Life Cover for Singles - Financial Peace of Mind

It's natural for couples to have concerns about what would happen if one of them were to die. Long-term savings, investments and pensions can all provide financial security, for a surviving partner, but it often takes a considerable number of years to build-up significant amounts. This is where life insurance can provide financial peace of mind, by ensuring that funds become available, should the worst happen.

But is there ever a need for single people, with no partners or dependents, to buy life cover? The answer is most definitely ‘yes'. Whilst it won't be appropriate for every person who is single, many will have a very good reason for having life cover.

So, how would a single person know whether life cover was suitable for their own, particular circumstances? They would firstly need to consider what debts they would leave behind if they were to die and who would be left to pay them. Typical liabilities include mortgages, personal loans, tax bills, overdrafts and credit card debts. They should also take account of funeral costs and the legal expenses associated with the administration of a deceased's estate. If it's likely that the debts will be more than the available assets, then the estate would be insolvent and there would be nothing left to pass on to the next of kin or other chosen beneficiaries of a will. A person's assets would include any savings, investments, business interests and property.

Those left to deal with an estate, the executors if there was a will, are often close family members or friends of the deceased. They will be grieving the death of a loved one and sorting out the estate is likely to be stressful and emotionally demanding. Any concerns about money will simply add to the anxiety and cause further distress. A life cover payment will help to ease those financial worries and reduce the stress levels.

It's also worth noting that the cost of life cover typically increases with age, so it also makes sense to buy life cover at as young an age as possible.

It's clear that life cover isn't just for couples and can be equally suitable for single people. Life cover can provide valuable funds for those who are left behind, money that can be used to pay off debts and provide an inheritance for loved ones.