Do I need life insurance?

Life insurance is one of the most important types of financial protection available for individuals looking to safeguard their family’s future. While it’s not legally required in the UK, it can offer peace of mind and financial security if the unexpected happens.

As an independent financial adviser in the UK, we help clients assess whether life insurance is right for their circumstances and how it fits into a wider financial plan. If you’re looking to find financial adviser support for your protection needs, read on—or book a meeting with an adviser to get personalised guidance.

Why Life Insurance Matters

Life insurance provides a financial safety net for your loved ones if you pass away unexpectedly. It can help cover:

-Mortgage repayments

-Daily living expenses

-Childcare costs

-Funeral expenses

For many, taking out a life insurance policy is an important step in responsible financial planning. A certified adviser can help evaluate your individual needs, especially if you’re unsure about the right level of cover or policy type.

When to Consider Life Insurance

While there’s no one-size-fits-all answer, the best time to take out life insurance is typically during key life events, such as:

-Buying a home

-Starting a family

-Taking on new financial responsibilities

-Planning for long-term security

Premiums are often lower when you’re younger and healthier, so acting early can make sense financially. A financial advisor can help assess your circumstances and recommend the best protection strategies for your situation.

👉 Book a meeting with an adviser today to discuss your life insurance options.

Do I Need Life Insurance for a Mortgage?

Although not legally required, some mortgage lenders may ask you to have a life insurance policy in place. This is especially true if you’re the primary earner and your death would leave dependents unable to cover repayments.

A top financial adviser can explain whether a decreasing term policy (designed to cover a reducing mortgage balance) is right for you. It’s one of several options to consider, and choosing the right one could save you money over time.

Who Might Not Need Life Insurance?

If you’re single, have no dependents, and your debts are minimal, you might not need life insurance. However, alternative protection products like income protection or critical illness cover may still be useful.

A qualified independent adviser can review your full financial picture—including your existing pension arrangements—to help you decide whether life insurance or another product is more appropriate.

Types of Life Insurance Explained

Understanding your options is essential. The main types of life insurance include:

-Level term insurance – Pays a fixed amount over a set period

-Decreasing term insurance – Often used alongside mortgages

-Increasing term insurance – Adjusts cover to match inflation

-Whole-of-life cover – Lasts your entire lifetime, often at a higher cost

-Joint life insurance – Covers two people, pays out once

-Over 50s plans – Tailored for those seeking late-life cover

An experienced financial adviser can help you compare the pros and cons of each option, ensuring you choose the best life insurance policy for your goals.

How Much Cover Do I Need?

The right amount of cover depends on:

-Your income

-Mortgage or rent commitments

-Number of dependents

-Long-term family needs

Our advisers can help calculate this, or you can use our online estimator. But nothing replaces tailored advice—book a meeting with an adviser to explore your personal requirements.

What Does Life Insurance Cost?

Premiums vary based on age, health status, smoking habits, and policy type. Cheaper isn’t always better but you’ll probably be surprised at how little it can cost. The top financial advisers help you balance cost with appropriate cover and service, ensuring your policy delivers value over time.

Paying for Your Policy

Most life insurance premiums are paid monthly via direct debit. The amount of cover you choose will influence the cost. Some whole-of-life policies also include investment features, but you should always speak to a certified adviser before relying on these options.

Can I Get Life Insurance with a Pre-Existing Condition?

Yes, in most cases you can still be insured, although it may affect your premiums. It’s vital to be open about your medical history—your policy could be invalidated otherwise. A financial advisor can help navigate this process and find the best provider for your needs.

Life Insurance vs. Pension: Do You Need Both?

Yes, often both are necessary. A pension supports you during retirement, while life insurance provides for your loved ones after your death. A holistic financial plan created with the help of a financial adviser will include both pension and protection considerations.

👉 Unsure about the balance between your pension and life insurance? Book a meeting with an adviser to get answers.

Common Reasons People Delay

Some people delay getting life insurance because they:

-Think they’re too young

-Don’t have dependents

-Worry about costs

-Don’t fully understand the benefit

But starting early often means paying less. For instance, life insurance for someone aged 18–49 averages £18.18/month, compared to £41.05/month for those aged 60–64.

Finding the Right Life Insurance Policy

With so many options on the market, finding the best protection plan can be overwhelming. That’s why speaking with an independent financial adviser is so important. They can assess your needs, compare policies, and offer an unbiased recommendation tailored to you.

👉 Ready to protect your future? Book a meeting with an adviser today.

Let us help you take the guesswork out of life insurance. Whether you’re just starting out or reviewing an existing policy, our team of expert advisers is here to provide the clarity and confidence you need to make smart, secure decisions.

Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom.  Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.