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* Life Insurance
COMPARE OUR BEST LIFE INSURANCE
FIND A POLICY THAT CAN LEAVE SOME FINANCIAL SECURITY FOR YOUR LOVED ONES IF YOU
PASS AWAY
Look at life insurance quotes from our partner Direct Life
GET LIFE INSURANCE
Compare life insurance from leading providers, get £100,000 of cover from £4.39
a month*
1
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2
Our service is fast, reliable and free of charge
3
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Get quotes
*Cover from a month, based on £100,000 of level-term cover for 25 years for a
30-year-old non-smoking male with no pre-existing medical conditions (March
2024)
On this page
What is life insurance?Do I need it?Types of coverHow to chooseHow much cover do
I need?What does it cost?What does it cover?When should I get it?Am I
eligible?FAQs
Author
Lucinda O'Brien
Editor
James Andrews
Fact checker
Dan Moore
Last updated
December 20th, 2023
WHAT IS LIFE INSURANCE?
Life insurance helps to protect your beneficiaries by paying out a lump sum or a
regular income if you pass away during the policy's term.
In general, life insurance only covers you in case of death. You need a
different type of income protection – such as critical illness cover – if you
want to be protected financially should you become ill or disabled.
Life is uncertain so we should be prepared for the worst, just in case."
DO I NEED LIFE INSURANCE?
There's no rule that says you have to have life insurance. But you may want to
consider it if you’d have financial commitments that your family would struggle
to meet should you die.
For example, payouts from life insurance companies can help clear the mortgage
or pay university fees. It could also be used to repay outstanding debts, cover
recurring expenses or compensate for your lost income.
Plus, it's not just the principal wage earner who needs life insurance. If you
have young children, losing your partner invariably means higher childcare costs
for the remaining parent or a lost source of income. A suitable policy can help
remedy this.
In 2022, protection insurers paid out[1]
£6.85billion
WHAT TYPE OF COVER IS THE BEST LIFE INSURANCE?
CRITICAL ILLNESS LIFE COVER
This covers you if you become seriously ill or are diagnosed with a severe
medical condition (one that stops you from working but isn't terminal) during
the policy’s term. In most cases, critical illness cover pays out a fixed lump
sum. It can be added as an extra to another life insurance policy.
More on critical illness life cover
WHOLE-OF-LIFE COVER
This covers you for your entire life. You make a payment each month and it pays
out a fixed lump sum when you pass away. With whole-of-life insurance, your
premiums might increase but the amount of cover you receive will remain the
same.
Get whole-of-life-insurance
OVER-60S LIFE INSURANCE
This cover is designed for people between 60 and 80 years old and can be
obtained without handing over any medical details. You pay fixed premiums until
you’re 85 or 90, depending on the provider, after which time the premiums end,
although you’re still covered until you die. Some providers also offer over-50s
cover.
More on over-60s life insurance
LEVEL-TERM INSURANCE
This is the simplest life insurance, though not necessarily the cheapest. When
you take out the policy, you choose the amount of money you want your
beneficiaries to receive and how long the cover will last. It pays out a fixed
sum, regardless of when a claim is made, as long as it’s within the policy term.
More on level-term life insurance
JOINT-LIFE INSURANCE
In general, this type of policy covers two people, usually a couple, but it can
be taken out by business partners. It only pays out once, and the payment is
usually in the form of a lump sum and tends to be paid to the surviving
individual. The survivor usually has to take out a new life insurance policy if
they want their beneficiaries to receive something after they die.
More on joint-life insurance
DECREASING-TERM LIFE INSURANCE
With this type of insurance, the amount of cover decreases over time, although
premiums stay the same. It’s usually cheaper than level-term insurance and works
well to cover debts, like mortgages, which reduce over time.
More on decreasing-term life insurance
WHAT TYPE OF COVER IS THE BEST LIFE INSURANCE?
CRITICAL ILLNESS LIFE COVER
This covers you if you become seriously ill or are diagnosed with a severe
medical condition (one that stops you from working but isn't terminal) during
the policy’s term. In most cases, critical illness cover pays out a fixed lump
sum. It can be added as an extra to another life insurance policy.
More on critical illness life cover
WHOLE-OF-LIFE COVER
This covers you for your entire life. You make a payment each month and it pays
out a fixed lump sum when you pass away. With whole-of-life insurance, your
premiums might increase but the amount of cover you receive will remain the
same.
Get whole-of-life-insurance
OVER-60S LIFE INSURANCE
This cover is designed for people between 60 and 80 years old and can be
obtained without handing over any medical details. You pay fixed premiums until
you’re 85 or 90, depending on the provider, after which time the premiums end,
although you’re still covered until you die. Some providers also offer over-50s
cover.
More on over-60s life insurance
LEVEL-TERM INSURANCE
This is the simplest life insurance, though not necessarily the cheapest. When
you take out the policy, you choose the amount of money you want your
beneficiaries to receive and how long the cover will last. It pays out a fixed
sum, regardless of when a claim is made, as long as it’s within the policy term.
More on level-term life insurance
JOINT-LIFE INSURANCE
In general, this type of policy covers two people, usually a couple, but it can
be taken out by business partners. It only pays out once, and the payment is
usually in the form of a lump sum and tends to be paid to the surviving
individual. The survivor usually has to take out a new life insurance policy if
they want their beneficiaries to receive something after they die.
