Life insurance

Peace of mind for your loved ones

Compare life insurance options from £4.91 a month1

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What is life insurance?

Life insurance is a way to financially support the people you care about if you die while your policy is active.

It’s known as a death benefit and pays out a lump sum to your family or loved ones. This payout could help with everyday bills, mortgage payments and other debts.

Payments are usually made fairly quickly once all paperwork has been received, but more complex claims can take weeks or months.

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How does life insurance work?

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1. Choose your cover

Decide how much cover you want, how long it should last, and who you’d like the money to go to.

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2. Pay a regular amount

You pay a monthly or annual cost, known as a premium, to keep your policy active.

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3. Get a payout if the worst happens

If you die while the policy is active, the provider pays a lump sum to your loved ones.

Quick tip

Some insurance providers will let you extend your existing policy, but this needs to be done before the end of the term.

Doing this could increase the cost of your premiums, so it might be worth getting a quote for a new life insurance policy.

What does life insurance cover?

Always check the summary cover, limits and exclusions. This can help you choose a level of insurance that feels right for you. Policies may typically include the following:

Deaths caused by

Natural causes

Accidents

Terminal illness diagnosis (depending on the policy).

Deaths caused by

Medical conditions that weren’t disclosed or agreed to when you took out the policy

Drug and alcohol abuse

High-risk activities such as dangerous sports

Criminal activity or deliberately putting yourself in harm’s way.

What are the benefits of life insurance?

There are many reasons people choose to take out life insurance.

A life insurance payout could:

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Create peace of mind for the people you love

A policy can give them financial security when they need it most.

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Keep their finances on track

The payout could replace some of the lost income your family relies on.

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Ease the burden of outstanding debts

It could cover any unpaid debts your loved ones may legally have to take on.

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Help your family stay in their home

Your policy may cover your outstanding mortgage repayments, helping your family stay in the home.

How much does life insurance cost?

The price of life insurance depends on:

  • Your age

  • Your health

  • Your lifestyle

  • The type of policy you choose

  • How long you need cover for.

Here’s an idea of what you might typically pay if you’re in good health 3:

Amount insured

Monthly premium

Annual premium

£175,000

£18.35

£221

It’s worth keeping in mind these life insurance prices are only a guide. If you have any medical conditions, your final price will likely be different to the one you first see.

Get a personalised life cover quote for your specific medical needs.

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How much could life insurance pay out?

How much a life insurance policy could pay out depends on the type and amount of cover you have.

  • Your could be higher or lower based on your monthly payments and chosen provider

  • You’ll be told exactly how much the payout will be when you get a life insurance quote.

Types of life insurance cover

You can get different types of life insurance policies designed to suit different needs.

Type of cover

What it does

Things to keep in mind

Level-term life insurance

Around £51 per month 4

Covers you for a set number of years with fixed monthly payments and a fixed payout if you die during the term.

Fixed premiums and payout can make things more predictable, but cover can cost more and the payout doesn’t increase with inflation.

Decreasing-term life insurance

Around £37 per month 4

Covers you for a set period, but the payout reduces over time – often in line with a repayment mortgage.

Monthly payments are usually lower, though the amount paid out can be much smaller later on and it often only covers a mortgage.

Joint life insurance

Around £64 per month 4

One policy that covers you and your partner, which can cost less than two separate policies.

It only pays out once, when the first person dies, so it’s often used to protect a shared mortgage. If you separate, you may not be able to split the policy.

Increasing cover

The payout rises over time to help keep up with inflation, but your monthly payments usually go up too.

It can suit growing costs or commitments, though it’s often more expensive than other term policies.

Whole of life insurance

Covers you for your whole life and usually pays out whenever you die, if you keep up the payments.

It can help with things like inheritance tax planning, but it’s typically one of the more costly options. Our partners Howden Life & Health can help with whole of life insurance. You can call them on 0808 141 1336.

Critical illness cover

Could pay out if you’re seriously injured or diagnosed with an illness listed in the policy.

Usually available as a life insurance policy add-on.

Income protection

Pays a regular income if you can’t work because of sickness or disability.

You can set up the policy to cover you until you return to paid work or retire.

Family income benefit

Gives your family regular payments instead of a lump sum.

They’d get a monthly payment for an agreed amount of time.

Over-50s life insurance

Designed for people aged 50 and over, with no need to answer medical questions or go through a medical check.

Usually offers a smaller payout and is often used to help cover funeral costs or leave a small gift. But you could pay in more than it pays out over time.

Our partners Howden Life & Health can help with over-50s life insurance. You can call them on 0808 141 1336.

How to choose a life insurance policy

When deciding which life insurance cover is best for you, think about:

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How much life insurance do I need?

The right level of life insurance depends on your circumstances – more cover usually costs more, but too little could leave loved ones under financial strain.

Think about care costs if a non-working partner dies, or you have lost income and reduced working hours if a working partner dies.

