"Single person life insurance can be a good idea even if no one is financially dependent on you. If you want to make sure your family don't have to worry about covering your mortgage payments or funeral costs, it's worth considering getting covered. The younger you are, the cheaper it could be too. So if you're planning on getting married and having children at some point, you could save money by getting a policy beforehand."
What are the benefits of life insurance for single people?
Protection for your children. If you have children, a single person life insurance policy can provide peace of mind that they're financially protected if you die. You can leave money for their everyday expenses, university fees or even driving lessons.
Financial help for family and friends. It's not just children who could get a payout from life insurance. You can name any family member or friend who's financially dependent on you as a beneficiary. This could be an elderly parent, friend, business partner, or even someone who has acted as a guarantor on a loan for you.
Paying off a mortgage. A life insurance policy can cover the remaining amount on an outstanding mortgage, allowing you to leave your property to a family member or friend. If you don't have a policy in place, your mortgage provider may try and collect the remaining money from your estate. This could mean having to sell the property if there's not enough money to cover the costs.
Cover for funeral costs. Funerals can be expensive, costing an average of £3,953 according to the SunLife 2023 Cost of Dying report. A life insurance policy can cover these costs so your family doesn't have to.
Potential cost savings. Life insurance costs are generally lower when you get a policy at a younger age, as you're less likely to make a claim.
What types of life insurance can I get?
Level term life insurance
Whole-of-life insurance
Decreasing life insurance
1Based on Confused.com data June - August 2023. Prices based on average quote offered on a policy with a 25-year term and £100,000 of cover.