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Life insurance summary

What is life insurance?

Life insurance is a type of policy that provides your loved ones with a cash pay out if you pass away during a set period of time.

There are different types of life insurance available to meet varying needs and the monthly cost will depend on your individual circumstances.

Making a claim is a simple process and the pay out can be used by your loved ones to help clear a mortgage, pay bills and cover living costs.

Life insurance starts from just £5 a month through Reassured. We could help you save money by comparing deals from multiple leading insurers.

What is life insurance and why is it important?

Find out all you need to know in this short video:

Why get life insurance?

Life insurance is designed to protect the financial future of your family.

If you were to pass away unexpectedly, could your loved ones afford to:

  • Keep up to date with mortgage or rent payments?
  • Cover bills & everyday family living costs?
  • Pay for additional childcare or take time off work to care for children?
  • Pay for your funeral?

It could be a good idea to get life insurance cover if:

  • You have an outstanding mortgage or other unpaid debts
  • You have dependents, such as a partner and/or children, who rely on your income to cover financial commitments
  • You don’t have death in service benefit through your employer, or the death in service benefit you’re entitled to isn’t sufficient for your needs
  • You want to leave an inheritance for your children or grandchildren
  • You want to contribute towards your funeral costs for peace of mind

Having a life insurance policy in place can give you reassurance, knowing that your family will be financially secure even if you were no longer around.

How does life insurance work?

Life insurance mostly works like this:

Choice Of Options

Choose a policy. Select the type of life insurance that best suits your needs, choose how long you want to be covered for and the amount of cover.

Paperwork Application

Apply. This involves answering some questions about your health and lifestyle. Your personal circumstances will affect the cost of your life insurance.

Payment Period

Pay your premiums. Once your policy is in place, you’ll pay your monthly life insurance premiums for the duration of the policy term. If you stop paying, your cover will also stop.

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Make a claim. If you pass away during the policy term, your loved ones can make a claim and receive a cash lump sum payment to help them manage financially.

The type of life insurance you choose and how much cover you secure will determine the amount that’s paid out to your loved ones if you were to pass away.

For example, a level term policy will provide a fixed cover amount (the pay out amount stays the same throughout the policy term), whereas a decreasing term policy will provide a cover amount that reduces throughout the term (typically in line with a repayment mortgage).

For more information read our in-depth article on how life insurance works in the UK »

Or continue reading to learn about some of the different life insurance policies we have available at Reassured…

What type of life insurance do you need?

The type of life insurance you may need will depend on your personal and financial circumstances.

At Reassured, we can help you arrange the following life insurance options:

Life insurance level term cover

Level term life insurance

Level term life insurance is one of the most popular policy types and offers a cover amount that remains the same throughout the policy term.

It’s often taken out to help protect a mortgage and future family living costs.

  • Pays out a fixed lump sum if you pass away during the policy term
  • Sum assured up to £1,000,000
  • Term length up to 40 years
  • Available to applicants aged 18 - 86
  • Free terminal illness cover
Life insurance decreasing term cover

Decreasing term life insurance

Decreasing term life insurance is usually one of the cheapest policy types and offers a cover amount that decreases throughout the policy term. It’s often taken out to help protect a repayment mortgage or other debts that reduce over time.

  • Pays out a decreasing lump sum if you pass away during the policy term
  • Sum assured up to £1,000,000
  • Term length up to 40 years
  • Available to applicants aged 18 - 86
  • Free terminal illness cover
Life insurance with critical illness cover

Life insurance with critical illness cover

If taking out term-based life insurance, you could add critical illness cover for an extra cost. This can provide financial security if you become critically ill during a set term and unable to earn an income.

  • Pays out a cash lump sum if you pass away or suffer from a critical illness (listed in your policy) during the policy term
  • Covers up to 30 illnesses including heart attack, stroke and cancer
  • Term length up to 40 years
  • Available to applicants aged 18 - 75
Life insurance whole of life

Whole of life insurance

Whole of life insurance covers you for the rest of your life and guarantees to pay out no matter when you pass away.

It’s often taken out by those in later life to help cover funeral costs or to provide an inheritance for loved ones.

  • Lifelong cover
  • Guarantees to pay out when you pass away
  • Sum assured up to £1,000,000
  • Available to applicants aged 18 - 84

Free terminal illness cover

Term-based life insurance policies arranged through Reassured come with free terminal illness cover as standard.

This means if you’re diagnosed with a terminal illness and predicted to pass away within 12 months, you can make an early claim on your policy.

The funds could help you get your affairs in order, fund private medical treatment or however you see fit.

When looking for suitable life insurance, it’s important to compare quotes for your chosen policy as prices will vary between different insurers.

See if you can save money by using our award-winning broker service. We’re dedicated to helping you find the right cover at the right price.

How to buy life insurance?

