Life insurance calculator

Q: Is joint life insurance cheaper than single?

A joint life insurance policy can often be cheaper than two single policies. But bear in mind that: Joint life coveronly pays out once – when the first person dies With separate single policies, your spouse or partner will still be covered if one of you passes away.

Work out how much your loved ones may need

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Life insurance could help support your family financially if you die

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What to think about before using a life insurance calculator

Our life insurance calculator can help you work out how much money you might need to leave behind for your loved ones if you were to die.

You might want to factor in the following:

Paying off a mortgage or covering rent
Day-to-day living costs
Money for your children’s future (including childcare and education such as university fees)
Any outstanding debts
Funeral costs.

It’s important to choose a life insurance payout that could help support your family’s finances. But equally, you don’t want to pay for more cover than you need.

Use our life insurance cover calculator to see how much a policy could cost.

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Quick tip

It’s worth thinking about inflation when you’re working out how much cover you need.

Some insurers offer an add-on called ‘indexation’ at the start of your policy. It means your cover goes up by a set percentage, or in line with an inflation index.

Just keep in mind that what you pay for your cover will most likely go up too.

How does the life insurance calculator work?

Our calculator can give you an idea of how much life insurance you might need in just 4 minutes¹. You’ll be asked:

Details about yourself, including whether you’ve smoked within the last 12 months
What cover type you’d like
How much you’d like to leave to the people who rely on you financially
How long you’d like cover for
Whether you’d like critical illness cover

Based on the details you give, you’ll then be shown the total amount of cover you might need.

With this figure, you can either:

Choose to get advice from our partners at LifeSearch, or
Compare quotes from a list of providers that match what you’re looking for (if you feel you don’t need advice).

Remember, our life insurance calculator is just for guidance. You’ll have to choose the type of policy that’s right for your needs, and other factors may also affect how much you pay.

How much does life insurance cost?

The exact amount you’ll pay for your life insurance varies depending on your personal circumstances.

According to Compare the Market data, our customers typically pay less than £18.59 per month for their life insurance².

When you use our life insurance calculator, you’ll be asked for a few key details that can influence the price, such as:

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Age

The younger you are, the lower your monthly payments could be

Weight

A high body mass index (BMI) could mean insurers see you as a higher health risk, which may lead to higher costs

Lifestyle

A smoker is likely to face higher monthly costs than a non-smoker of a similar age

Family history

If you’re at a higher risk of hereditary disease (an illness that runs in the family), cover could be more expensive

Payout size

If you want a bigger payout, you’ll need to pay more each month

Policy type

Prices differ between whole of life, level term and decreasing term life insurance

To find out how much cover you might need, start a calculation now.

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How can I lower the cost of life insurance?

If you’re looking for lower life insurance prices, you could consider these tips. They may not all work for you, but some may help reduce what you pay:

1. Only choose the cover you need

There are three main types of life insurance:

Whole of life cover guarantees a payout, but it’s the most expensive.
Level term life insurance pays out a fixed amount if you die within a set term.
Decreasing term life insurance is often the cheapest because it pays out less over time, so it’s commonly used to cover a repayment mortgage.

2. Improve your health

Improving your health and making lifestyle changes, such as quitting smoking, could make you a lower risk to insurers. This could help reduce the cost of your cover.

3. Buy when you’re younger

Life insurance is usually cheaper if you take out a policy when you’re young. The older you are, the more likely you are to make a claim, so what you pay for cover tends to be higher.

4. Review your policy

If your circumstances change, you might not need the same amount of cover you originally took out. For example, if your mortgage is paid off, your children are financially independent, or your debts have reduced.

Get in touch with your insurance provider to see if you can amend your policy to reduce your premiums.

5. Compare policies

You could save by comparing life insurance with Compare the Market. As well as price, you’ll be shown various cover levels and optional extras on products from many of the UK’s leading life insurance providers.

