Who are the best term life insurance providers? [Top 10]

According to our research, the top 10 term life insurance providers are:

RankingInsurer Defaqto logo Fairer Finance logo Trustpilot logo Pay out rate %Premium price
1 aviva logo Defaqto 5 stars 80%3.9 - 'Great'
(based on all services)
99.4%
(of all life cover claims)
From £5 per month
2 Royal London logo Defaqto 5 stars 80%4.1 - 'Great'
(based on all services)
99.4%
(of all protection claims)
From £7 per month
3 Vitality logo Defaqto 5 stars 75%4.2 - 'Great'
(based on all services)
99.7%
(of all life cover claims)
From £5 per month
4 Legal & General logo Defaqto 5 stars 74%3.8 - 'Average'
(based on all services)
96.7%
(of all life cover claims)
From £5 per month
5 LV= logo Defaqto 5 stars 70%4.5 - 'Great'
(based on all services)
97%
(of all life cover claims)
From £5 per month
6 Scottish Widows logo Defaqto 5 stars 73%3.3 - 'Average'
(based on all services)
99%
(of all life cover claims)
Information unavailable
7 Zurich logo Defaqto 5 stars 68%4.0 - 'Great'
(based on all services)
99%
(of all life cover claims)
From £5 per month
8 AIG logo Defaqto 4 stars 75%3.0 - 'Average'
(based on all services)
99%
(of all life cover claims)
Information unavailable
9 Smart insurance logo Defaqto 3 stars 83%4.9 - 'Excellent'
(based on all life services)
99.38%
(of all life cover claims)
From £14.77 per month
10 Direct Line logo Defaqto 3 stars 78%3.8 - 'Great'
(based on all services)
99%
(of all life cover claims)
From £5 per month

How much life insurance do you need?

In order to secure the best life insurance for your circumstances, it’s essential to understand how much cover you may need. Simply fill in the fields which apply to you for an instant calculation.

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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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Your total cover estimate

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Let us find our best quotes.

Reassured are proud to provide some of the best rated term life insurance, simply get in touch for your fee-free quotes.

Best life insurance review [2024]

With so many options available on the market, it can be hard to know who offers the best life insurance.

As the UK’s largest life insurance broker * , we’ve done the hard work to help you find the best insurer to meet your needs.

From independent ratings, to pay out rates and premium costs, we have carried out extensive research to compile a list of the best UK life insurance providers in 2024.

We have used the following information to help us with our rankings:

  • Defaqto ratings - An independent researcher of financial products who use a star system, with 5 stars being their highest rating
  • Fairer Finance ratings - A research and ratings agency who assess financial services using a variety of criteria. In our research we have used their ‘customer experience rating’ for term and whole of life insurance, as well as their product score for over 50 life insurance
  • Trustpilot scores - An online review service which allows customers to write genuine reviews about products and services
  • Life insurance pay out rates - Statistics from insurers which detail how many claims were paid out. We have used the most recent pay out rates stated on each insurers website
  • Premium prices - How much an insurer charges for cover. We have taken this information from each insurers website

The information we have gathered is correct as of 12/02/24 but is subject to change at any time

At Reassured, our aim is to find you the right cover for your needs at an affordable price, with quotes starting from just 20p-a-day.

Whilst we work with a panel of leading insurers, we can’t help you compare quotes from all the insurers mentioned in this guide.

Read on to find out which market leaders are deemed to be the best life insurance companies…

Who is the best life insurance company UK?

In 2023, Legal & General were named 'Life Insurance Provider of the Year (Direct)' at the annual Moneyfacts Consumer Awards[1].

This is the fourth year in a row they have been awarded this title.

The Moneyfacts Consumer Awards aim to recognise organisations such as banks, building societies, insurers and other financial service providers that are the best in their categories.

Over 200,000 consumers shared their views over a 12 month period.

Who are the best whole of life insurance providers? [Top 8]

Our research suggested that the top 10 whole of life insurance providers are:

  1. NFU Mutual
  2. Royal London
  3. AIG
  4. Vitality
  5. Smart Insurance
  6. Aviva
  7. Legal & General
  8. Zurich

We were unable to find pricing examples for whole of life insurance online, therefore we haven’t included this information in our rankings.

