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Life insurance

Find cheap life insurance quotes

  • Get covered from £4.02 per month¹

  • Get an amazon.co.uk gift card² worth up to £200³

  • Compare quotes from leading insurers

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4.6 out of 5376 reviews
An Amazon gift card worth up to £200 if you buy life insurance with MoneySuperMarket

Compare Life Insurance Quotes

Compare life insurance quotes from 14i leading providers

Find tailored life cover at the right price by comparing deals from leading UK insurers, all in one place.

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1Based on £100,000 worth of level term cover for a 30 year-old non-smoker with no pre-existing medical conditions over a 20 year period (July 2024).

2Gift Card value varies based on the first monthly premium of the policy and will be confirmed on the results page.

3Restrictions apply, see www.amazon.co.uk/gc-legal.

What is life insurance?

Life insurance is a type of policy that protects your loved ones with financial support if you die.

There are various types of life insurance available, including level term, decreasing term and whole of life, which have varying pay-out options.

The primary goal of life insurance is to reduce the potential financial burden on your family in the event of your death, while providing reassurance to those closest to you.

For more read our guide on what is life insurance.

How does it work?

In general, life insurance works like other forms of insurance. Regardless of what type of life insurance you choose, they mostly tend to work in a similar way:

  1. You pay a regular premium over a set term

  2. If you pass away your insurer pays a tax-free lump sum to your beneficiaries

The payout can be used to clear a mortgage, debts, and cover living expenses for your family.

Find out more about how life insurance works.

Do I need life insurance?

Life insurance isn't a legal requirement but it does have some benefits worth considering.

  • Dependent Protection: Essential for those with a family relying on their income.

  • Debt Coverage: Assists in settling debts, including mortgages, without burdening your family.

  • Income Replacement: Vital for maintaining your family's lifestyle in your absence.

  • End-of-Life Expenses: Covers funeral costs and remaining medical bills.

  • Estate Planning: Helps in managing estate taxes to preserve its value for heirs.

  • Peace of Mind: Offers financial security and comfort for your loved ones.

Consider your age, health, dependents, and assets to decide if life insurance is right for you.

For more information, read our comprehensive guide and find out if life insurance is the right option for you.

Choose from two main types of life insurance

MoneySuperMarket compares two main types of life cover with features to suit differing needs and budgets.

Level term

Level term life insurance policies have a fixed payout that stays the same for the whole policy.

Chart showing amount of cover as a flat line over time

Advantages

  • Your premiums stay the same: helps to simplify your budget, knowing exactly how much you need to pay each month

  • You know how much your policy will pay out: offering peace of mind to you and loved ones

Disadvantages

  • More expensive: not as cheap as other policy options

  • Doesn’t account for inflation: this may devalue the final payout in the future

Decreasing term

Decreasing term life insurance policies, often referred to as mortgage life insurance, pay out a lump sum that decreases over time. 

A Chart depicting decreasing term insurance with a line showing premiums declining with length of policy

Advantages 

  • Usually cheaper than other policies: a good option if you're looking for life insurance on a budget

  • Suitable protection for a mortgage or debt: eases the financial pressure for you and your loved ones

Disadvantages

  • Not suitable for all mortgage types, e.g., interest only mortgages

  • There is little to no payout remaining once you have paid off the debt

What's the best life insurance cover type for me?

Life Insurance Cover

Tell us more about you...

£

The amount you still owe on your mortgage is the number you're after. Take a look at your most recent mortgage statement to find out what the outstanding balance is.

£

Think about how much each child might need per year to make sure they're looked after until they are independent. This could be when they are 18 or later if they go to university. You could include university fees in this figure.

£

Think about anything else that would need to be dealt with if you died. This could include funeral expenses or other unforeseen financial commitments.

How much do you owe on other debts?

£

Think about the total amount of any loans you have taken out, for example if you have more than one loan, then provide the combined settlement figure.

