At what age should I get life insurance?
Key takeaways
Life insurance is a financial safety net for your dependents in the event of your death
A lump sum can be used to replace your income if you die and put towards mortgage payments, childcare costs or general everyday outgoings
The earlier you take out life insurance, the cheaper the premiums will be as insurers will see you at a lower risk of making a claim
When is the best time to consider life insurance?
No one wants to think about their own death but if you have a life insurance policy in place, this can reduce the financial stress to those left behind. Some of the key times in life to consider buying it include the following:
Buying a home
Life insurance can be used to cover an outstanding mortgage so your family can stay in their home. Some mortgage providers will also insist you have life insurance in place before agreeing to the mortgage.
You can buy a policy which pays out a fixed amount when you die, or one that pays out a reducing amount, also known as decreasing term life insurance.
Getting married
When you tie the knot, enter into a civil partnership, or just move in with another person on a long-term basis, life insurance is worth considering.
If there are joint costs you both pay towards, such as for housing and household bills, if one person were to die unexpectedly the other may be left covering the shortfall in the household income.
This is where a life insurance payment could be a financial lifeline.
Starting a family
The arrival of a new family member changes everything, including your financial responsibilities.
Life insurance can help ensure the costs of raising a family are covered, providing for your children's future even in your absence.
Many people will take out a life insurance policy to last until their youngest child turns 18.
Supporting loved ones
Whether it's for young families, elderly relatives, or your spouse, life insurance can provide the necessary financial support to your loved ones when they need it the most.
Covering funeral costs
Life insurance can also help you pay for your funeral. Over 50s life insurance policies are often used to cover the costs of a funeral. If you’re struggling with funeral costs you may also be able to get help from the Government.
Find out more with our guide on whether life insurance is the right option for you.
📣 Did you know? MoneySuperMarket sees a big spike in life insurance enquiries in January each year, including a 55% increase in 2025. We think people may be making planning their future finances a New Years Resolution.
What age is best to buy life insurance?
The age you are when you buy a life insurance policy will impact the premium you pay, along with other factors such as your overall health:
Minimum age considerations
The minimum age to take out a life insurance policy in one's own name is 18. If at this age you have financial dependents, life insurance is worth considering.
Life insurance is cheaper when you’re younger because on average younger individuals are more healthy. This means they are a lower risk of dying unexpectedly and insurers on average give them the cheapest premiums.
Our guide on the right age to take out life insurance should help further.
Maximum age limits
Insurers set maximum age limits, but coverage is often available until age 80 or beyond. Keep in mind that premiums increase with age due to a higher perceived risk of death.
Over 50s coverage
Many insurers offer specialist over 50s cover, sometimes known as senior cover, which will provide cover until you die. You’re guaranteed to be accepted without medical checks, but usually, the policy offers a lower payout compared to regular life cover.
What can life insurance be used for?
Life insurance serves as a financial safety net for your dependents in the event of your death. By paying regular premiums, you ensure that a lump sum or income will be provided to your dependents to help them cope with financial responsibilities that may arise. This could include:
Clearing an outstanding mortgage, allowing your family to remain in their home without the burden of debt
Assisting with daily living expenses, such as childcare costs or household bills, ensuring that your family's lifestyle can be maintained
Paying for funeral arrangements, alleviating the financial stress during a difficult time
There are different types of policy available depending on your requirements, as our guide on What is life insurance? explains.
How does the price of life insurance differ by age group?
Policyholder age | Average price | Price from |
|---|---|---|
Age 18-49 | £21.83 | £7.63 |
Age 50-54 | £30.38 | £11.30 |
Age 55-59 | £31.10 | £12.70 |
Age 60-64 | £30.22 | £12.70 |
Age 65-69 | £24.04 | £21.81 |
While it’s common knowledge that life insurance tends to go up in cost as you age, our latest data indicates that being older doesn’t mean you have to pay out the nose for a policy if you decide you want insurance later in life.
What else affects the price of life insurance?
Several factors influence the cost of life insurance, including:
Your job
High-risk or stressful jobs can lead to higher premiums
Health indicators
Your height and weight are considered when pricing policies
Lifestyle choices
Smoking and drinking habits can significantly impact premium costs
Medical history
Pre-existing conditions must be disclosed and can affect the cost of your policy
Hobbies
Engaging in dangerous activities can influence both the availability and cost of insurance
Policy type and term
Certain policies may be more affordable than others. For example, a decreasing term policy is likely to be cheaper than a level term policy as it has a payout that decreases over time.
To help you work out how much life insurance cover you need, use our life insurance calculator. Our guide to how much life cover you might need can also assist in making an informed decision.
How do I find the best life insurance policy?
The best type of life insurance for you depends on your financial needs and budget. Whether it's a level term policy, a whole of life policy, or a joint life insurance policy, each has its benefits and considerations.
For those over 50, an Over 50s life insurance policy may be suitable, and you may also want to add critical illness cover for comprehensive protection.
Regardless of the type of policy you choose, it's always worth comparing quotes to make sure you aren't paying more than you need to.
Author
Rachel Ditchburn
Former Senior Commercial Manager
Rachel is a former Senior Commercial Manager at MoneySuperMarket, where she oversaw the Protection, Pet and Leisure Insurance channels. Outside of work, Rachel is a keen cook and enjoys live music,...
Reviewer
Rebecca Goodman
Personal Finance & Insurance Expert
Rebecca is an award-winning financial journalist with over a decade of experience writing for print and online media. Her mission is to take the jargon out of personal finance and to help everyone...
