Single person life insurance can be a valuable financial lifeline if you've got outstanding debts, such as a mortgage or loans. If you're a single parent or have elderly parents who depend on you financially, it offers peace of mind that they won't struggle with everyday expenses if you die.
Even if you don't have any dependents, you might still want to leave behind an inheritance, leave money to a charity, or make sure your funeral costs are covered. A single person life insurance policy can make sure these are taken care of.
Let's look at how life insurance for single people works and whether you could benefit from it. If you're ready to compare quotes, select 'Get a quote'.
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 £4141 according to the SunLife 2024 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.
Level term life insurance
Decreasing life insurance
1Dependant on age, cover term and cover amount selected. Example of a 20 year old non-smoker in good health, taking £100,000 cover over 25 years. Based on data from online sales August 2024.
2Dependant on age, cover term and cover amount selected. Example of a 25 year old non-smoker in good health, taking £100,000 cover over 25 years. Based on data from online sales August 2024.
"Life insurance for a single person can still be worthwhile, even if you don’t have financial dependents. It can ease the burden on your family by helping cover expenses like your mortgage or funeral costs. Policies are often cheaper when you’re younger, so locking in a policy early can be a smart financial move. And if you’re planning for the future such as getting married or having children, it’s an even better way to secure peace of mind."
Pays out an amount that decreases over time, usually in line with your mortgage
Pays out a lump sum if you're diagnosed with an illness covered by your policy
Covers your bills if you're injured or ill and are unable to work. Short term policies and longer ones available
Covers the cost of private medical care, helping you avoid NHS waiting lists to get the cover you need, quickly
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