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Compare Life Insurance

Whatever your reasons, it’s important to shop around and compare different life insurance plans before taking one out, to make sure you’re getting the most for your money.

Quotes from top providers
Quotes from top providers
Quick and easy comparison
Quick and easy comparison

How to compare life insurance

Finding a cheap life insurance policy that gives you the level of cover you need is easy with usave.

1

Tell us about yourself

First you’ll need to fill in a short form letting us know what kind of policy and what level of you’re after, and giving some basic details about your health and lifestyle. This helps us make sure that you only see accurate quotes, so that your policy is priced properly.

2

Compare quotes

Based on the information you provided, you’ll be shown a list of different quotes to choose from. Have a look through, and select the one that you think best suits your needs.

3

Purchase your policy

Once you’ve chosen a quote, all that remains is for you to follow through and buy the policy. You’ll have the option to either buy online there and then, or to speak to one of our advisers over the phone – whichever you’d prefer.

Types of Life Insurance

As with most forms of insurance, life insurance can be divided into multiple categories. But with so many options, which type of life insurance should you go for? It depends on your personal circumstances, and what you intend to get out of your life insurance policy. The main types of life insurance available in the UK are:

Level term life insurance

Level term life insurance

This type of life insurance provides a fixed lump sum that your provider will guarantee to pay out if you die within the term of your policy.

Decreasing term life insurance

Decreasing term life insurance

With this type of life insurance, the sum insured decreases the further into the term you are. These policies are useful if you have debts to pay off that decrease over time, such as a mortgage. Decreasing term life insurance is sometimes known as mortgage life insurance.

Critical illness cover

Critical illness cover

This is an extra bit of cover that you can usually add to your life insurance policy. It will provide you with a lump sum of cash that you can take out if you are diagnosed with a serious illness that leaves you unable to work.

Joint life insurance

Joint life insurance

This is a form of life insurance that will cover both you and your partner. These usually work out cheaper than getting two separate policies, however it will only pay out when the first person dies. After this, the policy will end and the survivor would have to take out a new life insurance policy to remain covered.

Whole of life insurance

Whole of life insurance

Also called life assurance, this type of policy guarantees to pay out a lump sum to your beneficiaries after you die, no matter when that is. Unlike level term or decreasing term life insurance, whole of life insurance policies last until you die but premiums are usually more expensive.

Over 50’s life insurance

Over 50’s life insurance

Theses policies are exclusively for people aged between 50 and 80. Life insurance tends to get more expensive as you get older to reflect the increased risk that you will die during your policy’s term, but over 50’s life insurance is designed specifically for older people, and does not require medical records or an examination – cover is guaranteed.

Life Insurance Costs

Life insurance policy premiums can start from as little as £5 a month. Fill in our short quote form to see how much you could pay for the cover you need.

The cost of your life insurance will depend on a variety of factors. Some of the cheapest policies available can start as little as £5 a month, but these premiums are usually reserved for younger people with healthy lifestyles. If you’re over the age of 50, you smoke and you’ve suffered with health problems in the past, your premiums are likely to be considerably higher.

Personal Factors

Before offering you a quote, insurers will take into consideration factors such as your age, job, general health and lifestyle. Generally, the older and less healthy you are, the more expensive your life insurance will be. If you’re a smoker, or you have a hazardous occupation or dangerous hobbies, you should also expect to pay more for your life insurance. Your insurer will generally ask you questions about your drinking habits and your weight too to get a better idea of your health.

Level of Cover

The cost of your premiums will also be affected by the level of cover you go for, whether your policy is level term or decreasing term, the duration of your policy and the size of your sum insured. If you include any add-ons to your policy such as critical illness cover, then you can also expect your premiums to increase.