RankingInsurer Defaqto logo Fairer Finance logo Trustpilot logo Pay out rate %
1 NFU Mutual logo Defaqto 5 stars 76%4.4 - 'Excellent'
(based on all services)
99%
(of all life cover claims)
2 Royal London logo Defaqto 5 stars 80%4.1 - 'Great'
(based on all services)
99.4%
(of all protection claims)
3 AIG logo Defaqto 5 stars 75%3.1 - 'Average'
(based on all services)
99%
(of all life cover claims)
4 Vitality logo Defaqto 5 stars 75%4.2 - 'Great'
(based on all services)
96.7%
(of all life cover claims)
5 Smaert insurance logo Defaqto 4 stars 83%4.9 - 'Excellent'
(based on all services)
99.38%
(of all life cover claims)
6 Aviva logo Defaqto 4 stars 80%3.9 - 'Great'
(based on all services)
99.4%
(of all life cover claims)
7 Legal & General logo Defaqto 4 stars 74%3.7 - 'Average'
(based on all services)
96.7%
(of all life cover claims)
8 Zurich logo Defaqto 4 stars 68%4.0 - 'Great'
(based on all services)
99%
(of all life cover claims)


Compare whole of life insurance from some of the UK’s best life insurance companies through Reassured. All our quotes are personalised, fee-free and without obligation.

Interested in protecting your income? Why not check out our best income protection insurance page for more information »

Who are the best over 50 life insurance providers? [Top 10]

We’ve searched the web and, according to our findings, these are the top 10 over 50 life insurance providers:

RankingInsurer Defaqto logo Fairer Finance logo Trustpilot logo Premium price
1 Shepherds Friendly logo Defaqto 5 stars Fairer Finance 4 stars 4.3 - 'Excellent'
(based on all services)
From £10 per month
2 OneFamily logo Defaqto 5 stars Fairer Finance 3 stars 4.4 - 'Excellent'
(based on all services)
From £10 per month
3 Aviva logo Defaqto 5 stars Fairer Finance 3 stars 3.9 - 'Great'
(based on all services)
From £5 per month
4 Churchill logo Defaqto 5 stars Fairer Finance 2 stars 4.2 - 'Great'
(based on all services)
From £5 per month
5 British Seniors logo Defaqto 4 stars Fairer Finance 3 stars 4.9 - 'Excellent'
(based on all services)
From £4.32 per month
6 Legal & General logo Defaqto 5 stars Fairer Finance 2 stars 3.7 - 'Average'
(based on all services)
From £5 per month
7 Direct Line logo Defaqto 5 stars Fairer Finance 2 stars 3.8 - 'Average'
(based on all services)
From £5 per month
8 Forester Friendly logo Defaqto 4 stars Fairer Finance 5 stars 2.6 - 'Poor'
(based on all services)
From £10 per month
9 SunLife logo Defaqto 3 stars Fairer Finance 4 stars 4.7 - 'Excellent'
(based on all services)
From £3.70 per month
10 Post Office logo Defaqto 4 stars Fairer Finance 4 stars 1.5 - 'Bad'
(based on all services)
From £5 per month


Reassured can help you compare quotes, free of charge, from both SunLife and OneFamily, with prices starting from just £5 per month + .

Simply get in touch for our best life insurance for seniors’ deals.

What is the best life insurance policy?

The best type of life insurance for you will depend on your personal circumstances, what you’d like to cover and your budget.

There are multiple life insurance policy options, all suited to protecting different aspects of your life. These include:

Best level term life insurance

Level term life insurance

  • Level term life insurance provides cover for a specified period (often up to 40 years)
  • The pay out sum will remain level (the same) throughout the policy term
  • Provides your loved ones with a lump sum pay out if you pass away during the term
  • Maximum sum assured up to £1,000,000
  • The pay out could help cover an interest only mortgage and/or family living costs
  • Available from 20p-a-day through Reassured
Best decreasing term life insurance

Decreasing term life insurance

  • Decreasing term life insurance provides cover for a specified period
  • The pay out sum will decrease throughout the policy term
  • Provides your loved ones with a lump sum pay out if you pass away during the term
  • Maximum sum assured up to £1,000,000
  • The pay out is ideal for helping to cover a repayment mortgage
  • Available from 20p-a-day through Reassured ¥
Best whole of life insurance

