Five types of people who don't need life insurance

Ruth Davies 13 October 2015

People (like us) are always telling you that you need life insurance... but what if you don't?

Yes, there are some lucky people who can go quite happily through life without a financial safety net.

You're probably one of them if…

You're a lone wolf

You don't need anyone else – and no one else needs you. You go through life alone, and that's the way you like it!

If nobody will miss your financial contribution when you die, then you probably don't need life insurance at all.

You've got no mortgage on your mansion

One of the main reasons for taking out life insurance is to make sure the mortgage would be paid if you died, so that those you leave behind wouldn't face losing the family home. For this reason a lot of people choose to take out mortgage-only life insurance – a low-cost type of life insurance that pays out a decreasing amount over time in line with your mortgage balance.

But if you own your mansion outright (and therefore don't have a mortgage, rent or debts to pay) then you can probably get along just fine without covering this risk – provided your loved ones don't have any living costs to cover that is...

You've pre-paid your funeral

Last year, the average funeral cost £3,609 (according to data from Co-operative Funeral Care). That's quite a burden to pass onto the people you leave behind. A life insurance payout can help to cover the cost.

But if you've already bought your plot, picked out your coffin and ordered the buffet at the wake, you don't need to worry (just make sure you've ordered enough quiche).

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You've gone completely feral

Most of us need a financial safety net in place to cover the living costs of those we'd leave behind if we died, as well as our own costs if we became critically ill.

Of course, you can remove the need for life insurance by simply building a shelter in the forest, living off berries and tending to your wounds with moss and spit. By living off the grid, you can reduce your living costs to zero and rest easy, knowing that the burden you leave behind will be minimal.

You're immune to all known diseases

A crucial element of life insurance is critical illness cover, which is easily added on to your policy and will provide a payout if you become unable to work due to an illness such as cancer, stroke or heart attack.

However, if you're immune to all known diseases – whether because of your kale smoothie addiction or a chemical spill that altered your genes – then you've got nothing to worry about.

None of the above?

If you happen to be an ordinary mortal with dependents and financial obligations, it's a good idea to make sure that you're covered. Our comparison tool lets you compare providers from across the market, and get quotes tailored to you and your needs. It's also easy to add critical illness cover to your quote, to make sure your loved ones are protected, whatever happens.

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