There are a few different things you can do to try and keep your life insurance costs as low as possible:

  1. Choose the right life insurance policy type:
    Choosing a decreasing term life insurance policy over level term usually works out cheaper, as the sum insured decreases the further into your term you get. However, while these types of policy are useful if you have a mortgage or other debts to pay off that naturally decrease over time, they may not be sufficient if your loved ones financially depend on your income to sustain their lifestyle. Always make sure your policy will provide your family with the support they need at a price you can afford.
  2. Lead a healthy lifestyle:
    Making some healthy lifestyle changes can also save you money on your life insurance. As smokers will invariably pay higher premiums, kicking your habit could make you significant savings. However, insurers will usually ask questions such as if you’ve smoked in the last year and how often you smoke, so quitting just a few days before you take out a life insurance policy probably won’t help – you will only benefit in the long run. You should always make sure that you’re truthful to your insurer, as if you fail to disclose any information relating to your health then your policy could be invalidated when it comes to making a claim.
  3. Compare quotes online:
    As always, the easiest way to save money is to compare life insurance policies with usave. Do your research and find a policy that works for you and covers you for what you need – don’t just go for the cheapest life insurance policy you can find.

What will my life insurance cover me for?

Replacing your income
Replacing your income
Education or childcare
Education or childcare
Paying for your funeral
Paying for your funeral
Paying off your mortgage
Paying off your mortgage

Life insurance is designed to protect your loved ones financially if you pass away while you’re covered. You can choose the length of your term, the level of cover and the size of your sum insured. Your premiums are then calculated based on your policy type as well as your age, medical records, lifestyle and location.

A life insurance policy will pay out a lump sum if you pass away during the term of your policy, however there are exceptions. Some insurers may not cover you if you die from a pre-existing medical condition, or if you die partaking in a dangerous activity or by suicide. Make sure you’re aware of what you’re covered for and what not before taking out a life insurance policy.

Frequently Asked Questions About Insurance

While most people won’t start to think about getting life insurance until they’re older, or after a life changing moment such as having a child or taking out a mortgage, you could benefit from taking out a policy even earlier. As premiums tend to go up the older you get, securing a life insurance policy while you’re still young could result in cheaper monthly payments. This is because young people are generally healthier and less likely to die than older people and are therefore less of a risk to your insurance provider.

If you have a pre-existing medical condition you will probably find it trickier to find a cheap life insurance policy. Some insurance providers may refuse to offer you cover for certain conditions, although most will be able to offer you some kind of life insurance although your premiums are likely to be more expensive. In order to find the best deal, you can get advice from an insurance broker who will help you find a provider who can give you the best life insurance policy available. While it might be tempting to hide any pre-existing medical conditions in order to get cheaper premiums, doing so could invalidate your policy when it comes to making a claim.

If you miss a payment on your life insurance, your policy could be terminated with no payout and no refund. However, there are ways around this. Most providers will allow you to add a waiver of premium as an additional level of cover, which means you’ll still be covered if you can’t pay your premiums due to not being able to work because of illness or injury. You can also add critical illness cover, which will pay out a lump sum if a pre-agreed medical condition or injury prevents you from working.

Some companies will include a death in service benefit for their employees, which works like a life insurance policy by paying out a lump sum to your loved ones if you pass away while under their employment. Depending on your employer, the payout will usually be between two and four times your annual salary, so this may not be enough to provide for your loved ones on its own, and you could benefit from taking out life insurance as well. Remember that death in service benefit will end once you stop working for your employers.

Some types of life insurance from certain providers can’t be changed once the policy has started. However, certain things could happen in your life that mean you want to increase your cover, such as having another child or getting a mortgage. If your insurance provider allows it, get in contact with them to tell them you want to change your policy. You may be asked some more medical questions, and they will then let you know the process of increasing or decreasing your cover. In some cases, it may be cheaper to cancel your life insurance policy and take out a new one.

Although very similar, life insurance usually pays out a lump sum if you die within the duration of your policy term, whereas life assurance will pay out the sum when you die, no matter when that is. Life assurance is also known as whole of life insurance, and because the payout is guaranteed the premiums tend to be higher.

Last reviewed: 19 November 2020

Next review: 19 December 2020