Compare Life Insurance Policies From £5 a Month

Make sure that you're prepared for the worst by browsing through a range of the best life insurance policies available.

Peace of Mind

A good life insurance policy will offer your loved ones a financial safety net should the worst happen.

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Why do I need Life Insurance?

Life Insurance is designed to pay out a lump sum to your relatives or other beneficiaries in the unfortunate even of your death, offering peace of mind and financial security at the most difficult of times.
Mortgage Protection

Mortgage protection life insurance will ensure that if the worst happens to you, your family won’t lose their home.

Income Protection

As with mortgage protection, a good life insurance policy can help maintain your family's standard of living by replacing any lost income.

Funeral Expenses

Don’t let your loved ones shoulder the burden of funeral expenses & medical bills.

Your Children's Education

It's never been more important to have money available for your children's future, even if you are not there to see it.

How does life insurance work?

Life insurance gives you peace of mind that if the worst happened to you, your family and anyone else who depends on you financially will be given a helping hand at a difficult time. You pay an instalment (premium) every month, and then in the unfortunatey event of your death, your loved ones will receive a lump sum of money.

Life insurance is, ultimately, a selfless product, but it's still important that you make sure you don't overspend on it. Policies come in a range of different shapes and sizes, with prices varying accordingly, so make sure that you get the kind of cover you need at a price that you like.
Term Life Insurance

Life insurance policies fall in to one of two broad categories, the first of which, term life insurance, offers cover for a set period.

A term policy will pay out to your beneficiaries in the unfortunate event that you pass away during the set period - typically between 10 and 25 years, though this is ultimately up to you. There are three major types of term insurance:

Level term policies will pay out at a set amount, regardless of how long into the policy you pass away. Decreasing term policies will pay out incrementally less as the policy term goes on - these kinds of policies are typically used in order to insure the repayment of existing debts. Increasing term policies do the opposite, paying out a higher amount the further into the policy, these are typically used as safeguard against inflation.

Whole of Life Insurance

Whole of life cover will, as the name suggests, pay out in the event of your death, whenever this may be.

For this reason, whole of life cover is often known as life assurance, since it assures, or guarantees, a pay out should you pass away.

Whole of life policies tend to be more expensive than the various forms of term insurance, for the straightforward reason that a payout is guaranteed at some point. As such, it's important to weigh up the relatives benefits against the relative costs when choosing a policy type. This is a decision that you will ultimately have to make yourself, but by comparing policies of both types, you'll be able to clearly assess the costs of each.

Small Print and Exclusions

As with any other kind of insurance, life insurance policies will come with a range of exclusions and caveats that may block payouts, so it's important that you read up on the small print before you sign on the dotted line.

Full disclosure is always absolutely essential. While disclosing previous illnesses or the fact that you smoke, for example, may push up the cost of your premiums, being found to have not declared these kinds of things could lead to your policy being invalidated.

Typically, insurers will not pay out if your death is self-inflicted, due to misuse of drugs, or due to gross negligence on your own part. If you're unsure of anything, speak to your insurer.

Compare Life Insurance Policies

Have a read through our guides to find our more about the different types of life insurance policy, and the kinds of things that might exclude you from cover.

You'll also find out about different kinds of optional extras, like mortgage payment protection insurance, that you can add on to your policy, depending on you reasons for taking it out.

But whatever kind of policy you decide to take out, make sure you compare a wide range to ensure that you're getting the most for your money.

Frequently Asked Questions about Life insurance:

What will I be covered for?
Life insurance policies are designed to pay out upon the death of the policy holder. However, even though we will all die one day, this does not mean that every life insurance policy will always pay out. Whether or not your loved ones will receive a payout is dependent upon the intricacies of your specific plan and what its exact terms and conditions are. Most life insurance policies are only designed to cover you for a certain period of time. This means that if you die within this timeframe, your family will receive a payout in line with the amount outlined by your policy. This type of life insurance is known as "term life insurance", life insurance that pays out regardless of the time of your death is known as "life assurance" because of the fact that you are assured a payout.
Do employers offer life insurance?
There are many employers who offer what is referred to as a death-in-service benefit. This death-in-service benefit is a payment that your family will receive from the company that employs you, if you die whilst still being employed by them. This benefit will come in the form of a lump sum and normally equals about four times your yearly salary. This can sometimes be enough to help your family with the immediate financial burden that they will be placed under but you may want to take out some extra cover depending on what you need.
How long should I get cover for?
This is question that purely depends on your own, personal situation. Some people decide to choose a term that will last until their children have reached the age of 18 whilst others choose a term that will go until their children have finished university. It really does just come down to what you want to get out of your life insurance plan. You should also take your age into account when making this decision as that will affect the amount that you pay for your policy.
How much should I expect to pay for life insurance?
The cost of different life insurance policies vary a lot depending on what form of plan you are taking out and also on how large you want the payout to be. As with all forms of insurance, providers are essentially betting against you making a claim. This means that if they view you as a higher risk candidate, they will charge you more for insurance than they would somebody who was at a lower risk. This means that if you are somebody who is in great physical shape and leads a healthy lifestyle, you can expect to pay slightly lower rates on your premium than somebody who is not. They also take age into account when deciding upon the cost of your plan, as a general rule the older you are the more expensive the plan will be however there are other factors taken into account. If you are a smoker, quitting will definitely lower the rates that you need to pay.
Can I get life insurance if I am already ill?
Some people find it difficult to take out life insurance if they have already been diagnosed with a serious medical condition, due to the fact that there are many insurance companies who will not allow policies to these people. There are however some companies that will still allow you to take out an insurance policy at a higher premium. There are other companies that offer policies which exclude cover for the disease you have been diagnosed with but will cover you if you die from a cause that is unrelated to it. You should check with an insurance company directly to find out exactly what is covered by the policies they offer, this way you can find out if the plan is relevant to you or not before you sign up to it.
Do my family need to pay tax on the payout?
The payout that your family receive as the result of your life insurance will not be taxed by capital gains or income tax. However there is a chance that it may fall under inheritance tax in some situations. This can be easily avoided if you make sure that when you are writing your policy it is written "in trust". Writing it up "in trust" allows the payout to go straight to your dependents without being in anyway affected by inheritance tax.
Is the money always paid as a lump sum?
You can choose how you would like your family or beneficiaries to receive the insurance payout in the event of your death. There are some plans that offer to pay out the money as one lump sum and on which your family will simply receive the entire payment at once. Alternatively you can ask for your family to receive the payment in the form of an income. This often make the money easier to manage for those receiving it.
How does age affect life insurance prices?
There is a general rule that applies to life insurance prices in relation to age and that is that the older you get the more expensive your premium will be. The reason for this is fairly straightforward - that the older you are the shorter your life expectancy and therefore the likelihood is higher that you will pass away whilst on the plan. However, age is not the only thing that your insurer will take into account. They will also consider things such as your general health and lifestyle so it is important to focus on these things especially if you are older and looking for an affordable policy. There are still a lot of insurers who will cover somebody over the age of 50 and some of them will even do this without requiring a medical first.