Establish how much life insurance cover you need by reading…
The average cost of life insurance in the UK is currently £38.15, according to our extensive internal research here at Reassured; the UK’s largest life insurance broker * .
We calculated this average cost from 142,576 term life insurance policies, sold between 08/09/21 - 08/09/22, with an average sum assured (cover amount) of £151,972.
Was this the price you were expecting?
Reassured offer monthly premiums that cost as little as £5 a month † , but the price you pay can vary depending on:
To secure the best cost life insurance it’s essential to compare quotes.
Why not do this using the FCA-regulated broker service offered by Reassured?
We work with some of the UK’s leading providers, as well as smaller specialists, to find you the most cost-effective life insurance.
Simply get in touch for your personalised, fee-free and no-obligation quotes.
In this article we’ll discover:
The average price you pay for life insurance can vary depending on a variety of factors.
The table below shows how the average cost of life insurance can differ:
|Level term||Decreasing term||Whole of life||Over 50s plan||Men||Women||Smoker||Non-smoker||Joint policy|
|Average premium cost||£38.23||£38.07||£178.30||£29.65||£44.85||£31.30||£40.34||£38.53||£46.23|
This data has been taken from our internal sales data and is the average price of all policies broken down by each category, sold to our customers of all applicable ages, over a 12-month period. The sum assured will vary. Data correct as of 22/09/2022
The cost of your life insurance, per month, is calculated using your personal circumstances and the details of your chosen policy.
These monthly payments are known as life insurance premiums.
The factors that influence the monthly cost of life insurance premiums include:
These factors allow insurers to assess your level of risk (how likely it is for a claim to be made) and your monthly life insurance premium is calculated accordingly.
Compare quotes through Reassured to find the best policy for your personal circumstances.
That sum assured you choose should be one that can take care of all essential costs for your loved ones after your passing.
This can allow them to maintain their current lifestyle and prevent them from making changes (such as moving from the family home) to their life at an already distressing time.
Important costs you may wish to consider include:
As well as these costs, you may also wish to factor in an additional sum to leave as a cash gift for your loved ones in the form of an inheritance.
Speaking to an expert can help you establish what costs you need to cover, as well as allowing you to compare all your available options.
Why not contact Reassured to help you make a fully informed decision about the best life insurance to meet your needs?
£38.23 is the average cost of level term life insurance, according to internal data from our award-winning brokerage.
Level term life insurance provides cover for a specified period of time (the term) and will pay out a fixed sum if you pass away during this time.
The fixed lump sum can help to protect large expenses for your loved ones such as an interest-only mortgage, other large debts and family living costs.
Level term life insurance can be one of the cheapest options.
However, you’ll need to provide key information during the application (such as medical information) which could inflate the price you pay (depending on your personal circumstances).
The table below shows example costs of a level term life insurance policy. Quotes are based on a non-smoker, in good health, with a 20-year term and £100,000 of cover:
|Age||Level term cost per month|
The price of level term life insurance can vary dramatically between providers and due to your unique circumstances.
For this reason, it’s essential to compare quotes to find the best deal.
Our FCA-regulated broker service can provide you with level term life insurance quotes from some of the UK’s leading providers to help you find the most affordable policy to meet your needs.
Simply contact a friendly member of the team today for your free level term quotes.
The average cost of decreasing term life insurance is £38.07, according to extensive research by our award-winning team.
Decreasing term life insurance is often the cheapest option as your risk to the insurer reduces each year as your sum assured decreases.
Your sum assured will often reduce at the same rate as a repayment mortgage, making it an ideal option to help cover this cost.
While this may be the average cost for decreasing term life insurance, the exact price you pay will vary from person to person.
This is because key information will be taken into consideration when calculating your premium.
The table below shows example costs for decreasing term life insurance and how it can be a cheaper option than level term life insurance.