£

Think about the total amount owed on credit cards, for example if you have more than one card, you'll need to provide the combined balance owing.

£

Think about any other repayments that come out of your account each month that are not loans or credit cards. Repayments like store card balances, car loans and items bought on hire purchase, for example.

How much other life cover do you have?

If you have other life cover in place, you could reduce how much life insurance you need. We will then subtract this from the total.

£
£

Oops! That doesn't look quite right - can you check and enter again?

Oops! Your current cover is more than enough to cover these payouts.

Icon-Money-Life-Insurance-110px Copy

Based on your numbers,
you should look for a life insurance policy of at least

£

Find the right insurance cover

Browse the latest insurance products using our comparison tool to get the protection you need

Example Virgin Money life insurance quote

provider logo

Virgin Money

  • Monthly Price

    £7.76

  • Cover Amount

    £350,000

  • Cover Length

    20 years

  • Cover Term

    Decreasing Term


Great for

  • Life claims paid rate: 99.4%
  • Pay out in the event of death or terminal illness

But be aware that

  • Critical illness cover: not included

This is for illustrative purposes only. If your circumstances and cover needs differ, your quote may be more or less expensive than the above example.
Learn more about our full methodology here.

Add policy extras or compare alternative policy types

What to consider when choosing life insurance

  • 1

    How much is life insurance?

    Life insurance with MoneySuperMarket starts from £4.02ii per month but premiums (what you pay each month) will vary for each individual based on several factors including your type of policy, age, health, and lifestyle.

  • 2

    What does life insurance cover?

    It's important to know what's covered and the typical exclusions on a standard life insurance policy to help you decide if it's the right choice for you

    More on how life insurance works

  • 3

    How much cover do I need?

    Determining the right level of life cover for you is the most important question you should ask when considering life insurance

    Read how much life insurance do I need

  • 4

    When should I get life insurance?

    There are also some key life moments when it's worth considering life insurance including buying a home, getting married, having children, getting divorced, changing jobs

    Guidance on when you should get life insurance

Kara Gammell

Our expert says

No one likes to think about dying, for many families, losing a loved one is unfortunately a grim devastating reality.

Figures from the Childhood Bereavement Network estimate that every 20 minutes in the UK, a parent dies leaving dependent children. By the age of 16, one in 20 young people will have lost at least one parent, so having adequate life cover is crucial, even as you age.

Like any insurance, it is crucial that you shop around before you purchase a policy. Never assume that your bank or broker will offer you the best deal as many are usually tied to just one provider and can be very expensive.

- Kara Gammell, Life and Health insurance expert

Why compare life insurance with MoneySuperMarket?

  • Tick

    Save money

    We make it easy to compare insurers offering you the best value for your budget and save on premiums.

  • Tick

    Quotes tailored to you

    We ask the right questions and tailor our quotes so you can get the right cover to suit your needs.

  • Tick

    Make smarter decisions

    We offer independent Defaqto star ratings on policies to help you decide on the right quality product for you.

Receive a gift card when you buy life insurance

Take out life insurance online through MoneySuperMarket and receive an Amazon.co.uk Gift Card* worth up to £200.

The gift card is redeemable within 40 days of the 6th life insurance payment. Gift Card value varies based on the first monthly premium of policy and will be confirmed on the results page. Terms and conditions apply. Not available to those who’ve received a voucher with life insurance purchased after the 1st of May 2022. One voucher per person.

*Restrictions apply, see www.amazon.co.uk/gc-legal

Image of Amazon gift card above a table which shows the card amount you will receive according to the policy amount

Join hundreds of satisfied customers who found their life insurance with us

Our reviews are from genuine customers who have compared and bought life insurance through MoneySuperMarket.

We're proud that our life insurance comparison service comes highly rated.

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What do I need to apply?

