As each insurance company will assess your application on your age, health, weight and lifestyle, it pays to compare life insurance quotes from all the UK's leading providers.
Our comparison table shows will help you see in minutes just how much life insurance quotes can differ from company to company and why using a broker life the one we partner with could save you time and money.
We are not just another automated price comparison site. We believe it's important to talk to you and listen to your needs before searching the whole market to find you the best deal. It takes less than 5 minutes to give us a few details and compare quotes.
Our easy to use life insurance comparison table will help you compare quotes quotes from leading insurance companies.
Based on a female non smoker aged 55 yrs of age for 15 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 9/1/2024.
What is life insurance?
Life insurance, also known as life assurance, 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.
Think 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 provides a cash sum when the insured person dies. You pay a monthly premium for an agreed period and in return, the insurer pays money to your beneficiaries if you die during the policy term.
The length of time you are insured for will depend on the type of life insurance you choose.
What are the different types of life cover
The main types of life insurance are:
- Whole of life insurance
- Over 50 life insurance
- Term life insurance
- Level term life insurance
- Decreasing term life insurance
- Increasing term life insurance
- Joint life insurance
As the name suggests, whole of life insurance covers you for the rest 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. As a result, this type of insurance tends to be more expensive than term insurance and over 50s life insurance.
Over 50s life insurance is specifically designed for the over 50s, the main difference being the application process. Most regular whole of life and term insurance plans are underwritten, meaning your application is dependent on your health, lifestyle and perhaps your family medical history. Over 50s life cover guarantees to accept you regardless of your health. As a result, this type of plan pays out a lower amount than underwritten life 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. There a few options to choose from:
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, if you were to die at any point during that time the policy would pay out £100,000.
Decreasing term insurance
Decreasing term insurance provides a specified amount of life cover throughout the insured period, but the size of the pay out reduces each year. For example if you choose £100,000 of life cover over a 15 year period, the amount of life cover paid out would decrease each year. This is why it is often used as mortgage life insurance
As a result decreasing term insurance tends to be cheaper.
Increasing term insurance
With increasing term insurance, the amount 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, so do make sure you are happy with the increase before going ahead.
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 insurance
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 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 life insurance 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 (unless you choose no medical life insurance)
- 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.
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 whole of life insurance may be suitable. If your health is not great or you're on a low budget then an over 50s life insurance may be more suitable.
To get the best life insurance quote it pays to speak to one of our qualified advisers who can search the whole market and provide you with the best deal based on your needs – an automated price comparison website can’t do this for you.
It only takes a few minutes and we promise to call you once and never to call you again if you don’t want us to.
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We are confident that speaking to us could save you money
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.
Your questions answered
- How long should I be covered for?
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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?
- Do I get any money back if I don’t die during the term of the policy?
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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?
- Can I get life insurance if I have a pre-existing medical condition?
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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?
- Can you get life insurance for smokers?
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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?
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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?