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?

For terminal illness most life insurance plans require it to kill you within 12 months of diagnosis to claim (ie consultant tells you that).

Most insurers will offer a reviewable or guaranteed premium. You'd want a guaranteed. Most insurers will have a max term of 50 years, unless whole of life.

For those with life insurance please make sure you've completed a trust form with the insurer.

If you think you might have a mortgage or children later, definitely buy a product while you are younger and fitter.

Our products run out in the next 6 years and the cost of refreshing them (we'll need to, to cover mortgage period) is going to go up significantly.

Look, life insurance pricing has come down the last few years because people are living longer. Income Protection has the highest claim rate, followed by critical illness.

1 in 2 people get cancer, lots of statistics that illness/accident is more of a problem.

All insurance decisions are basically a cost / potential benefit analysis. Car insurance is legally required, but even then there is a choice between 3rd party and fully comprehensive.

If my house burnt down, that would be financially catastrophic for me - so I have house insurance. If I die, it wouldn't be financially catastrophic for anyone (or even detrimental to anyone really), plus I have a death in service benefit through work - so I choose not to buy life insurance.

The decision is always based on your personal circumstances.

Only downside of death in service is if you are medically retired from work and then die (no pay out) or you leave the company and can no longer get cover because you've suffered ill health in the meantime.

Do you get any cover through work? What’s your works sick policy? I don’t think you need life insurance unless you have dc.

Our life insurance means if my wife dies our mortgage is paid, if in due it’s paid and she gets a good chunk of money that should cover her until the kids are grown up. With no kids on the horizon it’s not really necessary.

Only downside of death in service is if you are medically retired from work and then die (no pay out) or you leave the company and can no longer get cover because you've suffered ill health in the meantime.

Yes, life insurance is essential if you have financial dependents or long-term responsibilities. It provides a financial safety net for your loved ones in case of an unforeseen event, ensuring they can maintain their standard of living, pay off debts, and meet future goals like education and marriage. Life insurance offers peace of mind knowing your family is protected when you're no longer around to support them.
Policybazaar is a reliable platform to explore and purchase life insurance plans as well as term insurance plan. Their user-friendly website allows you to compare policies from top insurers, making it easier to find the right coverage at affordable premiums.
Key benefits of life insurance:

• Financial Security: Provides a lump sum payout to your beneficiaries.
• Affordable Premiums: Especially with term plans, offering high coverage at low costs.
• Tax Benefits: Premiums qualify for deductions under Section 80C.
• Customizable Riders: Options like critical illness and accidental death for enhanced protection.