Do you need life insurance and when to get it
Life insurance is not for everyone, and the right time to buy is not the same for everyone either. This guide helps you decide whether you need cover, who it protects, and when to put it in place.
Get my quoteSurely helps you compare and get quotes online; we do not give advice ourselves; where advice is appropriate, a qualified protection adviser from our panel partners may contact you.
So, do you actually need it?
Life insurance pays out a lump sum if you die during the policy term. Its job is to protect the people who would struggle financially without you, so the real question is simple: would anyone face hardship if your income, or you, were gone?
If the answer is yes, you probably need cover. If nobody relies on you and you have no debts that would pass to others, you may not need it yet. The rest of this guide helps you place yourself.
Do you need life insurance?
Life insurance is about dependants, not age or status. A dependant is anyone who relies on your income or would inherit a debt, such as a partner, a child, or a guarantor on a loan. The more people and commitments that lean on you, the stronger the case for cover. Here is a quick way to place yourself.
You likely need cover if
- You have children or others who depend on your income.
- You have a mortgage or rent a partner could not cover alone.
- You have debts that would pass to a partner or guarantor.
- You are the main or a joint earner in your household.
- You run a business with loans or partners who rely on you.
You may not need it yet if
- Nobody relies on your income and you have no dependants.
- You have no mortgage, loans or debts others would inherit.
- You have enough savings or assets to cover any costs.
- You are single with no commitments tied to anyone else.
- Even then, some choose a small policy to cover a funeral.
If you sit on the left, the next question is timing. If you sit on the right, it is worth revisiting this when your circumstances change, because they usually do.
When should you get it?
The right time to take out cover is when someone starts depending on you. Most people reach that point through a handful of life events.
Moving in together creates shared bills, buying a home brings a mortgage, having a baby adds a dependant, and starting a business can bring loans and people who rely on you. Any of these is a natural trigger to put cover in place. There is also a second reason not to delay: price.
The cost of waiting
Life insurance is priced mainly on your age and health, both of which only move in one direction. The younger and healthier you are when you start, the cheaper your premium, and it is normally locked in for the whole term if you choose a guaranteed premium.
As a rough guide, premiums for the same cover roughly double every decade you wait.4 A healthy 30 year old might pay around £11 a month for £200,000 of level term cover over 20 years, while a 60 year old could pay around £130 for the same policy. Waiting also risks a health change that could raise your price or limit your options, so if you know you need cover, sooner is almost always cheaper. Cover itself is often more affordable than people expect, starting from a few pounds a month.
Matching cover to your needs
Once you have decided you need cover, the type should follow what you are protecting.
- A repayment mortgage. Decreasing term cover falls in line with the balance you owe, which keeps it cheaper.
- An interest only mortgage or a lump sum. Level term cover stays the same throughout, leaving a fixed amount behind.
- Family living costs. Level term gives a lump sum, while family income benefit pays a regular income until the term ends.
- The term length. Cover until your dependants are financially independent or the mortgage is repaid, often 20 to 30 years.
How to decide
- List who relies on you. Partner, children, anyone who shares your debts or bills.
- Add up what they would need. The mortgage, other debts, and years of living costs.
- Check what is already in place. Savings, and any death in service cover from work, which is often limited.
- Cover the gap. Take out enough term cover to close the shortfall, for as long as it is needed.
- Do it sooner. The cheapest day to start is usually today, so do not let it drift.
“People agonise over whether they need life insurance, but it usually comes down to one thing: is there someone who would struggle without your income? If there is, you need it, and the sooner the better, because every year you wait costs more. If there genuinely is not, you can park it and revisit when life changes. There is no prize for buying cover you do not need.”
Frequently asked questions
Do I need life insurance if I am single with no children?
Often not. If nobody relies on your income and you have no debts that would pass to others, you may not need cover. Some single people still take a small policy to cover their own funeral, which now averages around £5,140.2
Do I need it if I do not have a mortgage?
It depends on who relies on you. Renters with children or a partner who could not manage the bills alone still benefit from cover, even without a mortgage. The trigger is dependants, not home ownership.
When is the best time to get life insurance?
When someone starts depending on you, such as moving in together, buying a home or having a baby. Because premiums rise with age and health changes, the younger and healthier you are when you start, the cheaper it is.4
Is it too late to get cover if I am older?
No. You can take out term life insurance well into later life, though it costs more than it would have earlier. If you still have dependants or debts, it can be well worth it, and over 50s plans exist for funeral costs.
Do I still need it if I have cover through work?
Usually yes. Death in service cover from an employer is typically only two to four times your salary and ends if you leave the job, so it rarely covers a mortgage and years of living costs on its own. It is a useful top up, not a full replacement.
Does Surely tell me whether I need it?
Surely helps you compare and get quotes online; we do not give advice ourselves; where advice is appropriate, a qualified protection adviser from our panel partners may contact you.
For impartial money guidance you can use MoneyHelper, the government backed service.
This guide is general information to help you decide, not personal advice. Pricing figures are Surely analysis of typical UK prices for a healthy applicant and are illustrative, not quotes. Your own need and price depend on your circumstances and are confirmed only when you apply. Surely helps you compare insurance and does not provide regulated financial advice.
How We Researched This Guide
We write our guides from named, public UK sources and cross check the figures. This guide drew on:
- Association of British Insurers and Group Risk Development, 2024, for the average life insurance payout.
- SunLife Cost of Dying Report, 2026, for the average funeral and send-off cost.
- Surely analysis of typical UK term life prices for a healthy applicant, for the premium figures and how they rise with age.
- Financial Conduct Authority Pure Protection Market Study, January 2026, for market context.
Surely helps you compare and get quotes online; we do not give advice ourselves; where advice is appropriate, a qualified protection adviser from our panel partners may contact you.
Written and reviewed by Paul Gillooly, Founder of Surely. Last reviewed June 2026.
Sources
- Association of British Insurers and Group Risk Development, 2024 protection claims: average UK life insurance payout £79,703; 97.9% of individual protection claims paid.
- SunLife, Cost of Dying Report, 2026: average simple attended funeral £3,828, rising to around £5,140 once send-off costs are included.
- Financial Conduct Authority, Pure Protection Market Study, January 2026.
- Surely analysis of typical UK term life insurance premiums for a healthy applicant, June 2026, including how premiums roughly double each decade. Illustrative figures, not quotes.
Surely is a trading style of PJG Financial Ltd, authorised and regulated by the Financial Conduct Authority, firm reference number 919697. This page is a financial promotion and is for general information, not personal advice. Life insurance has no cash in value at any time and cover ends if you stop paying premiums. Tax treatment depends on your individual circumstances and may change in the future.