Here is an example of how your cover amount impacts your premium. These figures are based on non-smokers over a 10-year term:

Amount covered for

Monthly premiums 5

£10,000-£19,999

£13

£50,000-£99,999

£30

£250,000+

£63

Compare pricing with our quick and easy life insurance calculator.

What can affect the price of life insurance?

The cost of life insurance isn’t the same for everyone. It’s based on the policy you choose and details about you and your lifestyle.

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Amount of cover

The higher payout amount you might need, the more you’re likely to pay.

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Policy length

Longer policies usually cost more overall, but they also protect you for longer.

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Age

Costs generally rise with age as you’re more likely to develop health conditions.

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Height and weight

Used to work out your Body Mass Index (BMI) which can give providers an idea of future health risks, such as type two diabetes and heart disease.

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Medical history

Providers look at any serious medical conditions in your family history that could affect you.

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Lifestyle

Smoking, nicotine use, alcohol intake, or high-risk hobbies can all affect the price of cover.

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Occupation

If you have a higher-risk job, such as working for the police or in the armed forces, this may bump up your premiums.

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Mental health

Past or current mental health conditions, such as depression or anxiety, could affect your premiums.

How can I get cheap life insurance?

While cost matters, the cheapest policy might not always be the best life insurance policy for you.

Here are some ways you may be able to save money without reducing your level of cover.

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Start early

For example, 25-34-year-olds typically pay £11 per month for their life insurance, compared to 55-64-year-olds who pay £40. Based on a 10-year-policy with up to £175,000 cover for a non-smoker. 5

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Stay healthy

Not smoking, staying active, and eating well can lower your risk and sometimes help reduce the price.

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Combine cover

Combining critical illness cover with your life insurance can often work out cheaper than buying two separate policies.

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Choose the right policy type for your needs

For example, term life insurance can be limited to a set number of years. This could offer you cheaper premiums and a high level of cover when it’s needed most.

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Review your cover

Check your policy still fits your life, especially after big changes such as getting married or having children.

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Shop around

Comparing policies helps you balance price, cover levels, and any exclusions.

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Do I need life insurance?

Life insurance can help give peace of mind that the people who rely on you have a financial safety net should the worst happen.

Many people consider it during big life changes, such as:

  • Buying a home

  • Starting or growing a family.

You might not need it if:

  • No one depends on your income

  • You’ve already paid off your mortgage

  • You have a suitable death in service benefit via your employer.

Even if life insurance isn’t right for you now, it’s worth thinking ahead as your situation could change. Keep in mind that it tends to be cheaper the younger you take it out.

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Can I get life insurance with pre-existing conditions?

Yes, it’s possible to get life insurance if you have a pre-existing condition – but it can affect your options and the cost of your cover.

  • You’ll be asked about your health when you apply, including any past or current medical conditions. Being open and honest is important.

  • Providers assess each person individually. They’ll look at things such as the type of condition, how serious it is, and how it’s being managed.

  • Your price may be higher, or your cover could come with certain limits, depending on your health. In some cases, cover may still be offered at standard rates.

Some conditions are more straightforward than others. If you’re worried about your health affecting your chances, getting tailored advice on your options can help.

Learn more: life insurance and pre-existing medical conditions

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Tim Knighton

What our expert says...

How can I avoid life insurance scams?

“Common examples of life insurance scams include messages explaining a ‘problem’ with your policy or payment details or telling you that you’re the beneficiary of someone else’s policy and are due a payout.

"In both examples, the scammers will ask you for your personal information (including payment details) or to click on a link for more information.

“The best way to stay safe is to not respond directly to these emails or phone calls. Instead, always contact the provider directly, using the contact details provided on their official website. If you’re suspicious or unfamiliar with the provider, do some research online.”

Tim Knighton, Life, health and income protection insurance expert

What do I need to get a life insurance quote?

Getting a life insurance quote usually only takes a few minutes.

To give you a personalised quote, we’ll ask you about a few things, including:

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Your details

Your name, date of birth and contact information.

Your health

Your medical history, including any pre-existing medical conditions.

Your lifestyle

You’ll be asked about your smoking habits or if you use nicotine substitutes.

Your partner’s details – if you’re applying for a joint policy.

The list of quotes we provide will also show you optional extras you might want to consider, such as critical illness cover.

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6 things you should know about life insurance

  1. Be honest when applying. If any information is deliberately missing or incorrect, your provider will likely not pay out.

  2. Policies won’t normally pay out for total disability unless extra cover is added on.

  3. Some policies may pay out early if you're diagnosed with a terminal illness and are expected to have less than 12 months to live.

  4. Suicide or self-inflicted injury aren’t always covered or will come with conditions. For example, they may only pay out if more than 12 months have passed since you took out your policy or increased your cover.

  5. You have a 30-day cooling off period to change your mind and get a full refund. But it’s worth speaking to your insurer first as you may be able to change your policy to better suit your needs.

  6. If you stop paying your premiums, your policy will be cancelled, and you won’t receive a payout.

What happens if my life insurance claim is rejected?

If your life insurance claim is rejected, you can:

Speak to your insurer

Ask them for a clearer explanation why your claim was rejected.

