Advice Admin & Legal Do I Need Life Insurance?

Do I Need Life Insurance?

Who needs Life Insurance and who doesn’t?

Let’s start with who doesn’t need Life Insurance.

Who doesn’t need Life Insurance?

Got more money than you can shake a stick at? - Are you lucky enough to have enough money (that could be accessed right now) that would cover your loved ones’ expenses and any financial obligations if you died unexpectedly?

Are you a free agent? - If you haven’t got any dependents or if there isn’t anyone that would be placed under some kind of financial stress if you were to die unexpectedly or become terminally ill then life insurance probably isn’t necessary right now.

If this is you, stop reading. Skip off into the sunset. You’re good to go.

So, who needs Life Insurance?

If anyone you love would be impacted financially if you were to die or fall ill unexpectedly, then life insurance is probably worth considering.

Does any of the below sound like you?

These are the people we think are most likely to need Life Insurance.

  • Home owners: - A mortgage is a big financial commitment to leave to someone else. Getting Life Insurance means that if the worst happens then any mortgage payments would be covered. This helps to make sure the people you care about don’t have to go through more change than is strictly necessary.

  • Renters: - 1 in 5 people rent in the UK. life insurance helps to cover the costs of rental payments if you were to become terminally ill (making it tricky to work) or you were to die unexpectedly. This allows the people you care about to maintain a level of continuity when everything else changes.

  • Parents/Guardians/Single Parents: - Looking after children isn’t cheap. If your children would be impacted financially if you weren’t around any more then it’s worth getting Life Insurance to ensure they’re looked after, giving them one less thing to worry about.

  • Couples: - Often couples have joint financial commitments. Life Insurance would allow your partner to pay off any loans or debts and maintain as much of the framework around them (where they live, their lifestyle), whilst they navigate a difficult time.

  • Self-employed: - Being self-employed means that you might miss out on some of the protection you get from working directly for a business. Having a plan in place in case you were to become terminally ill or die unexpectedly is even more important - giving you the security to know the people you care about are looked after.

  • People with loans or debts: - Would any loans or debts fall to family or loved ones if you were to die unexpectedly? If the answer is yes then getting Life Insurance would help take that pressure off the people you care about at an already tricky time.

  • If you want a funeral: - Do you have enough savings to cover the cost of any funeral expenses if you were to die? The average funeral in the UK costs £4,000. If you don’t want that cost to fall to your loved ones, it could be worth considering Life Insurance.

Do I need Life Insurance now?

Life Insurance probably isn’t No. 1 on your priority list. We know because we’ve been there.
But if you know that you are wanting to get it at some point in the future then there is an argument for sorting it today.

Why? - Well it will save you ££.

The younger you are the more affordable your Life Insurance will be. Fact.

The average monthly premium for Life Insurance increases the older you are. We’ve even mapped it out on a graph for you.

*This graph uses actual data from our own Life Insurance service and this may differ slightly from other Life Insurance providers.

That means that sorting it early can save you money in the long run, as well as ensuring you’re protected for longer.

The good news is that when you apply to get Life Insurance with Octopus Legacy it doesn’t have to take all day. Only 15 minutes in fact. And it’s all sort-from-the-sofa friendly.

All online, no medical appointments, no cold calls - just simply enter your details.

Find out more here today

Need a helping hand?

You can ask our expert team who will support you every step of the way.

Photo of Eliza
Photo of Dylan
Photo of Sam
Photo of Zana
Speak to our team

Sign up to our newsletter

Expect inspiring stories from people navigating life, death and everything in-between.

By providing your email address, you consent to your personal data being held in line with our Privacy Notice.