Life Insurance for Singles

Compare a range of life insurance policies for singles in one place through Savvy today.

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, updated on July 19th, 2023       

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We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

If you’re single, whether young or older, you might not think you need life insurance. However, it can provide peace of mind and financial protection in case of unexpected injuries, illnesses or death. Whether you have debts, dependents, or just want to cover funeral expenses, there are plenty of life insurance options available for singles.

You can compare policies from a panel of reputable insurers in one place through Savvy. Simply fill out our online form and consider offers side-by-side instantly. Don't leave your financial security to chance – compare quotes today to help you find a life insurance policy which suits your needs.

Do I need life insurance if I’m single?

Life insurance can be a valuable financial tool for anyone, regardless of their marital or relationship status. Whether you’re a single mum or a young person, if you have people in your life who rely on you financially, such as children or aging parents, life insurance can help provide for them if you were to pass away unexpectedly or become unable to work for an extended period.

Even if you don't have dependents, life insurance can still be useful. If you have debts or outstanding loans, such as a mortgage or higher education loans, a life insurance policy can help cover these expenses and prevent them from becoming a burden on your loved ones. Additionally, a life insurance payout can be used to cover final expenses, such as funeral costs, which often aren’t cheap.

Another benefit of purchasing life insurance while you’re single is if you’re younger and healthy, you may pay less in premiums. If you wait until later in life to purchase life insurance, you may face higher premiums due to age or health issues.

Ultimately, the decision of whether to purchase life insurance when you’re single comes down to your personal circumstances and financial goals. Consider your current and future financial obligations, as well as your long-term aims, such as saving for retirement or purchasing a home.

How should I compare life insurance policies as a single?

Comparing life insurance policies as a single person isn’t always easy, but it's important to find the right coverage that suits your needs. Some factors to consider include:

  • Coverage amount: determine how much coverage you need based on your current financial obligations and any future goals and look for a policy which can accommodate them. For example, if you have outstanding debt or are a single mum with dependents, you may require more coverage than a young person without outstanding credit and dependents.
  • Premiums: compare the cost of premiums from different insurers to help you determine which offers suitable coverage at the most affordable price.
  • Inclusions and exclusions: look at what’s covered and excluded in the policy. Make sure to review the fine print to see if any exclusions apply to your situation.
  • Waiting periods: some policies may have waiting periods before you can make a claim, so it’s worth checking if the waiting period is reasonable and the impact it may have on the cost of your policy.
  • Added benefits: some policies may offer extras, such as advance payments, discounts and the ability to suspend your cover, as well as sometimes coming with other free gifts. Determine if there are any extras relevant to your needs.

When comparing policies with Savvy, you can compare life insurance quotes from different providers side-by-side to gain a snapshot of each policy's features and benefits. Take the time to consider different policies so you can choose the one with the best value for your circumstances available.

Types of life insurance

Why compare life insurance through Savvy?

Frequently asked questions about life insurance for singles

What types of life insurance are available for singles?

There are four main types of life insurance available in Australia. These are:

  • Term life insurance/life cover: can pay out a lump sum if you pass away or are diagnosed with a terminal illness
  • Trauma cover: can pay out a lump sum if you’re diagnosed with a critical illness (such as cancer or stroke) or suffer a serious injury
  • Income protection cover: can pay out an ongoing benefit if you’re temporarily unable to return to work
  • Total and permanent disability (TPD) cover: can pay out a lump sum if you’re permanently disabled and either unable to return to your current position or any position relevant to your education, training and experience

 

It’s important to note that all coverage will be subject to your insurer’s terms and conditions, so familiarise yourself with these before you buy your policy.

How do I work out the amount of cover I need if I'm single?

When calculating the amount of life insurance coverage you need as a single, consider your debt, living expenses, and any future expenses you may have. You may also want to factor in any dependents or beneficiaries you wish to provide for in the future.

Can I change my life insurance policy if my circumstances change, such as if I get married?

You can generally change your life insurance policy if your circumstances change. This may include updating your beneficiaries, increasing or decreasing your coverage or switching to a different type of policy if you have a child or get married, for instance. These are often classed as life event updates, through which some insurers will enable you to adjust your coverage. It's important to review your policy regularly and make changes as necessary to ensure it continues to meet your needs.

What happens if I don’t have any beneficiaries on my policy and pass away?

If you don't have any beneficiaries on your life insurance policy and pass away, the death benefit will typically go to your estate. The funds will then be distributed according to your will, or if you don't have a will, according to the laws in your state or territory. It's important to name beneficiaries on your policy to ensure that the funds go to the individuals you want to provide for.

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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.