Do you need life insurance if you’re single?

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Does a single person need life insurance?

Yes, there are many reasons why having life insurance could benefit you as a single person.

Examples include:

• You have children and/or dependents who are financially reliant on you.
• You took out joint life insurance cover during a previous relationship; however this policy has elapsed, and you now require single cover.
• You’re single and want to lock in a lower premium and avoid future price rises as you age.
• You’ve purchased a property with a friend or relative and want to protect your investment.

Life insurance helps provide financial security should you pass away during the policy term. Even if none of the above scenarios apply to you, securing life insurance could still be beneficial by covering funeral costs or leaving behind an inheritance for friends or family. 

You are single and have children

Unfortunately, it’s common for relationships to break down, and this can be particularly difficult when children are involved. According to the Office of National Statistics 2024, there are 3.2 million single-parent families in the UK.

As a single parent, single person life insurance can provide a valuable financial safety net for your children. Based on 2024 figures from The Child Poverty Action Group the cost of raising a child to the age of 18 is £290,000 for a lone parent, compared to £260,000 for a couple, further highlighting the need for cover. 

Single person life insurance from LV= can help you cover:

• The mortgage, securing the family home.
  
• Rising family living costs.
  
• Household bills.
  
• Additional childcare expenses.
  
• Funeral costs.
  
• An inheritance.

If you had taken out a joint policy when you were married, however have since split up, we have created a dedicated life insurance after divorce guide to help answer the key questions.

You are single with other dependents

Even if you don’t have children of your own, there may still be people who rely on you financially, for example a sibling, or an elderly parent or grandparent. The proceeds from a life insurance policy can be used as your beneficiaries wish, for example to fund additional support if you were no longer around to provide care.

Does everyone need life insurance cover?

No, there will be occasions when life insurance is simply not required. For example, if you have no dependents who you need to protect and no family members to consider after you have passed.

Perhaps you’ve already made financial provisions for your funeral or benefit from a generous death in service benefit through your employer. If this is the case, single person life insurance will probably not be required, especially if you’ve no plans to enter a relationship or start a family.

Lastly, life insurance protection is all about providing financial protection. However, if you are fortunate enough to have significant savings and investments in place with no personal debt, then life insurance probably isn’t required.

Life insurance when renting

Purchasing a property for most of us will be our biggest financial commitment and is often a trigger to take out life insurance. According to data from Statista, as of 2025, 35.2% of the UK population rent, with the majority renting from a private landlord.

If others depend on you financially, regardless of whether you're a tenant or a homeowner, taking out life insurance could support them with a lump sum payout if you were to pass away during the policy term.

Life insurance is designed to cover your life as an individual, even if you’re single, rather than your property. Decreasing term life insurance is often used to cover a repayment mortgage, however there are other policy options available for renters which may be more suitable (see below).

Single person life insurance policy options

The policy options available to those who are single are no different to those who are in a relationship, although obviously a joint cover wouldn’t be suitable.

Decreasing term

Usually the cheapest form of life cover, decreasing term provides cover for a set period (the ‘term’). The payout amount (or ‘sum assured’) decreases over the course of the term and therefore it’s often used to cover a repayment mortgage, mirroring the outstanding balance on your home.

Level term

Like decreasing, level term cover provides financial protection for a predefined term. However, with level term cover, the payout amount remains fixed regardless of when you pass away within the policy term.

For either term-based policy above, if you outlive the policy term no payout is issued.

Life insurance with critical illness

Life insurance with critical illness cover provides a lump-sum payout for you or your beneficiaries if you’re diagnosed with a life-changing illness or injury (detailed in the policy), or if you pass away during the policy term.

Statistically, we’re more likely to fall critically ill than to pass away and as a result these policies tend to be more expensive than traditional life insurance. 

Other life insurance for singles policy options

You also have the option of either whole of life insurance and over 50 plans, however we don’t offer these policies at LV=. Both options are forms of ‘life assurance’, as a payout is ‘assured’ when, not if you pass away (assuming you keep up with paying your premiums). 

How much does single person life insurance cost?

Life insurance through LV= often starts from under £10 a month. However, the cost of your life insurance premiums depends on your specific circumstances, and the policy type you choose.

Key factors which affect the cost of your cover include:

• Age
  
• Medical history
  
• Smoking status
  
• Weight/BMI
  
• Payout sum
  
• Length of policy term

Looking for single person life insurance?

At LV=, our life insurance policies are designed to give you reassuring peace of mind that your loved ones will be protected if you were not around to provide.

We’ve partnered with independent financial advisers, LifeSearch, to offer you financial advice on the protection products that best meet your unique needs. Request a callback today.