Find out how much life insurance you need if you don’t have a partner

Information verified correct on October 22nd, 2016

Do I still need life insurance if I'm single?

While you may think that the answer is an abrupt no, it is not always the simple. While many young may not have any dependants to look after, there are other financial commitments and future obligations which can make life insurance worth considering.

Consider these financial commitments and future obligations

Here's why life insurance may be a reasonable consideration:

1. Kid's and dependents

While single people are generally grouped in peoples' minds under this umbrella of unencumbered freedom, single people can have dependants. As of June 2012, there were 961 thousand single parent families, making up 15% of all families. Roughly 67% of these single parent families had dependants living with them.

2. Funeral expenses

It may be a morbid train of thought, but making sure your final expenses are taken care of is something worth considering. The last thing you want to do is leave your surviving family members to deal with both emotional and financial grief at the time of your passing. If you don't have life cover with funeral insurance, one of your relatives may end up footing the bill. Even a basic funeral can be expensive with the average funeral costing anywhere from $4000 for a basic cremation to around $14,000 for a more elaborate ceremony.

Costs associated with funerals include:

  • Burial or cremation
  • Celebrant or clergy
  • Cemetery plot
  • Coffin
  • Death certificate
  • Flowers
  • Funeral director fees
  • Newspaper notices
  • Other expenses
  • Permits
  • The wake
  • Transport

3. Outstanding debts

Are you in control of your finances or are you buried in debt? Do you own property with a family member? If you were to pass-away, you'd be more than likely leaving your family member with a sizeable repayment because of your missing contribution. Would they be able to continue making payments or would they have to give up on the investment? If you planned ahead and look out a life insurance policy naming them as your beneficiary, you could leave them enough funds to cover your share of the mortgage, or perhaps to pay off the entire debt.

4. Future changes to health

While you may already have health insurance, that doesn't provide you cover for any of the ancillary costs associated with getting sick. What would happen if you had to take an extended period off work? What if you sustained a life changing injury that meant you could never work again? While there are government benefits available, these only provide the bare minimum of cover. Having a life insurance policy in place can make sure you are able to continuing living YOUR life. Singles can choose to take out various levels of life insurance. Some life insurance policies cover as standard income protection, TPD and trauma insurance.

Income protection

Income protection is a simple and effective way to protect your finances when you are unable to work for a period of time due to sickness or injury. Income protection provides a monthly benefit of 75% of your salary for generally a maximum of two years.


TPD (Total Permanent Disability) insurance provides you with a lump sum should you no longer be able to work due to a life changing circumstance. You can choose from 'any occupation' or 'own occupation' policies and many policies also provide a death benefit.

Trauma insurance

Trauma insurance provides a lump sum benefit if you suffer a defined traumatic event. The policy is designed to help you deal with the immediate financial impacts that stem from suffering one of these traumatic events.

How much cover do I need?

Compare Life Insurance or Income Protection Quotes

Please enter your full name
Please enter a valid email address
It's important to give us a valid phone number
Date of Birth
Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
By submitting this form, you agree to the privacy policy
Compare Quotes

Compare Life insurance quotes from these direct brands

Details Features
Life Insurance
Life Insurance
Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application.
  • Benefit payment of up to $1,500,000
  • Cover for applicants up to age of 65
  • 30 day cooling-off period
Go to site More info
Term Life Insurance
Term Life Insurance
Receive up to $1,500,000 in life cover and pay nothing for the first month. 10% Multi-life discount available.
  • Lump sum cover from $50,000 - $1,500,000
  • $15,000 Cash advance benefit
  • 10% Multi-life discount
Go to site More info
Term Life Insurance
Term Life Insurance
Save 25% on NobleOak life insurance and pay no premium for your first month.
  • Benefit of up to $1,500,000
  • Available for applicants up to 69 years old
  • 21 day cooling off period
Go to site More info
Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

Ask a question