Insurance for singles – yes, it’s still important

If you’re single, it’s likely you’re wholly responsible for your finances. Making your own financial decisions is completely liberating, but if things go wrong then it can be a lot of pressure for one person. That’s where insurance can help.

In this article, we’ll explore

  1. Types of insurance
  2. How much cover you need
  3. Advice is available.

If something unexpected happens health-wise and that affects your ability to earn an income, insurance can be a welcome safety net. Did you know that you might already have insurance through your super? It’s a little-known fact, but most industry funds offer members some level of automatic insurance cover.

Take CareSuper, for instance. We provide most members with death cover (also known as life insurance) and total and permanent disablement (TPD) cover as part of our automatic insurance offering. We also provide income protection insurance, and offer tailored cover, but you need to apply for this.

It’s a myth that insurance isn’t important for single people.

Many think that if they’re single or don’t have dependents, then they don’t need insurance, especially death cover. The reality is that different types of insurance are important for different reasons and what types you need (or want) depend on your circumstances.

Wondering what kind of cover you need? Well, it depends on things like your age, income, living costs, debts, and whether you have financial dependants (like children).

For example, if you’re a single parent with a child that relies on you, you may want to factor in the cost of their upbringing in your death cover. However, if your child has flown the coop, your focus might solely be on covering your mortgage or any other debts. TPD insurance (when paid as a lump sum) can also be useful to help with things like modifications to your home when needed e.g. for physical disability.

It’s not just about dependants

If you’re working but don’t have kids and still have regular bills like a home loan and car payments, then income protection insurance could be a game-changer here. If illness or injury prevents you from working, this cover can help you maintain your lifestyle and meet your financial obligations.

Working out how much cover you need

Working out how much cover you need isn’t always easy, but you don’t have to do it alone. We have insurance calculators and information available to help you and you can always give us a call. Because the amount of cover you need changes with your age and personal circumstances, it’s a great idea to periodically check your insurance and make sure it’s still right for you. If you’re a CareSuper member, you can use our insurance calculator to work out the cost of tailoring your cover. And, you can also apply for, reduce or cancel your cover at any time through MemberOnline.

Need help?

Life’s full of surprises, so it’s important to plan for the unexpected. As part of your CareSuper membership you can talk to us about your insurance and the right amount of cover for you. To speak to one of our financial planners, please book a call-back today. This sort of advice is covered by your membership and won’t cost any extra.*


This article forms part of our Super for singles series. You can also read our Nominating beneficiaries for singles and A comfortable retirement for singles articles.


*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

Information correct as at 14 February 2024.