Do I need life insurance?

[JamSandle]

Lately I've been thinking about getting life insurance.

I'm 34. No long term health conditions. Single. No kids. But do have wider family.

Is it worth me getting it and where should I start?

i Can’t immediately see a reason to get any, what has made you consider it?

Unless you need to provide for someone, no.

I've never had life insurance. I have a ds but he didn't come along until I had a fair bit of equity in my house. I don't have a partner, so my house would be sold and ds would inherit.

It isn't as though the mortgage would need to be paid.

Yes get life insurance whilst you are young and healthy.

Much cheaper, you are young, lots could change in the next 10 years.

Also get the one that pays out early in the event of a terminal diagnosis, it can give you options for treatment abroad or a chance to fulfil your bucket list.

I took mine out at 18, with a fixed amount and set terms (finished after my youngest turns 30, I had no children at 18)

But for not very much a month (if you take it out young) your DS would have the house and money to live on.

Thank you. Are there any you'd recommend? I'm conscious that in future I may have a partner/kids so might be worth getting now.

Protection Adviser here (ie financial adviser specialising in this area). I'd not be concerned with life insurance in your circumstances but maybe income protection and/or critical illness cover.

No. You only need life insurance if someone will struggle to plug a financial hole if you pass away. A SAHM might need it if her DH would need to hire a nanny if she passed. A spouse might need it because their OH won’t afford the mortgage and bills if they pass away.

Agree with cowtown, the aim of life insurance is to ensure those you leave behind are not struggling with the loss of your income / input to the household.
You're not in that situation so I would spend your ££ elsewhere. (Pension always a good shout).

I went through a broker but my actual policy is with legal and general.

Get some quotes and see how much it is, I pay £9 month for £500,000 cover but I set it up years ago and the price is fixed. I set mine up before I met my husband.

It has critical illness but not income protection. Income protection is good if you can afford it.

We didnt bother until we have children.

Our pays out the mortgage and a few hundred k on top.

In your position i would not unless it was a tax dedicutible perk via work

Far far better to get it from 18 as if you have no medical issues it is very cheap then. As you get older your health might decline. Then it would be far more expensive.

If nothing else it would pay for your funeral.

Yes and critical illness cover.

You may be well and healthy now but if you find yourself at some point being diagnosed with an illness that prevents you working you will be in a much better position if you have critical illness cover.

One of my friends was diagnosed with cancer and the payment meant she could focus on her treatment without having to force herself to work as well.

I'm in your position (no kids), but married and I chose not to get it. Same for DH. We both earn decent money, mortgage is paid and we have no other debts, both have access to our own savings etc - so life insurance simply isn't needed.

Life insurance is essential if you have dependents imo, but if not it's an unnecessary cost. Put the money in your pension instead.

Critical illness cover is one thing, but can you explain why you think life insurance is needed in the OP's position?

Because at 34 and in good health she could get a really good life insurance policy for not much money.

Op isn't adversed to having children in the future so future planning makes sense providing she can help a good price.

As for those who have kids and don't have life insurance I genuinely think you are crazy.

@TarantinoIsAMisogynist to cover funeral costs and any debts incurred that would need to be paid by estate. Many debts get written off but not all, funeral costs would be paid by next of kin so if unmarried this would be made the responsibility of parents/siblings etc.

I'd rather have a small life insurance policy that covers those costs than burden my family with it.

Covering funeral costs makes sense - you can get small policies specifically for this. Covering debts that will simply be deducted from her estate doesn't make sense (given that she has no dependents).

You would be better off keeping a few £k in a savings account if you're particularly worried about covering funeral costs rather than buying a funeral plan at such a young age. Chances are you will be paying to a plan every month for 50 years otherwise.

I have critical illness cover, was advised to do so as I'm now a single mother with two teens. It's kind of helped put my mind at ease.. I've paid for my funeral and have a house with no mortgage so I know they will be ok.

I only for life insurance when we bought a house and started a family. I don’t think it’s really needed until then.

So does life insurance not go up as you age then? Can you buy it at 18 and fix the cost for the next 60 years?? I wish I could do that with car and home insurance!!

How much does it cost then, to get life insurance at 18?
What if you do it and never have children? How much money will you have wasted?

We have one that pays out a lump sum if either dies and one that pays off the mortgage in full of whatever is left and it stops when the mortgage finishes.

My work also pays out 10x my salary if I die while employed there.

We have 2 kids.

If I was single, I would still have some kind of insurance, even just a funeral one.

Don't know about all policies but mine is fixed at £9 per month.

Pays out 30 years after my youngest child birth.

Also pays in the event I get a terminal diagnosis, so I can use the money before I die

I hope it will all be a big 'waste' of money and I will outlive the term. But it seems like a worthwhile investment

Also most insurance is wasted.

Most people don't claim on home/travel/car insurance but isn't seen as a waste.