Check the policy documents

This is to make sure the decision matches the cover and exclusions.

Make a formal complaint

If you think the decision is wrong, you can escalate to a complaint.

Take it further, if needed

Contact the Financial Ombudsman Service. It can review the case independently and at no cost. Answering all questions honestly when applying and keeping your policy details up to date can help avoid problems later on.

Bear in mind...

Some providers allow a short grace period if you miss a payment, while others may stop cover straight away, so it’s important to check your policy.

If you know you’re going to miss a payment, contact your provider as soon as possible as they may offer a payment holiday.

You could also add a waiver of premium when taking out your policy to protect against future financial difficulties.

Learn more about life insurance

Find out more about the different types of life insurance, how cover works and what to consider before you buy

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Cost & savings
Lifestyle and life insurance
Everyday habits can affect more than just the price you pay
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
Policy & cover
Different types of life insurance
The right cover will depend on your financial needs and stage of life
View all life insurance guides

Life insurance calculator

Work out what level of cover you need and how much it might cost

FAQs

How long should I get life insurance for?

How long you should get life insurance for depends on what you want the payout to be used for. For example:

  • Your mortgage – it would need to last the same number of years as your mortgage term

  • Your children – you might want a policy that lasts until they’re grown up and financial independent.

Based on non-smokers with up to £175,000 cover, you could get the following premiums based on your policy's term length:

Policy term length

Monthly premium5

11-15

£40

16-20

£35

21-25

£33

31-40

£28

41-50

£16

How do I make a claim on a life insurance policy?

You can usually make a claim on a life insurance policy either by calling the policyholder’s provider or filling in an online claims form. You’ll typically need to give them:

  • The policy number

  • The name of the person who has died

  • The cause and date of death

  • Your details and relationship to the deceased.

The provider should then explain what happens next. Anyone can start the claims process but payouts will only be given to beneficiaries named on the policy.

What’s the difference between life insurance and life assurance?

The difference between life insurance and life assurance is the guarantee of a payout.

  • Life assurance is another term for whole of life insurance. It’s an ‘assurance’ that you’ll get a guaranteed payout no matter when you die.

  • A standard life insurance policy is only for a set term and won’t pay out once this has ended.

Is life insurance taxable?

There shouldn’t be income tax to pay on a life insurance payout and you won’t pay IPT (Insurance Premium Tax) on your premiums.

It gets a little more complicated when it comes to inheritance tax:

  • Spouses and partners are usually exempt from inheritance tax on life insurance payouts when paid through your estate (your property, money and possessions)

  • Inheritance tax can be due if the total value of your estate is above the £325,000 threshold (though this threshold can be higher in some cases)

  • You may be able to avoid inheritance tax by writing your life insurance in trust (meaning it won’t form part of your estate).

Tax rules can be complex, and other exemptions can apply so it may be worth seeking professional legal help.

If my smoker status has changed, does this affect my policy?

If you’ve quit smoking, you may be able to get a new, cheaper policy as a non-smoker, if you meet the provider’s criteria.

If you’ve taken up smoking since applying, your policy and premiums shouldn’t change. But check your cover terms in case you need to tell your provider.

According to our data, smokers pay approximately 27% more for their life insurance than non-smokers4.

Can I have more than one life insurance policy?

Yes, you can have more than one life insurance policy, and this could make sense if it’s affordable and suits your needs:

  • Cover through your employer doesn’t stop you taking out your own policy

  • There’s no legal limit on how many policies you can have

  • Extra policies can help cover new needs, such as a second family.

  • You can mix policy types to cover different costs.

Do you have to have life insurance for a mortgage?

While life insurance isn’t a legal must-have, mortgage providers might recommend you have life protection when you take out a mortgage with them.

What is a waiver of premium for life insurance?

A waiver of premium is an optional extra when taking out your policy.

It could cover your monthly repayments if you’re unable can't work due to serious injury or critical illness but can increase the cost of your premium.

What happens if I don't die before my life insurance policy ends?

If you don’t die during the term of your policy, there won’t be any payout and you won’t get any money back for the premiums you’ve paid.

Am I covered by my employer’s life insurance?

You might be covered by your employer’s life insurance.

Some companies offer their employees death in service benefit – a tax-free lump sum that’s paid out if you die while working for them.

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Tim Knighton
Reviewed 17 Jul 2026 by Tim Knighton Life, 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

151% of our under 30-year-old, non-smoker customers were quoted less than £4.91 per month for their 10-year decreasing term life insurance policy, up to £175k worth of cover, no critical illness cover in June 2026.

2Based on Trustpilot ratings (July 2026).

3 51% of our customers were quoted less than £18.35 per month for their life insurance for a 10-year term, up to £175k worth of cover and no critical illness cover in June 2026. 51% of our customers were quoted less than £220.20 per year for their life insurance for a 10-year term, up to £175k worth of cover and no critical illness cover in June 2026.

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

5 Based on 51% of customers who compared quotes for this type of policy between December 2025 and May 2026.