Do You Need Life Insurance If You're Single?

When someone mentions life insurance, you probably picture couples and families with children, but do you think of people who are single?

There’s a common misconception that life insurance isn’t something you need when you’re single, so buying it for yourself might not be something that’s at the top of your to-do list. But single or not, you probably have friends and family that care about you and that’s worth protecting, right?

Still unsure? Let’s have a look at some of the key questions you might have and find out why taking out a life insurance policy when you’re single could be a good idea.

So, do you really need life insurance if you’re single?

You might think it could make sense to wait to take out insurance until later in your life, but if it’s already something that you’re considering it could potentially make more sense to get it sorted now. There are many benefits to taking out insurance when you’re young and putting it off because you’re single could mean you might miss out on these and you could end up paying more in the long run. 

When considering your financial situation, it’s important to keep your personal situation in mind too. Right now, you might be young, single and childless, but your life could change dramatically in just a few short years. It’s impossible to predict the future but you can do your best to prepare for it.

If you know that you want to start a family sometime soon, then you might want to consider taking out life insurance early. A growing brood brings with it growing expenses – the cost of raising a child in the UK up to the age of 18 is about £185,000 for lone parents and £151,000 for couples. If you had a life insurance policy in place and decide to start a family, you could have some peace of mind knowing they would have some financial protection if the worst were to happen.

Figuring out life insurance might seem like a daunting task when you’re single, but it doesn’t have to be. It could be an easy and affordable way for you to help protect your loved ones after you’re gone and putting some thought into it now could make the world of difference later down the line.

How much will you pay for life insurance if you’re single?

Right now, you’re the youngest and probably the healthiest you’ll ever be, and that’s exactly why taking out life insurance sooner rather than later might be a good idea. When you decide to take out a life insurance policy, your age and your health could have a significant influence on how much you might have to pay in premiums.

Generally, your premiums are going to be cheaper when you’re younger because there’s less risk of you dying. The same goes for your health. If you have a clean bill of health, your premiums could be cheaper than someone with a serious illness. It’s important to bear in mind any serious health risks that may run in your family as this will be taken into account on your application. If you’re likely to encounter them later in life, taking out insurance early could protect you from higher premiums that you could end up paying if you wait. 

Should you get life insurance if you’re single with a mortgage?

If you have a mortgage or you’re thinking about getting one, life insurance is a great way to help cover mortgage debts. If you died and your parents or other family members inherited your property, the mortgage company would either require the mortgage to be paid immediately or ask the person who inherited the property to take over the mortgage. A life insurance policy could help take the pressure off your loved ones if they suddenly found themselves in this situation. 

You may have other debts that need to be paid off too, such as outstanding bills, loans or overdrafts. And if you were living with someone when you died, they may still be liable for debts relating to the property, like water bills and council tax. One of the ways to protect your family and friends is by making sure that you’ve got a financial plan in place for the worst.

Making plans to protect your loved ones

Most single people believe that life insurance isn’t something that they need to think about yet. But the thing is, life insurance could be helpful for everyone, not just couples and families. 

It’s an easy and affordable way for you to help protect those you leave behind. Sure, it may not be the most exciting thing you’ll spend your money on, but life doesn’t always go to plan and having a safety net in place for your loved ones is something you’re not likely to regret.

At Smart, we can help you to find a cover that’s flexible and reliable and helps to protect the people that are most important to you. The whole process is as simple as a phone call with one of our friendly UK based agents who will talk you through your options.

Protect the life you’ve built, the Smart way

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