Life Insurance, do i really need it?

MrUniveristy

I'm 20 year old soon to be FT student,

No debts, no savings, and will be relying on student loans/PT work.

I was sold a life policy whilst going in for a current account at barclays,

£7.50 for £18000 cover upon death / 40 year term with aviva.

Do i really need this?

honest advice please.

hcb42

not really if you have no dependents

cheap to buy at 20 yr old though, although for £18K its not going to help much when you do need it...

just my view, not advice

InsideInsurance

Sounds expensive but not surprising given its from a bank

It depends, do you want to leave any money to anyone when you die? Who do you want to pay for your funeral? How will they fund it?

rs65

Earlier this month you took out £87k for £15 a month.

MrUniveristy

rs65 wrote: »

Earlier this month you took out £87k for £15 a month.

Yeah, sorry to mention I phoned up aviva to cancel within the 14 day period and they said instead of cancelling it they can reduce it to £7.50 for £18k cover, so i accepted.

but now im thinking, do i really need it?

rosie-lee

Unless whoever is likely to pay for your funeral will have need of £18k, I wouldn't bother.

Plenty of time to be considering life insurance when & if you have any dependents. I'd stick the money to one side & use it towards a premium when you are more likely to have need of its benefit.

Only an opinion.

dunstonh

I was sold a life policy whilst going in for a current account at barclays,

This could be a mis-sale.

Do you have anyone who would be financially worse off in the event of your death? if yes, you need it. If no, then its a mis-sale