Compare life insurance

To compare life insurance quotes, you need to know what type of life insurance best suits your needs. For example, term insurance, mortgage protection, whole of life and joint life insurance all provide a cash sum if you were to die whilst insured but in very different ways.

  • We compare the leading UK life insurance companies
  • Compare quotes to find the cheapest life cover
  • Read our reviews to find out more
  • Choose the plan you want or request advice

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In this review: We explain what life cover is, how it works, the types of life insurance available and how to compare life insurance quotes to ensure you choose the right plan for you

Life insurance comparison

Our easy to use life insurance comparison table will help you understand how quotes from leading insurance companies compare.

Company Monthly Premium Cover Amount Get a quote
Legal & General £18.49 £100,000 Get a quote
Aviva £17.11 £100,000 Get a quote
Royal London £19.93 £100,000 Get a quote
Vitality £19.17 £100,000 Get a quote
LV £19.44 £100,000 Get a quote
Zurich £23.18 £100,000 Get a quote
Aegon £18.27 £100,000 Get a quote
AIG £18.48 £100,000 Get a quote

Based on male non smoker aged 50 yrs of age for 20 years - no health questions answered. This is for illustration purposes only & you should obtain a personal health quotation as policies do vary. Correct as at 6/4/2020

Life insurance quotes – what to look for

When you compare life insurance quotes, it’s worth comparing policies with the UKs leading life insurance providers. Using the services of an independent broker or comparison website is usually free and will help you see in minutes how plans compare and which company offers the best life cover for you.  

As each insurance company assesses your application based on your age, health, weight and lifestyle, it pays to compare several companies. Our comparison table shows just how much quotes can differ from company to company. This is why using a broker life the one we partner with could save you time and money.

To compare the UKs leading life insurance providers, just click on the ‘get a quote’ button and enter a few details. It takes less than 2 minutes to compare quotes.

Customer reviews

Plan provider reviews

Take a look at our reviews - leading providers under the spotlight:

Legal & General
Aviva
Royal London
Vitality
Zurich
Aegon
Scottish Widows

compare life insuranceWhat is life insurance?

Life insurance protects your family financially if you die during the term of the plan. It can help support them through the loss of income, helping with household bills, the mortgage, outstanding loans or childcare and education fees. Life insurance can even help pay for a funeral.

If you’re considering buying life cover, it‘s worth thinking about your individual needs, as your requirements will dictate which is the best type of life insurance for you.

How does life insurance work?

Life insurance, also known as life assurance provides a cash sum when the insured person dies. You pay a monthly premium to a life insurance company for an agreed period and in return, the insurer pays money to your beneficiaries if you die during the term of life insurance plan.

The length of time you are insured for, which is known as the term of the policy will depend on the type of life insurance you choose.

What are the different types of life cover

The are many different types of life insurance available in the UK however the main ones are:

  • Term life insurance
  • Level term life insurance
  • Decreasing term life insurance
  • Increasing term life insurance
  • Mortgage life insurance
  • Whole of life insurance
  • Over 50 life insurance
  • Joint life insurance

Term insurance

Term insurance provides a cash sum if you die within a certain period; known as your policy term. This type of life cover appeals to those looking for a plan that provides financial protection over a specified number of years and can be level, increasing or decreasing.

Level Term insurance

Level term insurance provides the same amount of life cover throughout the insured period. So for example if you choose £100,000 of life cover over a 15 year period, the amount the policy would pay out if you were to die during that 15 year period would always be £100,000.

This means that the amount you pay for term insurance will increase annually so do make sure you are happy with the increase before going ahead.

Decreasing term insurance

Decreasing term insurance provides a specified amount of life cover throughout the insured period however the size of the cash sum reduces each year. For example if you choose £100,000 of life cover over a 15 year period, each year the amount of life cover paid out would decrease.

As a result decreasing term insurance tends to be cheaper as the amount of life cover reduces over time.

Increasing term insurance

With increasing term insurance, your level of cover increases on an annual basis in line with inflation. This means the life cover will retain its value, protecting your family against the rising cost of living. It also means that the monthly premiums will increase on an annual basis too.

Mortgage life insurance

Mortgage life insurance is essentially a decreasing insurance plan that is designed to reduce over the term in line with your decreasing mortgage.

Whole of life cover

Whole of life insurance provides life cover for the whole of your life, not just a fixed term. As long as you continue to pay your monthly premiums when due, a cash sum is guaranteed to be paid out when you die, whenever that may be.

Because of this whole of life cover, also known as whole of life assurance tends to be more expensive than term insurance.

Over 50s life insurance

Over 50s life cover is a whole of life insurance policy specifically designed for the over 50s, the main difference being the application process. Most life insurance plans are underwritten meaning your application will depend on your health, perhaps your family medical history and your lifestyle.

With an over 50 plan you are guaranteed to be accepted regardless of the state of your health. As a result the amount of life cover this type of plan pays out is lower compared to a regular whole of life plan.

Critical illness

Some life insurance policies will include critical illness cover which pays out a cash sum if you are diagnosed with a serious illness such as:

  • Heart attack
  • Stroke
  • Certain types of cancer
  • Multiple sclerosis

The illnesses do vary depending on the provider and you won’t be covered for any pre-existing conditions.

