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80% of our customers have the option to ‘buy now’, without medical exams or additional documentation, for the price quoted
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 (August 2022). Equivalent to 14p per day. Standard premiums are paid monthly or annually.
2Correct as of January 2023
Life insurance is designed to protect your loved ones if you pass away. The pay-out from a life insurance can help your family pay off a loan or debt, cover the cost of a funeral, or simply help them support themselves and cover their living costs when you’re gone.
Life insurance works by paying out a lump sum to your loved ones if the policyholder passes away during the policy’s term. This protection will stay in place until an agreed end date as long as you keep up with your monthly payments.
Death from natural causes, such as age or illness (also including pandemic illness)
Accidental death (unless taking part in an excluded high-risk activity)
Suicide (although most policies won’t cover suicide at the start of the policy)
Homicide (providing the beneficiary was not involved)
Pre-agreed excluded conditions (usually related to pre-existing health problems)
High-risk activities (if you have risky hobbies, your provider may exclude them)
Death during criminal activity (such as driving under the influence)
Fraud (if you lie to your provider in your application, they will not pay out)
Life insurance will give you and your loved ones peace of mind and financial support in case the worst happens. It can serve a variety of needs, such as covering living costs, covering funeral costs, repaying a mortgage, or it can be used as a gift. We all have different reasons to take out life insurance, and there is a good variety of different policies and cover levels to choose from to tailor your policy to your needs."
According to the association of British insurers (ABI), which equates to £18.6 million paid out every single day3.
3Source: Group Risk Development (GRiD) 2021 full claims statistics - 21.05.2022
Level term policies have a fixed pay-out that stays the same for the whole policy. No matter when during the policy you pass away, your beneficiaries will always receive the full amount.
Your premiums stay the same
You know how much your policy will pay out
Doesn’t account for inflation
Decreasing term policies have a pay-out that decreases over time, ending when the pay-out reaches zero. These polices are usually used to cover a loan and decrease to match the rate your loan is paid off.
Usually cheaper than other policies
Suitable protection for a mortgage or debt
Your pay-out decreases over time
Little to no pay-out left once debt has been paid off
Joint life insurance allows you to insure more than one person on the same policy. You and your partner receive the same cover and have the choice of pay-outs occurring after the first or second death
Over 50s life insurance policies are more expensive than standard life insurance but usually don’t have a term limit and often won’t ask any medical questions when you apply
Life insurance without a medical is a type of insurance policy that does not require a medical exam or health questionnaire, but typically has higher premiums and lower coverage amounts.
Increasing life insurance has an increasing pay-out that can help you preserve the value of your policy. However, premiums also increase and start out being more expensive than standard life insurance.
We are unable to offer quotes for increasing life insurance
Whole of life insurance is a type of policy that doesn’t have a time limit and offer a choice of level or increasing cover. This type of life insurance is usually the most expensive because it guarantees a pay-out.
We are unable to offer quotes for whole of life insurance
80% of our customers have the option to ‘buy now’, without medical exams or additional documentation, for the price quoted
We ask all the right questions to match policies to your exact needs, and our large provider panel to choose from means you have a great chance of finding cover that’s right for you
Over the last 3 years, MoneySuperMarket have helped over 125,000 customers find great deals3 on their life insurance. Why not get quotes from us and see how much you could save?
If you take out a higher level of cover, your monthly payments are likely to be higher. Also, by choosing a longer lifespan for your policy, the more you’ll pay overall.
Generally speaking, the older you are, the more expensive life insurance tends to be. This is because as you get older you have a greater chance of developing health problems.
Health and lifestyle affect your lifespan, so they can also affect your life insurance. Having a healthy lifestyle and giving up smoking/ drinking can reduce the cost of your policy.
Policy types with increasing cover are more expensive than level term and level term is usually more expensive decreasing. Save money by picking the policy type that’s right for you.
Compare providers and quotes for policies to find the best deals that match the cover you need with great value
The younger and healthier you are, the cheaper your life insurance will be, so apply earlier in life for a lower premium price
Putting a limit on the lifespan of your policy can reduce your premiums, so it can be smart to get cover for a time when you need it most
Combining policies with life insurance, like critical illness cover, can work out cheaper than buying cover separately
Reviewing your cover gives you a chance to update your cover to match your circumstances and maybe switch providers for a better deal
Policies that offer a high level of cover aren’t always necessary. You can save money on premiums by matching your cover to your needs
Answer some questions for us about you, your medical history, and the level of protection you want which we can match to policies.
We have some of the top UK providers on our panel for you to choose from. Browse deals ordered by lowest premium.
Once you’ve found the policy that’s right for you, all it takes is a click for you to buy your policy today for the price you see.
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 8am to 8pm
Saturday 9am to 2pm
Sunday 10am to 3:30pm
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.
Life insurance typically has a limited term in which your beneficiaries can make a claim. Life assurance, on the other hand, has no end. It comes with a guaranteed pay out, no matter what age you are when you pass away.
For more information about the differences between the two insurance types, you can read our life assurance guide.
