Do single people need Life Insurance? We explore the potential benefits of getting Life Insurance cover, even if you have no dependants.
Ask someone what the point of Life Insurance is, and they’ll generally give you some kind of answer relating to looking after their dependents. In other words, they intend that the pay-out from their Life Insurance policy should go towards providing for those who currently rely on them for financial support.
Usually, that means children or a spouse. In these cases, the cash sum from the policy could pay for childcare, tuition, clothing, or just the daily essentials of a child’s life. For a spouse, the Life Insurance payout could potentially cover things like a mortgage, car repayments, or any joint debt which might be transferred entirely to the surviving partner.
That might lead you to think that, for single people, Life Insurance is an unnecessary extra cost. If you have no dependents, no children, no partner and no transferrable debts, what’s the point? However, it’s not always that easy.
Does a single person need Life Insurance? Well… maybe. With Life Insurance, just like with life, the right answer for you could depend on a lot of different factors. It might be that Life Insurance just isn’t something you need right now, but consider the following…