A simples guide

Wondering when to get life insurance?

Life insurance can often feel like quite a big step and as a young person it might feel like a step you’re not quite ready to take. Taking out life insurance means you’re planning for a future which may not have you in it (which might seem a little morbid). But knowing that those around you will be protected in your absence can give you a great deal of peace of mind.



Is life insurance expensive?

Well, here’s the thing. According to our latest research, life insurance premiums are generally cheaper the younger you are when you take out the policy. So, while the average 45 year old may pay £278.88 a year for their life insurance, somebody who is just 20 might pay more like £98.28 per year. Helpfully, we’ve put together this handy tool so you can see just how cheap it could be to take out a policy (and how many coffees you may need to sacrifice to pay for it)**.

Please choose your age

At 44 years old the average life insurance premium is £ per month.

That is equivalent to coffees per month.*

Coffee cups

Am I too young for life insurance?

The honest answer is no. Many of life’s adventures occur in our young adult life. Whether you’re buying your first house, getting married or having children, there’s often a reason to consider life insurance.

Ask yourself this, if you’ve bought a house with your partner, could they afford to pay the mortgage and cover the bills if you were no longer here? It’s likely that you’d want to know they’re supported if anything unfortunate happened to you, or that you will get the help you need if anything happened to them. That’s why buying life insurance is often encouraged for couples buying property together.

And if you’ve got children, or are planning to in the future, you ought to start thinking about the possible impact your loss could have on them. Could their other parent afford to run the house in your absence? Would you children be able to live the same lifestyle if you were no longer there to support? 


Why is my quote more or less than the average?

In order to provide the average prices above, we’ve taken the average premium quoted for a person of each age through our site – they will have a mixture of personal needs/requirements that will impact the average. The life insurance quotes provided for each age could vary depending on things like:

  • Whether the cover is for you or you and a loved one
  • Whether you smoke
  • Where you live
  • The amount and length of cover your require
  • Whether you’ve included critical illness in your quote

Life insurance is a very personal thing and so your quote will always be equally personal. 


How complicated is life insurance?

Life insurance might seem complicated at first, mainly because you’ve probably not had much experience in dealing with it. And whilst you need to make sure you find the right policy for you, the options available are relatively straight forward. There are two main types of life insurance; Term Insurance and Whole of Life Insurance.

Term Life Insurance pays out a lump sum if you pass away within an agreed period of time. These policies will ask you to choose a set period of cover. There are a couple of types of term insurance- you can read all about them here.

Whole of Life Insurance is often more expensive but will cover you until you pass away not just a set period of time Again there are a few options available so your choice will ultimately depend on yours and your family’s needs. (Note: You won’t find any whole of life insurance policies on our site but our friendly team at LifeSearch can help and they’re just at the end of the phone. You can call 0800 197 8912 for their support.)

So it benefits to buy young…

1)      It’s likely to be cheaper (wondering why? We explain all here)

2)      It covers you for all your impending adventures

3)      It should give you and your loved ones peace of mind

*Based on the price of a Venti Café Latte from Starbucks as of 20/04/2016 which is £2.95. Source:
**Average quoted is the average P1 price for life insurance quoted for each age group (covering a mixtures of needs/personal circumstances/levels of cover). Data represents April 2015- March 2016 Life enquiries with click through for 18-70 year olds.