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
You can take out critical illness cover as well as life insurance, and this will pay out if you’re diagnosed with a named medical condition during the term of your policy. It generally comes as either:
Additional cover: If you take out life insurance with separate critical illness cover, you’ll receive a pay out a) if you get a critical illness b) if you pass away (both during the term of your policy)
Combined cover: If you take out a combined policy, you’ll only receive one pay out, either if you become critically ill or if you pass away (during the term of your policy)
MoneySuperMarket offers the option to take out additional cover once you have completed a life insurance quote, with the premium calculated using the information you gave when applying for life cover. We believe this provides a more flexible and comprehensive solution than a combined policy.
Term life insurance is a policy that offers cover for a set period of time – when the term ends the policy lapses, and if you survive the term then it won’t offer a pay out.
Whole-of-life insurance offers a pay out no matter when you pass away – it will cover you for the rest of your life.
Putting your life insurance in trust lets you name the people you want to receive your pay-out (your trustees).
There are different types of trusts available depending on your individual or family circumstances. Putting your life insurance policy into trust also protects the pay-out from inheritance tax.
It can be a good idea to think about updating your life insurance policy if:
Your health or lifestyle has changed
Your financial situation has changed (your salary or mortgage might have increased)
Your family has grown
Your relationship with your dependant has changed – although you will need to check your insurer can do this for you
If you are not able to update your existing policy, you may be able to find a policy with a different provider that better suits your new situation. It’s always a good idea to get a personalised quote to see if your current insurance is the best option that’s available to you.
If you’re currently shopping for a life insurance policy, you can cut costs by choosing a cheaper policy type, like term insurance. You can also set a shorter term and a lower level of cover to save some money on premiums, although it would be worthwhile to check with your provider whether you can change your cover and term if you change your mind later.
To save some money on an existing life insurance, it may be a good idea to talk to your provider about reducing your cover. Reduced cover will make your premiums cheaper, making them more affordable. Some providers are also willing to offer payment holidays in the midst of the cost of living crisis, which will give you a temporary break from your premiums without cancelling your policy.
You may still be able to get life insurance with pre-existing medical condition.. However, some conditions may be excluded from your policy, and it is likely to be more expensive.
If you have a more complex condition and you’re finding it difficult to get a price online, a broker or adviser – such as our partner LifeSearch – can help you find a provider that will cover you.
You’ll need to share additional medical information and copies of any tests with the provider to help them understand the level of risk associated with your condition. You’ll be asked to sign a medical release form which will allow the insurer to request this information from your doctor.
Life insurance is more expensive when you have a pre-existing condition because of the level of risk to the provider. However, it’s important that you declare any pre-existing medical conditions when taking out life insurance. If you don’t, your insurer can refuse to pay out for any claims.
If you are not able to work because of an illness or injury – which then means you’re unable to afford your monthly life insurance payments – a waiver of premium could mean you’ll be covered during this time.
This will need to be added to your policy as an additional level of cover and it will need to be taken out from the start of your life insurance policy.
If you’ve been diagnosed with a terminal illness and a doctor has given you a prognosis of less that 12 months to live, you may be able to make a terminal illness claim on your life insurance policy.
This means you would receive the pay-out now instead of your dependent receiving it once you’ve passed away. The lump sum from a life insurance policy can then be used to help cover the cost of not being able to work during your final months and getting your affairs in order.
Some insurers offer terminal illness cover as part of their standard life insurance policies. Other insurers may, instead, offer terminal illness cover as an optional extra cover. There will be terms and conditions with both options, so you will need to read the policy documents to make sure you’re covered.
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.
You can always cancel your life insurance policy at any time you wish, but the vast majority of policies do not give you money back if you cancel before the end of the term.
You might want to cancel a policy because you’ve found cheaper cover elsewhere, or you might simply not want to keep paying your monthly premiums.
You are legally allowed to take out more than one life insurance policy at a time. For instance, if you have a repayment mortgage you may have to take out a separate life insurance for your mortgage to make sure your dependents can continue to afford payments.
Life insurance pay-outs are subject to inheritance tax, just like the rest of your estate. If yor 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 tat if you leave a total of £400,000, the first £325,000 is tax free. The rest - £75,00 – will be taxed at 40%, leaving £45,000.
Your family can avoid paying inheritance tax on your life insure by writing your policy in trust.
In short – it depends. Everyone’s individual needs are different and depend on factors like your health and lifestyle. So, the ‘best’ life insurance provider is the one that has the policy that suits you, which won’t be the same for everyone.
When choosing which provider to go with, it comes down to more than just price. As well as comparing cost, it’s important to consider the number of exclusions, benefits, and how much flexibility a policy has, as well as what percentage of claims the insurer pays out.
To qualify for a joint life insurance policy, you and your partner will need to be UK residents over 18 years of age. You might also need to provide some basic medical and personal information, although passing these medical checks is usually easier for joint policies than single policies.
As standard, joint life insurance policies will only pay out once. This applies also if you have joint critical illness cover. However, you can choose whether you want to claim after the first death or the second death.
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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