Should You Get Life Insurance Even If You Don't Have Children?

Life insurance may not be at the top of your priority list, particularly if you are young. There is a misconception that life insurance is only for the older generation when the likelihood of needing it is higher.

For others, life insurance is something you take out once you have children, as a way of protecting them from anything that may happen. With that in mind, should you consider getting life insurance, even if you do not have children?

There are many different types of life insurance cover, and each can carry its own benefit, regardless of your family circumstances. It is important that you understand the different types so that you are able to make the right decision when taking out cover.

Protecting your family with life insurance.

Close up on a file tab with the word life insurance, focus on the main text and blur effect. Concept image for illustration of family protection policy

You may not have children, but you might have a partner or other family members that may motivate you to think about life insurance. Unfortunately, you never know what is around the corner, and if you have people who depend on you financially, life insurance, Critical Illness or Income Protection could really help

If you take out life insurance and you were to pass away, the pay-out could be a financial lifeline for your spouse or family member for many different reasons. For instance, if your household was dependent on your income, the pay-out could be used for bills and living expenses.

The pay-out from your life insurance policy can be instrumental in helping those left behind to pay for any outstanding debts, including your mortgage. Did you know that the average total debt per household in the UK, including mortgages, is £60,213?

You may wish to leave some money behind to contribute towards your funeral. While it certainly is not the nicest of thoughts, life insurance could help your loved ones to cover the cost of your funeral. The average cost of a UK funeral in 2020 is £4,417.

Life insurance can, therefore, prevent your family and loved ones from suffering from the financial impact of losing you, as well as dealing with the emotional side of things. Even if you do not have children, other family members may welcome this helping hand.

Protecting yourself.

a young man in suit in his office showing an insurance policy and pointing with a pen where the policyholder must to sign

Whether you have children or not, there are types of life insurance that will actually protect you too. Critical illness cover can cover you for certain injuries and illnesses, offering a pay-out that could help to replace your income. This might be helpful if you are unable to work and means you can still pay your bills.

Income protection could cover up to 65% of your income depending on the provider. If you take a prolonged period off work due to accident or sickness, income protection insurance can offer a regular monthly payment until you return to work, your policy ends, or you pass away.

Even without children, life insurance can be beneficial for your personal circumstances. What is more, the younger you take out life insurance, the more affordable it may be. This is because when you are younger, you are likely to be seen as a lower risk; however, this does depend on a number of factors.

It is worth thinking about life insurance even if you do not have children, as you may then have the right policy in place for when children come along.

Please note the above is not to be taken as financial advice.

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