6. Check if you have any existing cover

Find out if your employer provides any free life cover before taking out a separate policy. Lots of companies offer a death-in-service benefit based on how much you earn – for example, four times your annual salary.

If it doesn’t cover the full amount you need, you could take out a smaller policy to top it up. Just be aware you may lose this benefit if you change jobs.

What our expert says...

“Life insurance can be tricky to navigate, especially if you’re not sure how much cover you need. Our calculator can help you figure out your options and what it could cost you to get protection in place for your loved ones.

“Keep in mind that the cheapest cover isn’t always the right choice, especially if you have pre-existing medical conditions. But if you are looking for something more comprehensive, it doesn’t mean you can’t find a good value policy.”

Tim Knighton, Life, health and income protection insurance expert

What is the average life insurance payout?

The average life insurance payout in 2025 was £83,892, according to the Association of British Insurers (ABI).

But there isn’t really a “typical” payout as you usually choose how much cover you want when you take out a policy. So, your payout could be as large or as small as:

Your provider allows
What you can afford
The type of life insurance policy you choose.

Life insurance guides

Learn more about critical illness, how to make a life insurance claim, and key policy terms you should understand.

Two people sitting at a laptop in an office

Policy & cover

Different types of life insurance

The right cover will depend on your financial needs and stage of life

Critical illness quotes

A payout could help ease the financial pressure during recovery

After death

Making a life insurance claim

Knowing the steps can make a difficult time a little easier

Policy & cover

50 life insurance terms explained

Get your head around some of the most common insurance jargon

View all life insurance guides

FAQs

Is joint life insurance cheaper than single?

A joint life insurance policy can often be cheaper than two single policies.

But bear in mind that:

Joint life coveronly pays out once – when the first person dies
With separate single policies, your spouse or partner will still be covered if one of you passes away.

How much is life insurance for a smoker?

For every £10 a non-smoker pays each month for life insurance, smokers could expect to pay between £1 and £10 extra. This is according to our partners at LifeSearch.

If you’re a smoker, you’re more at risk of dying at a younger age from the health dangers of tobacco. But the exact amount you’ll pay will depend on other risk factors too, including your age and lifestyle.

How much is over-50s life insurance?

The cost of over 50s life insurance starts from a few pounds a month.

The benefits include:

Guaranteed acceptance
Not having to go through any medical checks.

But keep in mind that an over 50s policy:

Tends to offer a smaller payout than other types of life cover
You could end up paying more in premiums than the cash sum paid out when you die.

Is there an over-60 life insurance calculator?

There isn’t a life insurance cost calculator specifically for over-60s. When you use a life insurance calculator, you’ll be asked your date of birth. Your age is one of the factors life insurance providers use to calculate the cost of insuring you.

The older you are, the more you’re likely to pay for your premium, as you’re seen as a greater insurance risk.

Is there a specific mortgage life insurance calculator?

No, there isn’t a specific mortgage life insurance cost calculator. When you use our life insurance calculator, you’ll be asked:

If you want cover for your mortgage plus
How much of your mortgage is outstanding.

The life insurance cost calculator can give you an idea of how much cover you’d need if you’re looking for mortgage life insurance. This could be useful to help your family pay off your mortgage if you die.

What about a cash value life insurance calculator?

You might want to know this if you have a whole of life insurance policy. Some plans are linked to an investment, which you can cash in while you’re still alive.

Unfortunately, there isn’t a simple way to calculate the cash value of a whole of life policy. You can ask your insurance provider how much cash value your life insurance has built up.

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Reviewed 28 Sept 2026 byTim KnightonLife, health and income protection insurance expert

Tim Knighton is an expert in building and managing relationships with big brands for the benefit of customers, with more than 20 years of experience. He seeks out the right products that look after you and those you love most during the toughest times.

Methodology

¹ Correct as of October 2026.

² Based on 51% of customers who compared quotes for this type of policy in June 2026.