Insurance is always something of a grudge purchase. After all, we’re really hoping the worst won’t happen. If it doesn’t, we don’t need the insurance. However, there are two things that are inevitable no matter who you are, and they’re death and taxes. While life insurance won’t help you with the latter (unless you have an outstanding tax bill when you pass away), there are a lot of reasons why being insured is the responsible thing to do. So, if you find yourself asking “Do I need life insurance?” you’ll find the reasons why you should definitely consider it right here.

Do I Need Life Insurance if I’m Single?

Many single people don’t bother with life insurance. Since they don’t have dependents, they aren’t particularly worried about the financial future of anyone they will be leaving behind if they were to pass away.

However, it’s worth remembering that the business of dying is an expensive one and somebody has to foot the bill for your funeral. Plus, if you contribute to your parents’ or siblings’ households, they’ll lose the income, and life insurance can help to cushion them against that.

Finally, you probably won’t remain single forever. Although this is a future consideration, sooner is better when it comes to having a life insurance policy in place. To begin with, the younger you are, the better your chances of paying less for life cover.

Do I need Life Insurance for a Mortgage?

Most lenders don’t absolutely insist on you having life insurance to get a mortgage, but some will. However, you should ask yourself who will pay down your mortgage if you don’t, and whether they’ll be able to afford it. Having life insurance that offers sufficient cover to pay off your debts in the event of your death is the considerate thing to do. If you have sufficient cover, the assets you worked so hard for can remain intact, benefitting your next of kin.  

Reasons Why You Need Life Insurance

By now, you’ll have some idea why life insurance is a good idea. Everyone leaves someone behind when they die - even when they are single - and they will be left with the business of settling your estate. Let’s clarify what this means from a practical perspective.

If you have debts, your assets will be used to settle as many of them as possible. Your family won’t be liable for anything left unpaid, but if all your assets are liquidated, they will inherit nothing from you. This could lead to a very sticky situation. For example, if you were buying a house, who would pay the mortgage? They can accept foreclosure, but if it’s your family home, your spouse, and any children you may have, will be left without a place to live.

If you have a family of your own, they will be devastated by your loss - but your life insurance can prevent them from being financially devastated too! That’s especially important if you’re the primary breadwinner. If you were to die, those nearest and dearest to you will be left without your income. Even if your spouse works, your contribution to the household is gone. Your family still has all the same needs it had before. Can they cope? Your insurance could make all the difference.

How Much Life Cover Should You Have?

As a minimum, get a life insurance policy with sufficient cover to settle your debts and funeral costs. If you have young children, more is better! Raising children is costly, and without extra funds, your spouse may struggle with household expenses and be less able to give your children the kind of start in life that you would want for them. That’s why many people increase their life cover when a baby arrives on the scene.

The amount of life insurance needed differs from person to person, but an insurance specialist can help you to calculate the level of cover you need for peace of mind. Alternatively, you can use our free cover calculator tool.

So far, so simple: but what if there are reasons why you might struggle to get insurance?

What if I Have a Preexisting Condition Like Type 2 Diabetes?

You just got diagnosed with Type 2 diabetes, so you’re wondering what to do about life insurance and whether it’s worth all the effort. Getting life cover with a preexisting condition can be a whole lot harder than you’d expect. Some insurance companies simply won’t insure you. Others will make you run around from pillar to post getting doctors’ reports, make you wait for ages, and then offer you a ridiculously costly package if they’re willing to insure you at all.

While one can understand that insurers would be reluctant to offer you substantial cover when they believe you have a higher chance of premature death, they may be missing an important point or two. Most important of these is that you may not be in any hurry to shuffle off this mortal coil. In fact, you may be working hard to improve your health - more so than you would have without a diagnosed health issue to bring the need home to you.

Perhaps you’ve been losing weight, stopped using alcohol and tobacco, and are getting good results in your efforts to get your condition under control. Nonetheless, the things you are doing to reduce risks aren’t recognised as they should be.

Choose Type 2 Diabetes Life Cover With Fair Premiums

When there’s a need in any community, you may be sure that someone will spot it and rise to the occasion. Blueberry Life has done that. We understand the need for fair insurance premiums for people with conditions like Type 2 diabetes. We sympathise with their frustration at being made to jump through hoops in order to get insured, and we’ve come up with a solution.

We aim to provide same-day life insurance approval for anyone living with Type 2 diabetes. Our 100% online application uses information that you should already have to hand - and forgoes any lengthy GP reports. The whole process takes about 10 minutes.

We use your application to tailor a life insurance package based on your commitment to wellness. What’s more, we provide support to help you stay motivated and healthy. It’s all included in a premium that’s lower than you’d expect, and cover that’s a whole lot easier to get.

Want to know more? Check out Blueberry Life's cover for people with chronic conditions because peace of mind shouldn’t cost you a fortune! Start your application today and watch us spring into action. All you need is 5 minutes to tell us about yourself.

This is a blog and should not be taken as financial advice.

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