Life insurance policies are designed for people who provide financial support to children or partners. If you have dependants who you support and you’re worried about what might happen if you die, life insurance can provide peace of mind that their needs will be met even when you’re gone.
If you’re single, have no children, or your partner earns enough on their own to keep up with their financial commitments, it probably isn’t necessary. It’s also worth checking if your employer offers a ‘death in service’ benefit, as this might already provide sufficient cover.
However, some people also choose to use whole of life insurance for inheritance tax purposes or as a complement to their retirement income. If you want more information on how to do this, our estate and tax planning team can explain everything you need to know.