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Term life insurance

Find great deals on fixed term policies

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Compare term life insurance quotes from 12 leading UK providers

We work with the UK’s leading life insurance providers to help you find the right policy for the right price, giving you and your loved ones peace of mind. 

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

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.

Gift card is redeemable within 40 days of 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 a life insurance purchased after 28th of February 2021. One voucher per person, offer ends 5th December 2022.

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

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

What is term life insurance?

Term life insurance is a type of life insurance that will protect you for a limited time. If you pass away during the ‘term’ of the policy, your beneficiaries will receive a pay-out from your policy. It can provide financial support to your dependents during a period when they might need it or cover the cost of a loan like a mortgage while it’s still being paid off.  

 

The main reason why people might prefer a term life insurance policy is because it can be more cost effective to take out life insurance for when you need it than pay more for a guaranteed pay-out. 

Father and daughter

Types of term cover

Level term

Level term life insurance is the most straightforward. You decide on the pay-out value and the duration of your policy. If you die during your policy’s term, your beneficiaries will receive the amount you agreed on when you took out that policy.

Level term life insurance chart

Decreasing term

Decreasing term policies are usually intended to cover debts like a mortgage. The pay-out decreases over time. If you pass away at the start of your policy, your beneficiaries will receive a larger pay-out than they would if you died at the end of the term. 

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

Find great deals on term life insurance with MoneySuperMarket

  • Get immediate cover

    Many of our customers have the option to 'buy now' for the quoted price without medical exams or additional documentation

  • Deals tailored to you

    We look at the top UK life insurance providers to help you find great deals for policies tailored to your needs

  • Super save with us

    Over the last 3 years, MoneySuperMarket have helped over 125,000 customers find great deals1 on their life insurance.

1MoneySuperMarket sales from 2019 - 2022

What are the benefits of a term life insurance policy?

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    Support your family when they need it

    You get to decide on your policy’s term, so you can set it to last as long as your loved ones might need it and save money on your insurance 

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    Pay off debts and loans

    If your main concern is saving your loved ones from mortgage debt, decreasing term insurance will make sure they can afford repayments 

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    Leave a gift to your loved ones

    The pay-out of a level term policy can be left as a gift to your loved ones or distributed to charities or organisations you support 

What should I consider?

Before you decide on a type of life insurance, there are a few things you should consider that may affect you in the future: 

  • Reapplying can be expensive

    If want to take out a new life insurance policy after your old policy's term ends, your new policy might be more expensive as you get older 

  • Your type of mortgage

    Decreasing term life insurance is a good choice if you want to protect a repayment mortgage but may not be a good fit for an interest only mortgage 

  • Not tracked to inflation

    If you want to leave your life insurance to your loved ones, you should remember that the value of a level term pay-out might be affected by inflation 

  • Writing insurance in trust

    By setting up a trust for your life insurance, you can get the pay-out to your loved ones faster and won't be counted as part of your estate.

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Unlike some of our competitors, MoneySuperMarket is not owned by an insurance company. So we can offer the best value, with savings delivered straight to you.

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How much does term insurance cost?

Term life insurance policies can start at as little as £4.412 a month. The way life insurance policies are priced is based on how much cover you want and how high your risk is of claiming on your policy. So, there are a few questions you might be asked to get an accurate quote for your policy:

  • Age

    As you get older your health declines, making life insurance more expensive with age 

  • Occupation

    Having a dangerous job that puts you at risk of injury or illness can increase the cost of your life insurance 

  • Medical history

    Providers will want to know if you have a history of health problems or any pre-existing conditions

  • Lifestyle

    Bad habits like smoking or drinking alcohol can have a real effect on the cost of life insurance 

  • Cover

    Choosing a larger benefit or a longer term to your policy will add to your premiums

  • Policy type

    The different types of term life insurance have different costs and premiums that can change over time

2Based 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).

How much cover do I need?

One of the best ways to save money on your life insurance policy is to shop around and take out cover that meets your needs rather than over-insuring yourself.  

 

If you need help deciding how much life insurance cover you should get, use our life insurance calculator. Our handy tool will help you calculate how much of a pay-out you should get in order to cover all of your loved ones’ essential needs.

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How to get the best deals on term life insurance

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    Don't over-insure yourself

    You might find yourself paying for cover you don’t need if you choose your options blindly. Use our calculator to find out the right level of cover for you 

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    Buy life insurance sooner

    If you wait too long to get life insurance the price will only go up. You can get a much better deal on your policy if you buy when you’re young

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    Quit smoking

    Smoking can have serious effects on your health and can make life insurance more expensive. By giving it up, you could save money on your policy

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    Shop around for your policy

    Shop around before you settle with a provider to find the best deals. It’s easy to compare quotes from the top UK life insurance providers with us.  

Find great deals on term life insurance with MoneySuperMarket

  • Tell us about yourself

    We’ll ask you a few questions about yourself to help us find policies that match your requirements and give you accurate quotes

  • We'll show you our top deals

    We’ll browse the market for deals from leading UK life insurance providers to give you cover at our lowest possible price 

  • Pick the deal that's right for you

    Once you find your policy for the price you want, you can click through to complete your application with your chosen provider

Need to speak to someone about life insurance?

If you’re not sure what life insurance cover you need or have questions that we haven’t answered in our life insurance guides, there is help for you. We have partnered up with LifeSearch to provide our customers with life insurance guidance and advice to help them find the right cover. 

It’s free of charge. You can get in touch by calling 0800 197 3178.

Their opening hours are:  

  • Monday to Friday: 8am – 8pm 

  • Saturday: 9am-2pm 

  • Sunday: 10am – 3.30pm

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Whole-of-life insurance guarantees your loved ones a lump sum whenever you die, so you know there will be a payout whatever happens. Term insurance only pays out if you pass away within the timeframe set when you take it out, which could be when your mortgage terms ends or when you retire.   

In some cases, you can extend the term of your life insurance policy. Some providers may allow you to renew your policy under the same terms once it has ended or convert your policy into whole of life insurance. However, this usually applies to level term policies and not decreasing term policies. 

 

Whether or not these options will be available to you will depend on your chosen provider and the policy you have chosen. If you are unsure whether a policy you already have can be extended, contact your provider for further details. 

You usually have 30 days to cancel a life insurance policy free of charge. After that, you can cancel at any time – although you won’t get back any premiums you’ve already paid. Just write to your insurer saying you want to cancel. If you pay by direct debit, you should also cancel the direct debit payment with your bank. Reasons you might want to cancel a term life insurance policy include: 

  • You’ve paid your mortgage off early 

  • You’re struggling to afford the premiums 

If paying your monthly premiums is the problem, talk to your insurer first to see if you can reduce them temporarily in return for a lower amount of cover. 

When you reach the end of your life insurance policy’s term, your policy end and you will no longer be covered. If no claim has been made on your policy before your term ends, your beneficiaries won’t receive a pay-out, neither will you be refunded for what you paid into your policy when it was live. 

You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.

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You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.