You can buy life insurance through Reassured in several ways:

Friendly Helpful

Get in touch to speak to one of our life insurance experts

Telephone

Use our quick and simple buy online service

We have a dedicated article on how to buy term life insurance online for all the information you need »

How much life insurance do I need?

How much life insurance you need can be calculated by adding up all your current financial commitments, such as mortgage, bills, and childcare, as well as extra costs such as funeral expenses.

We’ve listed some of the main outgoings you may have, and included some UK money statistics to help you with the calculation:

Mortgage

Mortgage or rent payments - The average mortgage debt in the UK is £127,140[1] and the average cost of rent is £11,675 per year[2]..

Family Protection

Family living costs - UK families spend on average £28,194 a year on everyday living expenses including transport, food shops, utilities and council tax[2].

Debts

Outstanding debts - The average adult’s debt in 2022 was £34,737 (not including mortgages)[3] and the average credit card debt per household in 2023 was £2,452[4].

Childcare Cost ABC

Childcare and school costs - The average cost of full-time childcare in the UK is £302.10 per week[5]. Costs associated with primary school can add up to £864.87 per child every year and £1,755.97 per child every year for secondary school[6].

Funeral

Funeral costs - A basic funeral costs on average £4,141 and the total cost of dying, which includes funeral costs and legal fees, is £9,658[7].

Life insurance could also provide an inheritance for loved ones, which you could factor in when deciding how much cover you need.

For a personalised estimate of your ideal cover amount, use our simple life insurance calculator below.

Life Insurance Calculator

Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk

£
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk

£
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk

£
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk

£
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org

£
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk

£
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net

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What does life insurance cover?

Typically, life insurance covers you and will pay out if:

  • You pass away during the policy term due to natural or accidental cause
  • You’re diagnosed with a terminal illness and expected to live less than 12 months (term life insurance policies only)

Typically, life insurance doesn’t cover you and won’t pay out if:

  • You’re not up to date with your monthly premiums
  • You weren’t fully truthful on your application (non-disclosure)
  • You outlive the policy term (excluding whole of life insurance policies, which last until you pass away)
  • The cause of death is suicide (when suicide is not covered. Most insurers cover suicide after a waiting period of 12 or 24 months)

In 2022, life insurance companies paid out 96.9% in life insurance claims, totalling £3,907,342 (average pay out £73,578[8]).

How much is life insurance?

Life insurance arranged through Reassured starts from just 20p-a-day.

Although, the exact cost of life insurance is dependent on each individual applicant.

However, premiums are dependent on the individual applicant and will be influenced by:

The underwriting process will determine the level of risk you pose to the insurer and your premiums will be priced accordingly.


The tables below show example premium prices for some of our main policy types. Quotes are based on a non-smoker in good health.

Level term life insurance
Cover amount: £200,000
Policy term: 20 years

Age Legal & General AIG logo Aviva
20£4.99£4.91£4.34
25£5.68£5.64£5.07
30£7.31£7.17£6.61
35£9.91£9.64£9.64
40£14.69£14.01£13.54
45£22.32£20.65£20.61
50£36.89£32.15£33.70


Decreasing term life insurance

Cover amount: £200,000
Policy term: 20 years

Age Legal & General AIG logo Aviva
20£4.99£4.83£4.40
25£4.99£4.92£4.84
30£5.13£5.36£4.99
35£6.76£6.38£6.50
40£9.40£8.99£8.91
45£13.68£13.28£13.34
50£21.52£20.38£21.75


Level term life insurance with critical illness cover

Cover amount: £200,000 of life cover and £75,000 of critical illness cover
Policy term: 20 years

Age Legal & General AIG logo Aviva
20£13.60£16.29£15.79
25£18.67£21.32£19.80
30£26.65£28.09£25.86
35£37.51£38.09£36.18
40£52.38£53.38£52.16
45£77.11£76.62£75.94
50£121.06£113.32£112.33


Whole of life insurance

Cover amount: £50,000

Age Zurich logo AIG logo
20£32.76£32.78
25£33.54£34.74
30£37.90£37.95
35£43.20£43.89
40£50.91£51.23
45£57.32£58.79
50£70.39£72.34
55£73.29£75.10
65£106.78£117.43
70£138.88£149.41


Comparing life insurance quotes can help you find a good deal, as prices vary significantly between different insurers.

Get free, personalised quotes through Reassured and see if we can secure you an excellent deal on your life cover.

Other types of life insurance

Covers two people under one policy. Pays out once if either partner passes away during the policy term. Could be cheaper than having two single policies.

Available through Reassured.

Offers a monthly cover amount (up to £5,000 a month) for your loved ones. Can help to replace your income if you passed away during a specified term.

Available through Reassured.

Covers you for the rest of your life and guarantees to pay out. Available to applicants aged 50 - 85. No medical information is required during the application process.

Available through Reassured.