More on joint-life insurance
DECREASING-TERM LIFE INSURANCE
With this type of insurance, the amount of cover decreases over time, although
premiums stay the same. It’s usually cheaper than level-term insurance and works
well to cover debts, like mortgages, which reduce over time.
More on decreasing-term life insurance
HOW TO CHOOSE THE BEST LIFE INSURANCE
It’s important that you find the right cover for your needs, so here are three
things to consider during the decision-making process:
THINK ABOUT THE TYPE OF COVER
The best life insurance is not the same as the cheapest life insurance quote;
the best life insurance is the one that suits your circumstances. Not all
policies are the same, so it's worth thinking about the type of cover you need
from the outset.
WORK OUT THE LENGTH OF COVER
You can start by looking at your debts as well as your family’s needs and
lifestyle. This will help you work out how much life cover is required and how
long it needs to be in place.
COMPARE QUOTES
Once you’ve decided what it is you need to buy, you can compare life insurance
quotes to get the best deal.
HOW MUCH LIFE INSURANCE COVER DO I NEED?
The amount of cover – also known as the sum insured – should be sufficient to
pay the remaining balance on your mortgage. It should also provide a little
extra to make it easier for your family to cover some of their other expenses
after you’re gone.
But it's not just the mortgage that needs covering. Think carefully about how
the situation might change if you passed away.
For example, if you work part-time so you can look after your children, what
would your partner do if you weren’t around anymore? They might need to pay for
childcare, or they might need to work less. Either way, it would affect their
financial situation.
HOW MUCH DOES LIFE INSURANCE COST?
Life insurance costs between £5 and £100 per month depending on the type of
cover you want and your personal situation.
The cost of life insurance is affected by your:
* Age
* Medical history
* Height and weight
* Smoking status
* Alcohol consumption
* Salary
* Policy duration
* Sum insured
The best life insurance can give you peace of mind, but don't just go for the
cheapest option – find the best cover for your family's circumstances."
WHAT DOES LIFE INSURANCE COVER?
COVERED
Accidental death
Unexpected illness/disease
Cancer
Heart attacks
NOT COVERED
Pre-agreed conditions
Tobacco, drug and alcohol abuse
Dangerous activities
Undisclosed health issues
WHEN SHOULD I GET LIFE INSURANCE?
All adults should think about life insurance, whatever their age. However, there
are some occasions when you should strongly consider either taking out a policy
or reviewing your existing cover.
These include:
* Purchasing a house with a partner – should the worst happen to either of you,
life insurance could help the surviving partner by covering the mortgage
* Becoming parents – another key motivation for taking out cover is to provide
for your children should the need arise
* After your children leave home – if you took out cover to cover university,
school fees or childcare in case you died, you should review your cover once
they leave home
* Once your mortgage is paid off – once you have paid off your mortgage, ask
yourself if you still need life insurance (or cover at your current level)
AM I ELIGIBLE FOR LIFE INSURANCE?
Most people over the age of 18 who live in the UK can get life insurance. But,
insurers may be more reluctant to accept you if you have health issues - and
many charge more if they agree to cover you. As usual, it’s a good idea to
compare quotes from as many providers as possible until you find a suitable
policy.
Older people sometimes struggle to find life insurance with major providers too,
but there are specialist insurers that are willing to cover more mature
applicants.
- You need to be as accurate as possible when applying for cover. If you don’t
answer truthfully, you might find your policy is invalidated when a claim is
made.
When you apply, you need to make sure you’re as accurate as possible when you
answer the questions."
FAQS
IS LIFE INSURANCE GUARANTEED TO PAY OUT?
Life insurance is only guaranteed to pay out if your cause of death is covered
in your policy, and you die during the term of the policy. Here is more on how
life insurance works.
CAN I HAVE MORE THAN ONE LIFE INSURANCE POLICY?
Yes, you can have more than one life insurance policy. However, a single policy
offering the exact cover you need may prove cheaper.
CAN I GET A JOINT LIFE INSURANCE POLICY?
Yes, you can have a joint life insurance policy but both parties must qualify
for the policy and be accepted by the insurer when you apply.
CAN I STILL GET LIFE INSURANCE IF I HAVE POOR HEALTH?
Yes, you can still get life insurance if you have poor health. However, not only
is it more difficult to find cover, but you’re also likely to pay more than
someone in better health.
EXPLORE OUR LIFE INSURANCE GUIDES
Find out more about how life insurance works and whether it's right for you
Which life insurance policy is right for you?
How to claim on a life insurance policy
What is a whole of life insurance policy?
Find more guides here
DIDN'T FIND WHAT YOU'RE LOOKING FOR?
Other life insurance resources
Life insuranceGuaranteed life insuranceLife insurance after cancerLife insurance
for over-60sCritical illness coverWhole of life insurance
ABOUT THE AUTHOR
Lucinda O'Brien
Lucinda O'Brien
Lucinda O'Brien has spent the past 10 years writing and editing content for
regional and national titles. She applies her industry knowledge to ensure
readers can make confident financial decisions.
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WE’VE BEEN FEATURED IN
REFERENCES
1. The latest figures from the Association of British Insurers (ABI) and Group
Risk Development. People experiencing bereavement, illness and injury have been
supported with £6.85 billion in insurance pay-outs from both group and
individual protection policies in 2022.
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