To help you find the right insurance cover, you will be asked to provide some basic information, including:

  1. Personal details: such as your name, address, date of birth, and occupation

  2. Your health: any pre-existing medical conditions and basic health information such as height and weight

  3. Lifestyle: for example, if you're a smoker or drinker, or engage in any activities that may be classed as dangerous

  4. Cover required: including the type of life insurance you require, how long you would like your policy to be, and how much you would like to pay

Cover for medical conditions

You can still get life insurance with a pre-existing medical condition. Most providers still offer standard cover for health problems that aren't considered severe, but they may charge you more for a policy.

If your medical condition is serious, some providers offer guaranteed cover if you’re over 50. While these types of policies are more expensive, they are more likely to offer cover for your condition and don't require medical checks.

Ready to compare quotes? Here's what to do next

  • Icon depicting clipboard with tick

    Tell us about yourself

    Answer some brief questions about the type of cover you're looking for, personal details like age, height and occupation, whether you smoke or drink, your family's medical history, and any pre-existing conditions.

  • Icon depicting magnifying glass

    We’ll fetch our best quotes

    We have some of the top UK providers on our panel for you to choose from. Browse policies ordered by lowest premium

  • Icon depicting a mouse click

    Choose the deal you want

    Once you've found the policy that's right for you, all it takes is a click through to your chosen provider to buy your policy today for the price you see

Prefer to speak to someone about life insurance?

We’ve partnered with LifeSearch to give people even more guidance when buying life insurance. If you’d like some help deciding what kind of cover you need, talk to LifeSearch free of charge. Give them a call on 0800 197 3178.

Opening hours are:

  • Monday to Friday 8 am to 8 pm

  • Saturday 9 am to 2 pm

  • Sunday 10 am to 3:30 pm

Lifesearch logo - phone on 0800 197 3178

You’ll need to provide some information about yourself and your circumstances including:

  • Information about your health: details about you and your family’s health and medical history, including any pre-existing medical conditions.

  • Information about your lifestyle: You will also need to detail your lifestyle, such as your drinking habits, and whether you smoke.

  • Your age and your job: The younger you are when you take out life insurance, the cheaper it tends to be. The type of work you do can also affect the price depending on how dangerous your job might be.

  • Your partner’s details: If you’d like joint life insurance, you will need to have information at hand about your partner’s health, lifestyle, and work.

Your provider may ask for supporting documents to prove the accuracy of the information you’ve given so it’s worth it to make sure you have these details at hand when you start an application.

It isn’t a legal requirement to get life insurance for a mortgage, but most mortgage lenders will ask you to take out appropriate cover. You don’t need to take out life cover from your lender – you can buy it elsewhere.

For more information read our do I need life insurance for a mortgage guide

Some employers offer what’s known as a death-in-service benefit to their employees, which will typically pay a lump sum of four times your salary to a named dependent. This type of policy is not a legal requirement, however, and it’s best seen as a complement to a life insurance policy, rather than a substitute as this cover is dependent on your job status.

Life insurance pay-outs are subject to inheritance tax, just like the rest of your estate. If your total estate is worth less than £325,000 (or £650,000 if you are married and leaving it all to your spouse), then your dependents won’t have to pay a penny in tax.

However, if your estate plus your life insurance policy are worth more than that in total, inheritance tax will be due on anything above that threshold at 40%. This means that if you leave a total of £400,000, the first £325,000 is tax-free. The rest - £75,000 – will be taxed at 40%, leaving £45,000.

Your family can avoid paying inheritance tax on your life insurance by writing your policy in trust.

Both life insurance and income protection offer financial support to your loved ones, but they are very different in terms of what they cover.  

Life insurance will pay out a lump sum if you pass away during the term of your policy. This will be paid to your loved ones and after a claim is made, the policy will end.  

Income protection will pay out a monthly benefit worth a percentage of your income if a medical problem prevents you from working. You can claim multiple times on your policy until you are well enough to return to work. Even when you have stopped claiming, your policy will still be active, and you can claim again if you need it. You can continue making claims on your policy until you choose to end it or until you retire.



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