Quotes are based on a non-smoker, in good health, with a 20-year term and £100,000 of cover:
|Age||Decreasing term cost per month||Level term cost per month||Cost difference (%)|
Compare decreasing term life insurance through Reassured, starting from just 20p-a-day ¥ .
A friendly member of the team can also help you to compare level vs decreasing term to ensure you’re securing the best option to meet your needs.
The average cost of whole of life insurance is £178.30 (according to findings from our FCA-regulated broker service).
This average cost may seem a lot more than the other products discussed in this article, but this is because whole of life insurance lasts for life and guarantees a pay out.
This can allow you to guarantee an inheritance for your loved ones, or they could use the funds to help cover the cost of your funeral.
The table below shows example costs of whole of life insurance. Quotes are based on a non-smoker, in good health, for £100,000 of cover:
|Age||Whole of life cost per month|
Although premiums are cheaper while you’re younger, if paying this amount over your whole lifetime, this could become costly.
For this reason, whole of life insurance can be better suited to those later in life who are still in good overall health.
While the premium price may be greater, it’s likely this will be paid over a shorter period than if you were to take out a policy earlier in life.
It will also allow you to take out a greater sum assured than with an over 50s plan, so you can provide a greater cash gift for your loved ones.
Whole of life insurance starts from just 27p-a-day ± through Reassured, simply get in touch for your free quotes.
Our in-depth research shows that the average price of over 50 life insurance is £29.65.
Over 50s plans can often have more expensive premiums as you’re not required to provide medical information.
Insurers tend to use higher premiums to mitigate the risk of providing cover. However, some providers will offer a maximum premium price (for example £75) which means you won’t be charged any higher than this.
Another caveat insurers use to mitigate the unknown medical risk is offering a lower sum assured (capped at £20,000). This could explain the cheaper average cost in comparison to the other policies mentioned in this article.
The table below shows example costs of over 50 life insurance. Quotes are based on a non-smoker for £10,000 of cover:
|Age||Over 50 life insurance cost per month|
It’s also important to note that your age will have an impact on the level of cover you can secure. As you can see from the table above, not all ages were able to secure a sum assured of £10,000.
At Reassured we can help you secure over 50s plans, from two of the UK’s leading providers, starting from just 20p a day + .
Get in touch for your personalised, fee-free and no-obligations quotes.
Buying a house and securing a mortgage is often a trigger to secure life insurance to protect your new home.
Most commonly, a decreasing term life insurance policy is taken out to help protect a repayment mortgage as your sum assured can reduce in line with your remaining mortgage balance.
At the end of 2021, average mortgage debt in the UK stood at £137,934 with the average house price at £231,855 and the average mortgage term being 25 years.
Research suggests that the average age of a first time buyer is now 32 years old - having risen from age 29 over the last decade.
The table below shows example life insurance costs to protect a mortgage, over a 25-year period, for £250,000 of cover. Quotes are based on a non-smoker in good health:
|Age||Mortgage life insurance cost per month|
To determine the cost of life insurance to protect your own mortgage, it’s essential to get an individually tailored quote to match your mortgage balance and term.
Why not get in touch with the award-winning team at Reassured for your fee-free and no-obligation mortgage life insurance quotes?
The average price for life insurance with critical illness cover is £42.83, according to the internal data here at Reassured.
Critical illness cover can be added to your life insurance policy for an additional fee.
It will allow you to make an early claim on your policy if you’re diagnosed with a life-changing illness.
The funds received can help you to replace lost income if you’re unable to work and/or pay for private medical treatment to help with your recovery.
Once a critical illness claim has been made, your policy will expire, and your loved ones won’t be able to make a claim upon your passing.
The table below shows example costs of life insurance with critical illness cover vs a standard life insurance policy. Quotes are based on a non-smoker, in good health, for a level term life insurance policy with a 20-year term and £100,000 of cover:
|Age||Cost of life insurance with critical illness cover||Cost of life insurance without critical illness cover|
The cost of life insurance with critical illness cover is more expensive due to the additional level of cover provided.
