Why You Need Life Insurance if You’re Single

Thinking you only need life cover if you are in a relationship or have dependants? Think again!

It’s easy to assume that you only need life insurance if you have a family or dependents that you want to make sure are protected after you pass. But there are many other reasons out there to get cover, especially for those who are flying solo! ✈️

In this article, we’re going to discuss why single people need life insurance. 🧍‍

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Common misconceptions about life insurance

Lots of people assume that you only need life insurance at big milestones such as getting a mortgage, getting married or having little ones. 👶 Whilst these are good times to get life insurance, there are plenty of other circumstances where taking out life insurance can protect you, no matter your relationship status.

Also, remember that everyone should be getting individual single life cover policies anyways! So, it doesn't matter if you're in a relationship or not. It makes sense to get your own policy and make sure you're protected.

Why life insurance is handy if you’re single 🙌

Debts

A common misconception about debtsis that they die with you 🏦. This isn’t true. If you have any type of joint debt such as a guarantor loan or co-signed agreement, the other person is still liable for the debt after you die. And, solo debts come out of your estate (the stuff you own), so ife insurance is a great protection in those scenarios and helps avoid leaving financial burdens on others.

Mortgage

Taking out a mortgage is one of the most common times when people think about life insurance. Buying a property on your own is an amazing achievement and something you want to protect. By taking out a life insurance policy, your remaining mortgage could be paid off after you die. Meaning you can leave your property to a loved one or a charitable cause that’s close to your heart.

Make the most of your age

Usually, the younger you are, the less you pay when it comes to life insurance premiums. 💷 Let’s look at it from this perspective. If you were to take out a 40-year term, level pay-out £500,000 with us when you were 30 years old instead of 40, you would save £27,500. Your monthly premiums would be £43/month rather than £99/month. Get it while it’s hot. 🔥

Also, as you gain more assets, get married or even have children, you can update your policy! So you can increase your cover to include that mortgage or add those who become dependent on you.

If you own a business

In a lot of cases, getting a business loan may require you to have life insurance. 🗃 This is simply to ensure that those who are loaning money get it back if you were to pass away before it gets paid off.

If you have people that depend on you

Being single doesn’t mean you don’t have people who depend on you. You could have your own children, look after family or friend’s children, you could care for a family member or support someone else financially. There are many different ways people can depend on you, sometimes you may not even realise. Whilst life insurance will never make a loss less devastating, 😔 it can certainly help lift some worries of loved ones and those around you. Life insurance could allow those who you care for to pay for replacement care, meaning they won’t be left in a lurch.

Funeral costs

Did you know that the average cost of a funeral in the UK is £4,321? ⚰️ You heard correct, and someone is going to have to pay for it. If you have life insurance, it means you can protect your loved ones from the financial burden of paying for your funeral. The last thing you want to do is leave others with financial worries and life insurance means you can cover the costs of your funeral and ensure you have the celebration of life you want. 🎉 It’s also important to include your funeral wishes in your will, and don’t worry, we have an article to explain more on that!


We know that this kind of life admin can be a little unsettling or even scary, but we’re here to help make the process easier. At Bequest, we want to educate everyone on the importance of life insurance and how it works. As you’ve now read, there are plenty of reasons to get life insurance, don’t let being single be your reason for not being prepared. Check out our life insurance policies today and get in contact with us via our website or alexa@bequest.com if you have any questions, we’d love to chat about your options. 💛

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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