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Do I need life insurance if I’m single?

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Last updated: 02/02/2023 | Estimated Reading Time: 4 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 when I have no children or partner?

Just because you may not have a partner or any children, does not mean that you do not have any loved ones who are dependent on you or that you care deeply about. You may, for example, have parents who have reached retirement age who rely on your financial support for care and survival.

Taking out a life insurance policy helps to protect your earnings and property in case the unimaginable happens, so that they can still be able to maintain their lifestyle.

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 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 less 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.

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. 

How to make life insurance better for you

One way of making a life insurance policy more worth the time and money that you invest into it is to add policy extras to your package. One extra that helps to increase your coverage is a critical illness policy.

While adding critical illness cover to your policy will come at an additional cost, it means that if you develop a condition which affects your ability to work or support yourself, then you will be covered by your insurance policy. This can help pay for any medical costs that you may have, if you choose to go private, or help pay for your time off, allowing you to retain as much of your quality of life as possible.

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