Joint life insurancejoint life insurance quote

Joint life insurance is a life insurance policy that covers two people but only for one life, typically paying out a cash sum when the first person dies. Therefore, if you are looking to insure both of your lives, then two plans maybe more suitable than joint life insurance.

How much is life insurance?

The average life insurance cost with leading UK insurers for a 20 year term life insurance policy is £18.45 based on a 50 year old non smoker with no health issues. This average life insurance quote is based on our research with eight of the UK’s largest companies.   

The price you pay each month will also be influenced by the following:

  • The amount of life cover you need
  • How long you want the life insurance for
  • How much you are happy paying a month
  • Your age
  • The state of your health (depending on the plan)
  • Your lifestyle including any hobbies or dangerous sporting activities

How much life insurance do I need?

The amount of life insurance you need will depend on your circumstances. If you have family, a mortgage and other outgoings, a general guide is 10 times the main earner’s income. However, if your outgoings are less, the amount of life insurance cover required will be lower.

For example:

  • Do you have a mortgage?
  • Do you pay childcare expenses?
  • Are you paying for private education?
  • Do you have any loans or debts?
  • What are your monthly outgoings?
  • Are you wanting to leave money for family?
  • Do you want to help with funeral costs?

In addition to taking the above into consideration, when working out how much life cover you need, you also need to think about what you can afford. 

Is life insurance worth it?

Life insurance could be worth it if you want to protect your family and ensure they’re financially secure if you die. However, if you’re single with no dependants, life insurance may not be worth it at this time. Basically, if someone relies on you financially, life insurance is worth considering.

Which is the best life insurance for me?

The best life insurance depends on why want it, your health and budget. For example, if you’re in good health and want to leave money to family, then a whole of life plan may be suitable. If your health is not great, then an over 50 plan may be better.

The information we provide should help you understand which type of plan could work for you and our comparison table will show you how much life cover you can get based on your requirements and budget.

How to compare the market using life insurance comparison sites

It's important to choose a life insurance company that compares the market, as this will save you both time and money. Life insurance comparison sites like ours help you compare quotes with the UKs leading insurance companies for free. 

Just remember to check the life insurance comparison site is regulated by the FCA, like moneysupermarket.com, confused.com, money.co.uk, comparethemarket.com and of course Over50choices.

We have teamed up with First Choice Health & Protection to give free advice

Compare life insurance quotes

 

Updated 2nd April 2020 by Ashley Shepherd

Ashley is the founder and managing director at Over50choices. With over 30 years’ experience in financial services, he has held senior roles in building societies, banks and insurance companies.

Ashley Shepherd

Your questions answered

  • How long should I be covered for?
    • Many life insurance policies have terms of between 10 to 25 years however how long you are covered for is up to you. Perhaps you need to protect against mortgage repayments; in which case you may want the life cover in place until you have completed those repayments.

      Or maybe you have a young family so want the cover to last until your children have left home. Or you may just want to leave money to family when you die or help with funeral costs, in which case a plan that lasts for the whole of your life could be beneficial.

  • Should I get monthly or annual life insurance?
    • Choosing between monthly or annual life insurance depends on your individual circumstances. If you have the funds available and the plan allows it, then annual payments can work out cheaper however a monthly life insurance plan could be a more suitable option if you prefer to spread your payments.

  • Do I get any money back if I don’t die during the term of the policy?
    • Term life insurance only pays out if you die during the term of the plan. If die after this period, you would not be insured so no money would be paid out. Whole of life insurance guarantees to pay a cash sum when you die, regardless of when that is.

  • Do I need life insurance to take out a mortgage?
    • You don’t need life insurance to take out a mortgage however it may be worth considering if you want to ensure your family could continue making mortgage repayments in the event of your death. In addition, some lenders expect you to have a policy in place when buying a house.

  • Can I get life insurance if I have a pre-existing medical condition?
    • You can get life insurance with a pre-existing medical condition, depending on the severity however your options may be more limited and you will probably pay a higher premium. Therefore, it is important to shop around and compare quotes.

  • Can I have multiple life insurance policies?
    • Yes, you can have multiple life insurance policies however there may be limitations on the total amount of life cover available to you.

  • Can you get life insurance for smokers?
    • Life insurance is available for smokers but can be more expensive. As the amount of cover you can get as a smoker will vary, it is worth comparing quotes to get the best life cover for your money.

      Some Guaranteed over 50 life insurance providers don’t differentiate between smokers and non-smokers; so if you’re interested in an over 50s plan, it would be worthwhile seeking out the companies that don’t ask if you smoke, as their rates may be better than those that do.

  • At what age should you buy life insurance?
    • You can buy life insurance at any age however your age will probably dictate the type of insurance you choose. For example, a young couple may choose decreasing term insurance to cover the mortgage, whereas a 60-year-old may want whole of life to leave money to family.

      People buy life insurance for many different reasons but essentially it is all about protecting the family, which is why it can be important at any age.

  • Which are the best life insurance companies?
    • When choosing the best life insurance company, comparing quotes is a must however it also makes sense to look at customer reviews and establish whether the insurer has received awards for quality of service or the plans they offer. Our life insurance reviews therefore are a great place to start.

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