Although we usually associate it with spouses and kids, it’s not true that it’s only fitting for people that have those things. There are plenty of us that aren’t married and, whether by circumstance or choice, children aren't part of everyone’s life plan. So, if that’s the case, do you still need to take out a policy? Let’s have a look at some of the reasons it can still be a valuable addition to your financial toolbelt.

The benefits of single person life insurance

There’s a lot to be said for taking out life insurance, no matter what your life looks like right now. Even if you don’t have a partner or kids to make provisions for when you’re gone, they may not be the only loved ones you’d leave behind. Not to mention, after you’re gone, there might still be costs to cover. 

Financial responsibilities don't vanish

While you might not have a spouse or children who rely on your income, you’ll probably still have financial concerns that need attention even after you're gone, like:

  • Credit card debt: Your debts don't disappear when you do. Your debt becomes a liability on your estate, which can make it trickier to pass on your home to any loved ones.
  • Mortgage or rent: If you have a co-signer or want to leave your home to another family member or even a close friend, life insurance can help cover these expenses. It can also help pay for ongoing rent until your tenancy ends.

Funeral and end-of-life costs

These can be costly, and having life insurance can mean that the people you leave behind aren’t left worried about these costs.

  • Burial and memorial services: Funeral expenses can add up quickly, from a coffin to any burial plots or urns, to the service itself and memorial.
  • Inheritance tax: Depending on your assets, your estate could have to pay taxes that life insurance can help cover.

Leave something behind or support a cause 

Life insurance isn't just about leaving something good behind for your loved ones. You can use it to leave a gift or support a cause that's important to you.

  • Charity: You can list a charity or a cause close to your heart as a beneficiary, to leave a lasting impact.
  • Building inheritance: Leave a financial legacy for your nieces, nephews or any other family members.

Locking down lower premiums

Life insurance premiums tend to be lower when you're young and healthy. Buying a policy early can help you get your hands on a more affordable rate.

What if I’m in a relationship but not married?

Even if you’re unmarried, if you place your life insurance policy under trust, you can still list your partner as a beneficiary. 

While life insurance may not seem necessary for singles with no children at first glance, it can provide a safety net for your financial responsibilities, end-of-life costs, and any expected – or unexpected – life events. Life is full of surprises, and having a life insurance policy can help you face them with confidence, no matter your current family status.

Our life insurance

  1. Level cover – you choose a total money pot that would be paid out if a claim were made, and how long you want your cover to run for. You’ll pay the same monthly amount until your policy ends. If you die while you're covered, the benefit amount is guaranteed, and we'll pay the full amount. Over time, inflation will affect the value of your lump sum. You can choose to make your cover amount increase in line with inflation. This means that your monthly payments may rise, and ensures the lump sum won’t be worth less in the future because of the rise in the cost of living.
  2. Decreasing cover – the policy would last for a specific time, and you would pay fixed monthly amount, just like level cover. The value of what you’re paying off gradually decreases over time, and so does the cover. That’s why it usually costs less than level cover. This policy is ideal if you want to pay off specific debts like a repayment mortgage.

Keep in mind that you'll only be covered whilst your regular premiums are being paid, if your payments stop, then so will 
your cover. Your policy has no cash in value at any time.

Getting the right policy

This will depend on a few things, like what sort of cover you need and how much you’d like to spend. To get a better idea of what this is and how much it’ll cost, you can get a quote online where we’ll ask less than ten questions to find out if it’s something we can offer you.

If you want to speak to us, we’re on 0800 068 5549.

If you need more help picking the right life insurance policy, you could speak to a financial adviser.

Looking for life insurance?

Our life insurance page explains what you need to know about our cover.

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