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Life insurance: Do you really need it?

Do I need life insurance? It’s a question many of us have tentatively asked ourselves, unsure if we actually need insurance in our current situation. Aside from the uncertainty about whether it’s worth it, much like writing a will, the idea of life insurance is tough for us to face. Most of us don’t want to start thinking about our own mortality.

While it may feel like a tough question, more often than not the answer is yes – you should definitely have life insurance. Even if you’re a young, healthy non-smoker, taking out a policy could have some major benefits – as we’ve addressed before. First of all, we’ll go back to basics and explain just what life insurance is, why you need it, and what can happen if you don’t have it.


What is life insurance?

Life insurance is a type of insurance that is designed to help you financially provide for your loved ones after you die. When you take out a policy, you will choose a beneficiary who will receive a payout – either as a lump sum or a kind of monthly salary – upon your death. There are two main types of cover that you can choose from when taking out a life insurance policy; whole life or term-based.


Whole life:



As with any type of insurance, the less likely you are to make a claim, the cheaper the policy. As such, to put in blankly, life insurance policies are cheaper for people who are less likely to die. Therefore, the cost of the policy is affected based on aspects of your health. This includes your smoker status, weight, if you do any dangerous activities such as extreme sports and, most importantly, your age.

Now we’ve run through what exactly life insurance is, we again ask the question: Do you need life insurance?


Consider it if:


Less necessary if:


So, should I get life insurance?

There are very few instances where life insurance would not be beneficial for you, even if you aren’t in the demographic that policies are targeted towards. If you are young – when policies are cheap – life insurance could be ideal. You may be intending on starting a family or buying a home in the future, so the added financial protection afforded to your family through life insurance could be extremely beneficial.

If you decide that life insurance is the way forward for your situation, never go direct to lenders, as you will often be paying far more than necessary. The same goes for situations such as getting a mortgage, where your mortgage provider may offer life insurance on top of the mortgage. For the best deal, you should always go to an independent adviser who will scour the market to find the best life insurance policy for you.

Have we answered your question? If not, our post on the hidden benefits of life insurance may help.

To find out if life insurance is right for you, it’s important to seek out impartial financial advice. Contact the friendly IMC life insurance team to discover which policies would be most beneficial in your situation.

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