Do I Need Life Insurance if I'm Single With No Kids?

Often less than someone with a family, but rarely nothing at all. If you have debts such as a mortgage or a personal loan that someone would have to settle, or you would want to leave something to a partner, parents or siblings, cover can still be relevant. Taking out cover while you are young and healthy can also lock in lower premiums in case your circumstances change later.

When might a single person still need life cover?

Life insurance is about the financial impact of your death on others. If a parent guaranteed your mortgage, if you co-own property, or if someone would otherwise be left with your debts, there can still be a reason to consider cover, even without children or a partner.

Is trauma or income protection a better fit when you are single?

For some single people, cover that pays out while they are still alive can be just as relevant as life insurance. Income protection helps replace income if illness or injury stops you working, and trauma cover provides a lump sum on a serious diagnosis. Which of these matters most depends on your situation.

Why do people take out cover while they are young?

Premiums often reflect your age and health at the time you apply, and health conditions that appear later can affect future cover. Some people take out cover earlier partly to secure it while it is generally more affordable and easier to obtain, rather than because they need a large amount today.

What if I own a home with a partner?

Co-owning a home is a common reason single-but-partnered people look at cover. If one person could not keep up the mortgage alone, life or income cover can be part of how a couple plans for that, so the home is not immediately at risk.

How do I decide whether I need it?

Because the answer depends on your debts, your goals and who would be affected, many people find it useful to talk it through rather than assume the answer is no. An adviser can help you see whether cover would actually serve a purpose for you.

You can read more about the different types of cover on our personal insurance page.

The information in this article is general information only and is not intended as financial, medical, health, tax or other advice. It does not take into account any individual’s personal situation or needs. You should consider obtaining professional advice from a financial adviser in relation to your own circumstances and before acting on this information.