Do I Really Need Life Cover?
It's a question many people ask—especially when juggling mortgages, children, and monthly bills: Do I really need life insurance?
In short: yes, if anyone depends on you financially.
According to the Association of British Insurers (ABI), only 35% of UK adults have life insurance, despite the fact that over 70% of households have some form of debt, including mortgages, car finance, or credit cards.
That’s a huge gap—one that could leave families financially exposed in the worst-case scenario.
Life cover is designed to provide a lump sum (or regular income) to your loved ones if you die. It can pay off your mortgage, cover childcare or education costs, and help your family maintain their standard of living at a very difficult time.
The cost? Often surprisingly low. A healthy non-smoker in their 30s can typically get £250,000 of cover for under £10 per month. That’s less than the cost of a couple of coffees—yet could mean financial security for your family if the unthinkable happens.
Without life cover, surviving partners may be forced to move home, change jobs, or drastically reduce expenses. In fact, research by Macmillan Cancer Support found that 83% of people diagnosed with cancer experienced financial impact, with households losing on average £570 per month in income.
So, do you need life cover? If you have dependents, the answer is almost always yes. It’s not just about peace of mind—it’s about protecting your family’s future, no matter what life throws your way.
A small monthly cost today could make a world of difference tomorrow.
