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The Single Person’s Guide to Life Insurance

Life insurance is for anyone who has other people relying on their income. Single individuals even those who have children from past relationships, retired parents, or a family member who depends on them financially, should seriously consider life insurance.

A life insurance policy can cover the cost of your mortgage and pass it down to a loved one when you die. Many people think that life insurance is only suitable for people who are at a certain stage in life such as having children, buying a property, or marrying, but life insurance helps billions of people worldwide to suit a whole range of circumstances. 

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For single people, life insurance is important because it financially supports people who depend on ‘your’ income after your death. If you are single, and there are loved ones or children from past relationships depending on you financially, here is a guide to help you choose the right type of life insurance. 

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Benefits of Life Insurance for a Single Person

Life insurance can be beneficial after your death in the following ways:

1. Buy Property 

If you have mortgaged a house, and are also covered by life insurance, in the event of your death, the mortgage will be paid by the insurance company. Your property will be transferred after your death to a loved one according to your will.

2. Financially Support Your Children

If you are a single parent or have children from a previous relationship, life insurance will give you the peace of mind that your children will be financially supported after your death. Your chosen beneficiaries can receive an amount to cover their everyday living expenses as well as pay for their education according to the chosen insurance plan. 

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3. Financial Protection for Friends and Family

Life insurance can financially protect your close relatives and parents who might need your help. Life insurance continues to financially protect your parents in retirement or a family member who is financially unstable or cannot earn when the worst happens to you.

You might also have taken out a loan and a friend or family member has agreed to become the guarantor. Your life insurance fund will be used to repay the debt without financially burdening the friend or family member if you die while the loan is unpaid. 

Life Insurance Costs for a Single Person

The life insurance costs vary based on how old you are and the life insurance plan you choose. If you buy life insurance when you are young, your insurance premiums will cost less. You may also get to lock in a low rate for some years ahead. 

If you need more cover, so your beneficiaries can enjoy a high standard of living, you might have to pay higher insurance premiums. But if your goal is to pay down the mortgage or leave enough for the beneficiary to cover day-to-day living expenses, you can opt for a cheaper premium payment plan.

Because the life insurance industry is competitive, the premiums for some life insurance policies can be as low as £5 a month. Factors that may influence the premium you are quoted (Quotes and advice are free from a life insurance broker) are your age, lifestyle, health, and medical history. 

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Different Types of Life Insurance Policies

Various life insurance policies are available in the UK market and they can provide diverse benefits and cover. Here is a list of types of life insurance that cover single individuals. You can choose the right one for yourself depending on the duration and coverage you want. 

Term Life Insurance

Term life insurance covers you for a specified term. Only if you die within the specified period, your beneficiaries will receive the insurance funds or will be paid to the lender to pay down debt. There are three further types of term life insurance:

1. Decreasing Term Insurance

Decreasing term insurance refers to the most common types of ‘term’ cover, that decrease over time according to a predetermined rate. It is suitable for financial commitments that decrease over time such as mortgage payments. As the mortgage balance decreases, the life insurance payments also gradually decrease. 

2. Level Term Insurance

In a level-term insurance policy, the premiums and death benefits stay the same for the entire term of the policy. For example, if you purchase a 30-year policy, whether you die in the second year or 29th year of the policy, your beneficiaries will get the entire death benefit during the term. At the end of term, your coverage will vanish and you’ll have to purchase life insurance again.

3. Increasing Term Insurance

Increasing term insurance also covers you for a specified term of 10, 20, or 30 years. The death benefit increases as you pay premiums, the premiums may or may not increase. It is recommended to be careful of which increasing term insurance you purchase because the premiums can become very costly over time.

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Whole of Life Cover

A whole-of-life insurance policy covers you for the remainder of your life. Unlike term life insurance that only works for a specified term, whole-of-life insurance provides a guaranteed cover. However, you will be required to pay premiums your entire life (or to a certain age such as until you are 90 years old) therefore, they can also get very costly. 

Death in Service Cover

Employers and workspaces offer the ‘death-in-service cover’ as a component of company benefits. The policy pays a tax-free lump sum to the beneficiaries if you die while working with the same employer.

You are no longer covered, if you stop working for the company or if are not on the company’s payroll. 

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Over-50s Life Insurance

Finding affordable life insurance becomes difficult when you are over 50. For individuals above 50, life insurance gets costly and you have to keep paying your monthly premiums. In the event of your death, the beneficiaries receive the pre-determined lump sum amount. 

An over 50’s plan is for people who are unable to get a standard whole of life plan due to medical issues and there is generally no underwriting so it is usually guaranteed acceptance.

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Mortgage Life Insurance

Mortgage life insurance is a type of ‘decreasing term insurance’ that pays off the mortgage when you die. The only difference is that in mortgage life insurance, the mortgage lender is the beneficiary who receives payouts after your death. 

As you continue to pay the premiums, the premiums and the coverage decrease because you’ll also be paying towards your mortgage balance. 

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Other Types of Insurance Policies if you’re Single

Income Protection Insurance

Income protection insurance is not life insurance, but it is an insurance policy that pays you a regular income if you become unable to work due to an illness or injury. This type of protection plan lets you meet your ongoing expenses when you aren’t regularly working. 

Written in Trust

A trust fund is a legal entity that holds your property or assets for a person or organisation. When your life insurance policy is written in trust, income tax nor capital gains tax will be charged on the lump sum amount you leave to the trust.

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Prime Financial Solutions and Mortgages Ltd

If you are single and you need help with Life Insurance or any of the following, Prime can help – telephone 01942 665 436:


Whether you are single, in a relationship or married, the whole process of finding and being approved for a life insurance policy can be a long drawn out process. We are able to search the whole UK market on your behalf, where we can look at all the best options that are available.

Searching on your own can be frustrating, very time consuming and complex if you’re not sure how to go about it. But when you choose Prime, you’re choosing an already established UK broker that works hard on your behalf to find you options, great options – that goes for life insurance and mortgages – it’s what we do.

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At Prime we have an exceptional FCA approved team of life insurance & mortgage specialists working for you diligently and conscientiously every day. We provide excellent one to one services tailor made to your own individual needs and we make sure to make your time with us hassle free – we do all the heavy lifting.

Prime is very proud of the reputation it has built over many years, and this is largely reflected through the positive reviews we receive on a regular basis from customers in Wigan, Greater Manchester and across UK, in person, on Trust Pilot and Google online.

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Perhaps you need a little advice? Maybe you’re totally new to life insurance? You’re current life insurance policy is about to expire? We welcome you to contact our dedicated team of experts – we are here to talk with you.

Getting a life insurance policy can have a very real and positive impact on your life, plus the peace of mind it can bring to you and your loved ones. We have a range of services available including critical illness cover and much more. Advice and quotes are always free and you can find out more about us and what we do here – if you need help with anything else. Click here to Get a Life Insurance Quote or use our quick contact form to get in touch. Our friendly dedicated team is available by telephone 01942 665 436 during office hours.



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