Protecting Your Future, Even Without Dependents

Being single doesn’t mean you don’t need life insurance. While you may not have a partner or children depending on your income, you could still have debts, financial commitments, or loved ones you’d like to provide for. Life insurance can also cover funeral and final expenses, so your family isn’t left with the burden.

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At Covermate Life, we help singles compare life insurance policies that suit your lifestyle and financial goals.

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General Advice Only: The information on this page is of a general nature only and does not consider your personal circumstances. Always read the Product Disclosure Statement (PDS) before deciding on a product.

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Why Might a Single Person Need Life Insurance?

• Clearing debts such as personal loans, car finance, or credit cards.

• Funeral and final expenses so costs don’t fall on family or friends.

• Supporting parents or siblings if they rely on you financially.

• Leaving a legacy for family members, nieces, nephews, or charities.

• Covering shared commitments like joint mortgages or business loans.

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Types of Life Insurance for Singles

• Life Cover (Death Cover): A lump sum benefit to pay off debts or leave a gift.

• Funeral Cover: Smaller, specific cover to pay for funeral and related expenses.

• Income Protection: Helpful if you rely solely on your own income to cover living costs.

• Trauma / Critical Illness Cover: A lump sum payout if you’re diagnosed with a major illness, helping cover treatment and recovery costs.

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How Much Cover Should You Consider?

The right level of cover depends on your financial situation, but as a single person you might consider:

• Clearing all current debts.

• Covering at least $15,000 – $25,000 for funeral and estate costs.

• Setting aside an additional amount if you want to provide for parents, siblings, or a charity.

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Benefits of Using a Broker

With Covermate Life, you get:

• Access to multiple insurers to compare costs and benefits.

• Guidance on tailoring cover to your lifestyle and financial goals.

• Help understanding which covers are optional vs essential as a single person.

• Support through the application and underwriting process.

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Next Steps

Even if you’re single, life insurance can provide peace of mind and financial security for those you care about. It’s about protecting your future and easing the burden on others.

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 Compare life insurance options today with an experienced broker.

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FAQ 

1. Do single people really need life insurance?
Yes — even without dependents, life insurance can cover debts, funeral expenses, or provide for loved ones or charities.

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2. What type of cover is best for singles?
This depends on your needs. Many singles choose smaller life or funeral policies to ensure costs are covered, while others take income protection or trauma cover for financial security.

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3. Is life insurance cheaper for singles?
Premiums are based on age, health, and cover amount — not relationship status. However, singles often need less cover than families, making premiums more affordable.

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4. How much life insurance should a single person get?
Many singles consider enough cover to clear debts, pay for funeral costs, and leave a modest financial gift. The exact amount depends on your financial situation.

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5. Can singles nominate a beneficiary?
Yes, you can nominate parents, siblings, friends, or even a charity as your beneficiary.

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Disclaimer

Covermate Life provides general advice only and does not consider your objectives, financial situation, or needs. Please read the relevant PDS before deciding on any product.