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Is life insurance for me?

Many people are confused by life insurance and don’t understand why they would need it. They might think they are too young, too independent or too wealthy to need this type of insurance cover.

In reality, there are many more people in the UK who should be considering life insurance. No matter what your age, or stage of life, there are plenty of reasons to think about taking out life insurance to protect the people you care about most.

Do I need life insurance?

There is always a good reason to take out life insurance, even if you haven’t realised it yet. In our experience certain life events often trigger us into thinking more seriously about life insurance:

Purchasing a property
If you’ve just taken out a mortgage to buy a house, whether on your own or as a couple, it’s a perfect time to find life insurance that will cover your mortgage in the event of your death. Taking out adequate mortgage life insurance means your loved ones won’t be faced with the loss of their family home while they are still grieving their loss.

Expecting a baby
One of the most important times of your life to be adequately insured is during the years that your child or children are reliant on you for their needs. As soon as you find out you are expecting a baby, you should make provisions for adequate life insurance to protect your family for the future.

Getting married
Getting married is not necessarily a reason to take out life insurance, but the events that often follow close behind usually are. Things like buying a house, starting a family, or taking out joint loans, may mean you are more reliant on your partner than you have been previously.

Remember life insurance is cheaper the younger you are, so it’s a good idea to take your policy out sooner rather than later to secure the cheapest premium.

Looking to retire
If you’ve planned well for retirement and paid off your mortgage then you might not need such a large insurance policy. Life insurance for the over 60’s can be expensive, but if you don’t need such a big level of cover as you did in the past, it can make this more affordable.

Single with no dependents
You might think that if you’re single, living at home and have no dependents, then life insurance is not necessary for you. However, even if your passing won’t leave your family in big financial trouble, it can be wise to secure your policy now instead of later to lock in the cheapest rate.

If your family are not wealthy and you do die young, they could be left with unaffordable funeral expenses, credit card bills and/or loan debt, if you are not insured at the point of death.

When to take out insurance

When it comes to life insurance, it really is a case of the younger the better. The older you get, and the closer to death you become, the higher the risk to the insurance company that they will need to pay out.

This is reflected in the high cost of the premiums for older people, so it makes financial sense to lock in your low premiums while you are still young, fit and healthy.

However, that doesn’t mean that older people shouldn’t be considering life insurance too. There are many bespoke policies available designed to accommodate older people, such as over 50’s cover. So whether it’s a policy designed to cover funeral costs, or to pay off debts, there is suitable protection available for you.

Who will get the money?

It’s entirely up to you to decide who will benefit from your insurance pay out in the event of your death. Most people will have the money paid to their spouse, their children or even to their parents depending on their situation.

However, your beneficiaries do not have to be related to you, so if you have a lifelong friend, a godchild or a helpful neighbour you want to benefit from your death, you can specify who the money goes to without any restriction.


Talk to our Reassured consultants on 0808 168 2025 to find out more about why life insurance should be a priority for all of us if we are to protect our dependents. Alternatively Start Your Quote online today.