligations with a business partner or loved one
     
  • Individual cover for more flexible protection
     
  • Reviewing your policy regularly to ensure it still matches your financial goals and assets

Life Insurance,

easier than ever.