It can be possible to secure critical illness cover separately to your life insurance policy through some providers, although this would require two premiums.
Compare life insurance with critical illness cover quotes through Reassured to find the most affordable deal.
We discovered that the average cost of joint life insurance is £46.23.
Joint life insurance can be an ideal option for couples who have shared financial commitments (such as a mortgage or family living costs).
You may also need to have your own separate financial commitments (such as personal debt) covered under this policy - perhaps accounting for the higher average cost.
The policy will cover both lives, meaning only one premium is required between the two of you.
While this can help you to save money, only one pay out is provided. If you have a young family, this may not be sufficient to cover both parents.
It’s also important to note that if one partner is considered to be more high risk than the other, the premium you both pay will be influenced by this.
If it’s within your budget, it can be beneficial to take out two separate policies to provide two separate pay outs to ensure everything is covered for your loved ones.
The table below shows example costs of joint life insurance vs two single policies. Quotes are based on non-smokers, in good health, for a level term policy with a 20-year term and £100,000 of cover:
|Age||Cost of one joint policy||Cost of two single policies||Cost difference (%)|
Contact Reassured to conduct a full joint vs two single life insurance comparison to find the most cost-effective option.
The average cost of life insurance for a smoker is £40.34, compared to a non-smoker which is £38.53.
Your smoking status is part of the standard information you’ll need to provide during the application process.
Due to the health conditions that smoking can cause, smoking can increase the price that you pay each month.
Even if you have quit and are using nicotine substitutes such as vapes and e-cigarettes, you’ll still be classed as a smoker in the eyes of insurers.
The table below shows example costs of life insurance for a smoker vs a non-smoker. Quotes are based on an applicant in good health for a level term life insurance policy with a 20 year term and £100,000 of cover:
|Age||Smoker price per month||Non-smoker price per month||Cost difference (%)|
Quitting smoking can help you to save money on the cost of your life insurance.
However, you’ll need to have been free of nicotine for at least 12 months for most insurers to consider you a non-smoker.
Reassured have helped to secure affordable life insurance for over 100,000 UK smokers.
Simply get in touch with a friendly member of our team for your personalised quotes.
We found that the average cost for life insurance for women is £31.30 and £44.85 for men.
Gender isn’t a factor that insurers take into consideration when calculating your monthly life insurance premium, meaning men and women are charged the same standard rate.
What can cause the fluctuation in price between men and women is personal circumstances and the level of cover that’s required.
If we consider things such as:
Any of these factors, plus many more, could contribute to men securing a higher level of cover and, therefore, a higher average cost.
It’s important to note that, even though our average costs show one figure, this may not be the price of your individual quotes.
The average premium displayed in the article is from a wide range of customers, from all walks of life.
This means it can be possible to secure a lower premium, depending on your personal circumstances.
At Reassured, we put you first and strive to find you the most affordable deal on life insurance that meets your needs.
We can provide you with personalised quotes, starting from just £5-a-month, free of charge and with no obligation to take out a policy.
Why not put us to work and let us help you find the right policy for you (at a price that’s within your budget).
Is the average life insurance cost in the UK what you thought it would be?
Remember, there are many factors that are considered when calculating the individual cost of your life insurance - meaning the cost of life insurance can vary significantly.
That’s why, it’s always important to compare multiple quotes to ensure you’re taking out the most cost-effective cover.
Reassured offer an award-winning broker service which can save you time and money by helping you to compare quotes from some of the UK’s leading providers.
Regardless of your age, health and chosen policy type, we can help to find you the policy that’s best for your unique circumstances.
Best of all, we can provide you with free quotes which start from as little as 20p-a-day.
Get in touch today to secure the financial future of your loved ones.
^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, over a 12-month period. The sum assured will vary. Data is correct as of 22/09/2022
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry