Average Life Insurance Cost UK [New 2026 Prices]

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Average life insurance cost UK

What is the average life insurance cost per month?

The average cost of life insurance in the UK during 2024 was £32.64 per month^{^}, according to our extensive research at Reassured; the UK’s largest life insurance broker^*. This figure is down from £34.43 per month in 2023.

We calculated this average cost from 121,561 term life insurance policies, sold between 01/01/24 - 31/12/24, with an average cover amount (the sum assured) of £160,871.36.

Reassured offer monthly premiums that cost from as little as 20p-a-day^† but the price you pay can vary depending on:

The policy type you take out
Your level of cover
Your policy term
Your personal circumstances

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 our most cost-effective life insurance.

Simply get in touch for your personalised, fee-free and no-obligation quotes.

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Average cost of life insurance breakdown

The average price you pay for life insurance can vary depending on a variety of factors.

The table below shows the average cost of life insurance by policy type, gender and smoking status based on our internal data during 2024 vs previous years. Please note the sum assured (cover amount) will vary.

	Level term	Decreasing term	Whole of life	Over 50s plan	Men	Women	Smoker	Non-smoker	Joint policy
2024	£35.52	£29.75	£59.93	£27.62	£40.95	£29.17	£35.65	£34.76	£44.03
2023	£37.02	£31.83	£85.61	£24.41	£42.80	£31.26	£35.94	£37.34	£36.50
2022	£37.84	£36.63	£131.27	£22.65	£44.59	£30.59	£36.15	£38.31	£55.22
2021	£33.77	£36.04	£116.86	£23.22	£40.51	£28.07	£32.04	£34.71	£50.83
2020	£32.22	£34.24	£113.14	£23.04	£38.73	£26.55	£32.29	£32.38	£51.40

This data has been taken from our internal sales over a 12-month period between 1st January - 31st December for each year, with customers of all applicable ages. The price for men, women, smokers, non-smokers and joint policies have been taken from all level and decreasing term life insurance policies sold.

What is the average cost of decreasing term life insurance?

The average cost of decreasing term life insurance is £29.75, according to extensive research by our award-winning team.

This figure was calculated based on 14,455 decreasing term policies sold through Reassured during 2024. The average sum assured was £188,598.58 and the average age of the policyholder at the point of inception was 47 years.

Decreasing term life insurance is often the cheapest option as your risk to the insurer reduces each year as your sum assured decreases.

The sum assured often reduces 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 varies depending on your personal circumstances and the cover you want to take out.

What is the average cost of whole of life insurance?

According to internal findings from our FCA-regulated broker service, the average cost of whole of life insurance is £59.93.

This figure was calculated based on 1,020 whole of life insurance policies sold through Reassured in 2024. The average sum assured was £22,307.63.

The average cost is higher than the other products discussed in this article. This is because whole of life insurance provides lifelong cover and pays out when (not if) you pass away.

Whole of life insurance could be used to help pay off any inheritance tax bills, or it could provide an inheritance for your loved ones to spend as they wish. In this instance, writing whole of life insurance in trust could be beneficial.

As with most other forms of cover, the exact price you pay will vary depending on your personal circumstances.

Whole of life key points:

Provides lifelong cover
A lump sum is paid out when you pass away (subject to you paying your premiums)
Maximum sum assured up to £1,000,000
Pay out sum is fixed
Ideal for helping to cover an inheritance tax bill or provide an inheritance
Low-cost premiums from 27p-a-day through Reassured's advised team^±

What is the average life insurance cost for a mortgage UK?

Most commonly, a decreasing term policy is taken out to help protect a repayment mortgage, therefore £29.75 would be the average life insurance cost for a mortgage.

This figure was calculated from 14,455 decreasing term policies sold through Reassured during 2024, with an average sum assured of £188,598.58.

Buying a house and securing a mortgage is often a trigger to secure life insurance to protect your new home, decreasing term life insurance is often a popular choice as your sum assured can reduce in line with your remaining mortgage balance.

In 2025, the average mortgage debt in the UK stood at £137,510, with house prices averaging around £272,995^[1]. 25 years is often seen as an ‘average’ mortgage term, however mortgage terms can now be well over 30 years^[1].

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^[2].

The table below shows example decreasing term life insurance costs to protect a mortgage, over a 25-year period, for £285,000 of cover. Quotes are based on a non-smoker in good health:

Age	Mortgage life insurance cost per month
20	£5.57
25	£6.16
30	£7.38
35	£9.64
40	£14.00
45	£22.17
50	£37.04

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?

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What is the average cost of life insurance with critical illness cover?

The average price for life insurance with critical illness cover is £27.90, according to our internal data here at Reassured.

This figure was calculated based on 14,021 life insurance with critical illness cover policies (sold through Reassured in 2024). The average sum assured was £54,444.95.

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 (that’s listed within your policy).

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.

If a critical illness claim is made, your policy will expire, and your loved ones won’t be able to make a claim upon your passing.

Critical illness cover key points:

Additional level of cover in case of serious illness
Can be added to your life insurance policy for an additional cost
Can help you to replace lost income and/or pay for private medical treatment
Once a claim has been made your policy will expire (including life insurance)
Available with term life insurance policies
Low-cost premiums from 33p-a-day through Reassured^º

The table below shows example costs of life insurance with critical illness. Quotes are based on a non-smoker, in good health, for a level term life insurance policy with a term length of 20 years and a sum assured of £50,000:

Age
20	£9.15	£9.17	£10.12	£11.84
25	£11.71	£11.69	£12.92	£14.21
30	£14.99	£15.04	£16.85	£17.79
35	£19.97	£19.94	£22.51	£22.95
40	£27.96	£27.93	£30.47	£32.62
45	£39.84	£39.81	£42.02	£47.41
50	£58.19	£58.16	N/A	£70.48

The cost of life insurance with critical illness cover tends to be more expensive than life insurance without critical illness cover 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 our most affordable deal.

What is the average cost joint life insurance?

We discovered that the average cost of joint life insurance is £44.03.

This figure was calculated based on 3,530 joint life insurance policies (level term and decreasing term) sold through Reassured in 2024. The average sum assured was £215,902.61.

Joint life insurance protects two lives under once policy, with one premium to pay between you both.

This can help couples to protect any shared financial commitments, such as a mortgage and/or family living costs.

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.

If it’s within your budget, it can be beneficial to take out two separate policies to provide two separate pay outs to provide a more comprehensive cover solution.

Joint life insurance key points:

Covers two lives simultaneously under one policy
One pay out is provided if either partner passes away
Ideal for couples with shared financial commitments or those on a budget
Available with term and whole of life insurance policies
Could save up to 25% (compared to two single policies)
Low-cost premiums from 17p-a-day through Reassured^◊

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 £150,000 of cover:

Age	Cost of one joint policy	Cost of two single policies	Cost difference (%)
20	£6.30	£7.44	15%
25	£8.08	£9.04	11%
30	£7.70	£11.18	31%
35	£10.38	£14.38	28%
40	£14.00	£22.00	36%
45	£20.08	£32.50	38%
50	£35.68	£53.60	33%

Contact Reassured to conduct a full joint vs two single policies comparison to find the most cost-effective option from our panel of insurers.

What is the average cost of life insurance for men vs women?

Based on our research, we found that the average cost of life insurance for women is £29.17 and £40.95 for men.

We have based this on all level and decreasing term life insurance policies sold through Reassured during 2024 to customers of all applicable ages.

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:

The gender pay gap - In 2025, the median hourly full time pay for employees was 6.9% less for women than men^[3]
Personal debt - Men have a higher average personal debt (£2,800 in 2021) compared to women (£1,800)^[4]

Either of these factors, plus many more, could contribute to men securing a higher level of cover and, therefore, a higher average cost.

What determines the cost of life insurance per month?

What costs should you consider when taking out life insurance?

Mortgage debt - £137,510 is the average mortgage debt in the UK^[1].

Rent - Average monthly cost of rent across the UK is £749^[5].

Household bills - The average annual gas bill is £970, and the average annual electricity bill is £1,144.53^[6].

Childcare - The average cost of full-time childcare now stands at £12,425 per year^[7].

Family living costs - The average cost of family spending is £662 per week^[8].

Outstanding debt - £33,410 is the average personal debt in the UK^[4].

Higher education costs - Parents could be expected to contribute over £6,000 a year to university living costs^[9].

Funeral costs - The average cost of just a basic funeral in the UK is £3,828^[10].

Sources:

^{^}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 15/05/25

[1] Mortgage statistics 2025: What's the average UK mortgage?

[2] Age of first-time buyers - GOV.UK Ethnicity facts and figures

[3] The gender pay gap - House of Commons Library

[4] Average Personal Debt in the UK

[5] spareroom.co.uk/content/info-landlords/average-rent-uk/

[6] What is the average cost of utility bills per month? | MoneyHelper

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

[8] Average UK Household Budget 2026 | NimbleFins

[9] https://www.savethestudent.org/money/asking-parents-for-money-university.html

[10] Funeral Costs - Cost Of Dying Report 2026 | SunLife