We often think life insurance is for families, couples and people with dependants. But in reality, single people could need cover too. If you’re single and don’t have dependents, you may not have anyone relying on your income to get by, but life insurance could still be beneficial and give you peace of mind.

While being single with no dependants may mean less financial responsibility towards a family and/or loved ones, it doesn't mean that life cover should be overlooked. In this article, we'll explore the reasons why single people may need life insurance and the considerations they should take into account when deciding on a policy.

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Do I need life insurance if I'm single?

Even if you don’t have any dependants, life insurance can still be a powerful tool for financial protection. It can provide essential support for the unexpected, ensuring you are taken care of in case of death, disability, or illness.

Here are a few reasons to consider life insurance:

To cover funeral costs

No one likes to think about death, but funeral costs can be an unexpected and sizeable expense. Life insurance can help cover these costs in the event of your death, ensuring that your loved ones don't have to worry about how to pay.

Protection for your future family

Who knows what the future holds? If you're single now, there's always that chance you could get married or have children or take on other financial dependants in the future. By buying cover early, you'll be prepared no matter what happens.

If you're a single parent or guardian

Being a single parent or guardian comes with double the responsibility. If you're divorced or widowed, life insurance can help ensure your children or dependants are supported financially if you pass away.

If you're a business partner

Life cover isn’t just for families. If you share responsibility of a business with a partner, a joint policy can protect both of you in the event of death.

If you care for a relative

Whether it is an elderly parent or a young family member with special needs. Cover can help ensure that your loved one’s future is secure no matter what happens.

Is there anything else we can help with?

What type of life insurance should I get?

No matter what your circumstances are as a single person, you should consider purchasing some form of protection. The type of cover you choose often depends on your individual needs and budget.

There are two main types of life insurance: term and whole. Both work in different ways to suit specific circumstances.

Term life insurance provides cover for a set number of years, paying out a cash lump sum if you die within this time. Premiums are often cheaper, making a great option for the short term.

There are 3 types of term life cover:

  • Level term: pays out a fixed sum if you die within the set term. This is a popular choice for people who want cover to last only a specific number of years. Premiums also remain fixed during the policy.
  • Decreasing term: designed mainly for mortgage protection. The payout decreases over time as mortgage payments are made. Premiums are also fixed.
  • Increasing term: the payout increases as the years go on, providing protection against inflation. The premiums will increase as a result.

Whole life insurance offers permanent cover paying out a cash lump sum regardless of when you die. While premiums can be more expensive than term cover, you have the benefit of lifelong protection.

Due to the nature of the policy, it is sometimes possible to pay in more than the plan is insured for. Because of this, we’d recommend speaking to an adviser to ensure that the plan is right for you before purchasing.

There are two main types of whole life cover:

  • Standard: Both the payout value and premium remain fixed throughout the policy. Even as you age or suffer from health problems later, your policy won't be affected.
  • Unit-Linked*: Involves your premiums being placed in an investment fund to generate returns. The value will depend on the performance of the fund, so it's important to be aware of any risks before taking out this type of policy.

Whether you choose term or whole life insurance, make sure you shop around for the best cover and premiums. You should also be aware of any exclusions in the policy and what exactly is covered.

*Please note: Cavendish Online is not authorised to discuss unit-linked products with you.

The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit. If you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.

If you are facing financial difficulty, please contact your insurer before cancelling your policy or letting it lapse. They may have options available that means you don't have to lose the plan.

Alternatives to life insurance

While life insurance offers peace of mind with a guaranteed lump sum in the event of your passing, there are other options available.

Income protection: pays out a regular income for a set period of time. Giving you the peace of mind that your bills will still get paid even if you are temporarily unable to work.

Critical illness cover: pays out a lump sum if you are diagnosed with an illness or condition outlined in your policy. Money can be used to pay for medical bills, lost income, or anything else you need during a difficult time.

Death in service benefit: offered by many employers. Pays out a lump sum to your family and/or loved ones in the event of your death while employed. Not all companies offer this type of cover so it’s best to enquire beforehand.

How can I get life insurance?

Getting life insurance is easier than ever with Cavendish Online. We offer 3 speedy routes for getting cover.

Route 1: Low Cost Online Quote

If you know exactly what you need and are generally in good health, this route is for you. You can get an online life insurance quote with our lowest premiums. The process is quick and easy, and you could be covered within 30 minutes. This route is also suitable if you are confident to write your policy in trust.

Online you have the option to purchase:

  • Level term life insurance
  • Decreasing term life insurance
  • Increasing term life insurance*
  • Joint life insurance
  • Critical Illness Cover*

*These products are available to eligible customers. If you are looking for them, it may be best to call us first on 01392 436 193 to see if you will be able to obtain a quote online.

Route 2: Quote & apply with guidance

If you need help from an expert to select the best policy, this route is recommended. Our consultants can guide you through your quote and help you decide what you'll need. Whether you are generally in good health or have minor health issues, they can provide the necessary guidance.

Through Guidance you have the option to purchase:

  • Level term life insurance
  • Decreasing term life insurance
  • Increasing term life insurance
  • Joint life insurance
  • Critical Illness Cover
  • Income Protection

Call us on 01329 248735 (Mon - Fri: 10am - 6pm)

Route 3: Quote & apply with advice

This route is recommended for those with medical disclosures or hazardous occupations. If you would like an adviser to recommend the right policy for you, this is also the best option.

Our advisers can help you find the most suitable and affordable policy that meets your needs. It doesn't matter if you currently have or previously had a medical condition, well-managed or not.

Choose the route that suits you best and take the necessary steps to apply for life insurance.

  • Level term life insurance
  • Decreasing term life insurance
  • Increasing term life insurance
  • Joint life insurance
  • Critical Illness Cover
  • Income Protection
  • Whole life cover
  • Over 50s insurance
  • Business protection products
  • Private Medical Insurance (PMI)
  • Non-medically underwritten cover

Call us on 01392 436 193 (Mon-Fri: 9am - 5.30pm)

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