Helps to replace your income if you’re unable to work due to illness or injury. Can cover up to 70% of your normal earnings. Short-term and long-term options available.

Available through Reassured.

How to compare life insurance quotes [fee-free]

Comparing life insurance quotes can help you save money on your chosen policy, as prices vary between different insurers.

Reassured, the UK’s largest life insurance broker, can compare multiple deals from leading insurers including:

Using our fee-free broker service, you can get personalised and no-obligation quotes within minutes.

The team at Reassured can also provide expert support and answer your questions at any point, free of charge.

Simply fill in our online quote form to receive your free life insurance quotes and see how much you can save through us.

Life insurance FAQs

When should you get life insurance UK?

When you should get life insurance will be a personal decision, but usually people secure financial protection after a major life event, such as:

While these are good reasons to get life insurance, it’s also important to bear in mind that premiums are more expensive as you get older.

Therefore, taking out a policy as soon as you can, while you’re younger and healthier, could be the best time as premiums may be cheaper.

How long should I get life insurance for?

This depends on the policy you choose, and which costs you’d like your policy to cover. There are several factors that may influence how long your life insurance should last for:

  • Your mortgage. If you’re taking out life insurance to help cover your mortgage, then your policy term should match your mortgage term. Whether that’s 15, 25 or 35 years, your policy could last until the mortgage is paid off and your loved ones aren’t at risk of losing their home if you passed away
  • The age of your children. If one of your main concerns is protecting your family while your children are still young and financially dependent on you, then you could choose a policy term that lasts until your children are grown up and financially independent (such as 18 or 21 years old)
  • Your age. Your specific age when taking out life insurance could determine the length of your policy, as term-based policies have a maximum age limit (usually 90) for when they must end
  • Your budget. One of the main factors when deciding how long your life insurance should last for is how much you’re able to spend each month. The longer the policy term, the higher your premiums will be

Term life insurance has a maximum term length of 40 years through Reassured. With whole of life insurance and over 50s plans, the cover lasts for life, so you don’t need to choose a policy term.

What is the average life insurance cost per month?

The average life insurance cost is £34.43 a month**, according to internal research carried out by Reassured.

This is calculated from 119,244 term life insurance policies, sold between 01/01/23 - 31/12/23 with an average cover amount of £162,038.

However, the actual cost of your policy will depend on your personal circumstances and the specific policy you choose.

As mentioned, it’s possible to secure life insurance from just £5 a month through Reassured.

What happens if I outlive my life insurance policy?

If you outlive your term-based life insurance policy, then your premium payments will stop and the cover will no longer be in place.

There’s no cash lump sum payment at the end of the term.

If your policy expires and you still need financial protection, then depending on your age and health you could secure a new term-based policy.

Alternatively, you may consider over 50s or whole of life insurance, which provide cover for the remainder of your life.

How many life insurance policies can I have?

It’s possible to have multiple life insurance policies if you require.

For example, you could take out a decreasing term policy to help cover your mortgage and a level term policy to help cover family living costs.

While there’s no legal limit to the number of policies you can have, it’s unlikely that you’ll be able to secure more cover than what’s deemed necessary for your circumstances.

Can I cancel my life insurance policy?

Yes, you can cancel your life insurance policy.

If you cancel your policy within the 30 day cooling off period, then you’ll receive a refund of any premiums you’ve paid.

If you cancel your policy after the cooling off period, then you won’t receive a refund of the premiums you’ve paid.

With some insurers it’s possible to reduce your cover amount or reduce the term of your policy in exchange for a lower premium.

This may be something worth considering before cancelling your policy and losing the money you’ve already paid in.

What is the difference between life insurance and life assurance?

Life insurance typically refers to a term-based policy that will only pay out if you pass away during a specified term.

Life assurance typically refers to a whole of life or over 50s policy which assures to pay out when you pass away.

We have a complete life insurance vs life assurance guide for a more detailed comparison of both polices.

Sources:

[1] https://www.finder.com/uk/mortgage-statistics

[2] https://www.nimblefins.co.uk/average-uk-household-budget

[3] https://www.money.co.uk/press/uk-personal-debt-rose-a-third-in-2022

[4] https://www.finder.com/uk/debt-statistics

[5] https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk

[6] https://cpag.org.uk/news-blogs/news-listings/education-costs-parents-%E2%80%93-typically-least-%C2%A339-week-secondary-school-kids-

[7] https://www.sunlife.co.uk/funeral-costs/

[8] https://www.abi.org.uk/news/news-articles/2023/5/protection-insurers-pay-out-6.85-billion-to-support-individuals-and-families/

*Based on total revenue in latest published accounts following competitor market analysis

**This information has been gathered from our internal sales data and is the average price of all term life insurance policies (both level and decreasing term) sold to our customers, of all applicable ages, between 01/01/23 - 31/12/23. The sum assured will vary. Data is correct as of 05/01/24

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