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I’m single with no kids what do I need Life Insurance for?

November 14, 2018

Most people will tell you they have taken out a Life Insurance policy to leave something for the kids or to enable their spouse to pay off their mortgage which often leaves people who are single and without children wondering I’m single with no kids what do I need Life Insurance for?

Our answer to this question is – planning ahead pays off.

As a nation we are indeed leaving settling down and starting a family to later in life but insuring your life before you cross those bridges means you will be able to access better rates. We are talking about lower premiums, a higher amount of cover and longer terms and that means more peace of mind for you, your future spouse and for any children you may have.

For example, say you are 25. Enjoying being independent and single, perhaps concentrating on your career, studies or travelling, maybe you are saving for your first home? Having Life Insurance probably seems like an unnecessary expense but look what you could access at this age…..

£200,000 of Life Insurance cover at age 25 for just £10.57 per month*

Now let’s imagine 15 years have gone by, you have your own home, perhaps some debts, you have a partner, perhaps you even have kids. You think now may be the time to get some Life Insurance to ensure your partner doesn’t suffer any financial loss as well as emotional should the worst happen.

Let’s assume over those 15 years you have been lucky enough to develop no medical problems (which is another factor to bear in mind, the younger we are the healthier we are and in turn the cheaper your insurance will be) let’s see how much per month the same amount of cover would now cost you…

£200,000 of Life Insurance cover at age 40 would cost £20.19 per month*

Almost double the amount you would have paid earlier!

It is also worth noting that obtaining Life Insurance early provides you with peace of mind around other possible circumstances, things you may not have thought about yet. For example…

In conclusion, we always encourage people to plan ahead but if you are still unsure that Life Insurance is for you then why not consider providing some peace of mind to yourself in another form – Income Protection (hyperlink to product info page) or Critical Illness Insurance (hyperlink to product info page). As at the very least you if you are young and single with bills to pay then having a back-up plan in case you become ill or injured and can’t work is essential to your independence and self-reliance.

Remember – we care, and if you would like to discuss any of the above mentioned options further just get in touch via the details on our websites contact page.

*based on being a non-smoker, with no medical problems, term of policy up to age 70 with Royal London.

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