Life insurance is a massively helpful service for any person. 

When you pass, it is important that you are leaving your loved ones and dependents in a good situation. One of the best ways in which you can do this is through life insurance. 

In the instance of your passing, your family will receive a lump sum payment. This can really be massively beneficial to the financial situation of your loved ones. 

There can be a lot of variables in regards to life insurance. Different policies will have various rates, payouts and benefits. 

For example, there may be many people who opt to invest in single life insurance. 

Single cover term life insurance is for one person only

What is single life insurance?

Single life insurance is when your policy only covers you, the policyholder. 

Single life insurance will pay your loved ones or dependents a single lump sum following your death. This means there will be no further payments following the passing. 

There are some instances when regular income is covered by a single life insurance. 

This is a very straightforward and effective way to be covered in this unfortunate circumstance. 

If you are assessing your life insurance options, this could definitely be a viable choice.

Who offers single life insurance?

If you do decide to opt in for single life insurance, you should be sure to find the right provider. 

Different insurance companies are going to offer different benefits, rates and other variables. Take your time and try to find the policy that suits your situation the best. 

Some of the companies that are offering single life insurance include the following:

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What does single life insurance cover?

Single life insurance will cover the death of the policy holder. This means that in the event of their passing, their dependents will receive a lump sum payment. 

It may also cover regular income of the deceased. 

Single life insurance covers overall death. This means that cause of death plays no part in the policy.

When does single life insurance pay out?

Single life insurance policies pay out after the policyholder has passed, the insurance money will then be paid out to the beneficiaries of the policy. 

Based on the circumstances of the insurance, this may be paid out in either a lump sum or as income cover.

Who should have a single life insurance policy?

If you have family members or other people in your life that are dependent on your financial income, then you should have single life insurance. 

Single people who are parents, caretakers for their own parents or looking after other loved ones would benefit from such a policy. 

Even anyone who is not single who would think a single policy would benefit their situation more should go with this option. It is worth sitting down with your partner and discussing the benefits of single life insurance together before opting for joint cover. 

Even if you are not experiencing any medical conditions or illnesses, life can be unpredictable. By having single life insurance, you are prepared for anything that may occur in the future.

Who should have a single life insurance policy

Benefits of single life insurance cover

Single Life insurance cover can give you peace of mind. It means that even in an extremely unfortunate circumstance, your loved ones will be taken care of. 

There will be some variables in regards to your cover due to income, mortgage, debt etc. However, the cover that you do get will leave your family in a better position. 

Single Life insurance cover can help to cover funeral costs, other family members insurance policies and a series of other essential financial obligations.

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There are a number of different factors that will impact how much you pay for your single life insurance. Some of the factors include the following:

The age you are when getting a quote for single life insurance will impact how much you pay. The younger you are, the less you will pay. 

The level of cover regards the financial amount of insurance you are looking for. This can vary based on debt and mortgage. 

The ages of the children you wish to cover will also have an impact on the cost. 

The amount in which you want to leave to loved ones will also be factored in.

The duration of time you wish to cover is considered the term of policy. If you require this for the remainder of your life, then be sure to get a whole of life cover.

For people who smoke or vape, you will pay more on your life insurance. 

If you are not honest in this criteria, you may not receive your pay out. 

If you have an ongoing medical condition or a history of major illness, you will pay more for life insurance.

Lifestyle traits that may be considered dangerous could lead you to pay more on your cover. 

These include jobs that have risks and hobbies that could be a danger to the policyholder.

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