Whole of life insurance

  • Whole of life insurance provides cover for the rest of your life
  • The pay out remains level (the same) throughout the lifetime of the policy
  • A lump sum pay out is guaranteed to loved ones when you pass away
  • Maximum sum assured up to £1,000,000
  • The pay out could help to provide an inheritance for loved ones or pay any inheritance tax bills
  • Available from 27p-a-day through Reassured ±
Best over 50 life insurance

Over 50 life insurance

  • Over 50 life insurance provides cover for the rest of your life
  • Acceptance is guaranteed to those aged 50 - 85
  • A lump sum pay out is guaranteed to loved ones when you pass away
  • Maximum sum assured up to £20,000 (depending on needs and budget)
  • The pay out is most commonly used to help cover funeral costs
  • Available from 20p-a-day through Reassured +
Life insurance typeProvides cover for a set termGuarantees a pay outPay out remains levelPay out decreasesFixed premiumsCost
Level term life insurance Icon green tick Icon ruby cross Icon green tick Icon ruby cross Icon green tick From 20p-a-day through Reassured
Decreasing term life insurance Icon green tick Icon ruby cross Icon ruby cross Icon green tick Icon green tick From 20p-a-day through Reassured
Whole of life insurance Icon ruby cross Icon green tick Icon green tick Icon ruby cross Icon green tick From 27p-a-day through Reassured
Over 50 life insurance Icon ruby cross Icon green tick Icon green tick Icon ruby cross Icon green tick From 20p-a-day through Reassured

There are some simple factors to consider in order to establish which policy is best for your needs:

  • Do you have a mortgage?
  • Do you have children or other dependents?
  • Do you want to guarantee an inheritance or a cash gift to a charity?
  • Have you struggled to secure standard cover in the past due to a pre-existing medical condition?
  • Your age at the point of application (standard life insurance vs an over 50s plan)

Alternatively, a life insurance broker can provide you with all the information you need to know in order to make a fully informed decision.

Reassured can provide you with quotes for a variety of policies to help you find the best type of life insurance for your needs.

What are the best life insurance rates?

To find the best deals on life insurance, it’s essential to compare multiple quotes.

Each insurer has a different underwriting process (the process of assessing your eligibility for cover), therefore the cost of monthly life insurance premiums could vary significantly.

The table below shows some of our best rates from insurers that we use here at Reassured.

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 £150,000 of cover:

Age Aviva AIG logo Legal & General
20£3.72£4.45£4.99
25£4.52£4.79£5.00
30£5.59£5.85£6.09
35£7.98£7.91£8.35
40£11.00£11.26£12.31
45£16.25£17.00£18.75
50£26.80£27.19£30.07


As you can see from the table, the price you pay can vary depending on the insurer, highlighting the importance of comparing multiple quotes.

Life insurance through our award-winning broker service starts from just 20p-a-day.

What is the best age to get life insurance?

As you can see from the table above, the price you pay for life insurance increases as you get older.

While there’s no right or wrong time to get life insurance, it can be beneficial to secure a policy while you’re young and in good health.

For example, based on our table above, when taking out life insurance as a 30 year old you could pay £5.59 per month, whereas a 50 year old could pay £26.80 per month - this would amount to an extra £254.52 per year.

Even if you haven’t started a family or obtained a mortgage, seizing the day and securing a policy allows you to lock in the cheapest premium over the lifetime of your policy.

Many policies now offer a ‘life changes’ or ‘guaranteed insurability’ option which allows you to increase your cover amount without the need for new medical underwriting should your circumstances change.

Let us help you find the best life insurance cover for your needs from our panel of top UK insurers. Quotes are fee-free and no-obligation.

Compare our best life insurance quotes

Ultimately the best life insurance provider for you will be the one that offers the right cover for your needs at a price that’s within your budget.

Get in touch with our award-winning team to find our best quotes from our panel of top UK insurers.

We can discuss your specific needs to help you find the right cover.

We can also help you unpick any life insurance jargon and support you through the application process.

Our FCA-regulated broker service is fee-free to use, so why not take the first steps in financially protecting your loved ones and get in touch today?

Sources:

[1] https://www.legalandgeneral.com/insurance/life-insurance/

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