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Best Life Insurance in 2023

To help you choose the best deal, we’ve selected and reviewed the UK’s top life insurance plans for 2023.

Get a FREE and EASY quote today…

Top ten life insurance providers

Direct Line – Life Insurance

Life Insurance from Aviva

Life Insurance from Legal & General

Life Insurance: LV

Whole of Life Cover with Scottish Widows

Whole of Life Insurance from Vitality

Whole of Life Insurance from AIG Life

Whole of Life Cover: Zurich

Whole of Life Insurance from Royal London

Whole of Life Cover by Aegon

Finding the best life insurance for you can be a difficult endeavour. Fortunately, there are a few warning flags you can watch out for when looking for a good policy.

We listed a set of standards that we believed all of our insurers needed to meet in order for their policies to pass. Only insurance companies that:

  • Cover any existing medical issues or no medical examination is required at insurance application.
  • Mortgage insurance may be optional or already incorporated.
  • Funeral arrangements will be offered as an additional as a choice.

What is Life Insurance
Life insurance is a contract between you and an insurance provider that is also referred to as life cover or life assurance.

If the worst happens and you pass away, life insurance can help to ensure that your loved ones will be financially secure. Additionally, it helps lessen the financial burden that your death may place on your family, such as funeral expenses.

You can have peace of mind and give your family the much-needed financial security by setting up a policy.

What distinguishes life assurance from life insurance?
People frequently use the terms “life insurance” and “life assurance” interchangeably, as though they both refer to the same thing. It’s crucial to be aware of the differences because they do, in fact, signify slightly different things.

How does life insurance work?
Most life insurance policies are made to provide a cash payout to your loved ones in the event of your passing while the policy is in force.

Prior to starting your policy, decide how much coverage you require and for how long. You will then use this to make recurring monthly premium payments.

Every insurance company has its own set of policy limitations and exclusions, therefore it is advisable to read the terms and conditions as with any insurance policy. For instance, many carriers won’t pay up if the death was caused by suicide, a drug overdose, or another “risky or irresponsible act”.

It is always best to take the time to look through your policy documentation and request clarification from your selected life insurance provider if necessary.

What level of life insurance do I require?
There are several variables that determine which life insurance policy is appropriate for you, and the amount of life insurance you’ll need will vary from person to person. However, there are a few crucial inquiries that you’ll have to make in order to ascertain the appropriate level of coverage for you:

  • How many people depend on you financially? — Including your offspring, partner, and spouse.
  • How much will their loss of you affect them? — If you weren’t here, would they be financially secure enough to carry on as usual?
  • Are you required to pay off a mortgage? — Making sure that all of your payments can be paid is crucial.
  • Do you or anyone in your family owe any money? — If you or they still have any unpaid bills, your family will still be pursued.
  • Are there any savings you might utilise for your family? — Do you have sufficient savings for your family to utilise in the event of your passing? How much longer could they get by on this?
  • Are there any upcoming expenses that you need to budget for? — For instance, the cost of college or private schooling for your kids.
  • What benefits does your employer provide in case of death in service? — Check your employment contract to make sure your employer offers death-in-service benefits.

The general rule of thumb is to cover 10 times the primary breadwinner’s income, but everyone’s circumstances are unique, so this is simply a guideline. Although ten times a wage may seem like a lot, any compensation might lose value due to inflation.

Read our guide to the best income protection insurance if you’re interested in finding the best deal and protecting your money.

It’s crucial that you always use the same information — of how much cover and how long for — when you get a quote to compare life insurance providers because life insurance prices can vary substantially based on the amount you wish to cover.

What is the typical price for life insurance?
Based on quotations we obtained in January 2022 for a 35-year-old non-smoker with a clean medical history who has selected a level term life insurance policy, life insurance expenses, on average, range from £7.33 to £11.09 per month.

Your life insurance premiums could go up if you’re older than 50 or have a major medical condition. If you choose to include critical illness coverage in your policy, the cost of insurance will rise, perhaps by an amount comparable to that of the life insurance.

It’s crucial to keep in mind that the terms of your life insurance policy will fully depend on a number of variables that can affect how much your premiums will cost. These elements consist of:

  • Lifestyle – An unhealthy lifestyle can significantly raise your insurance premiums. Your rates will normally be higher to reflect the fact that factors like smoking, binge drinking, and being overweight can reduce your life expectancy.
  • Health – If you already have any medical conditions, the cost you’ll pay may go up. The cost of your premium may also be impacted by some severe or more persistent medical issues.
  • Age – Generally, the cost of your policy will increase as you get older. Your likelihood of experiencing a medical condition that shortens your life expectancy increases as you age. A 35-year-old will pay substantially less than a 65-year-old.
  • Occupation – You might pay more in the long run if you work in a potentially riskier line of employment than someone who does something less risky.
  • Family medical history – If you have a history of major medical issues, your insurer may charge you more because they believe you have a higher chance of developing those conditions.
  • Coverage length – You’ll probably pay more if you choose a policy with a longer term than if you choose one with a shorter duration.

The amount of coverage is entirely up to you, as it is with the majority of insurance. Typically, your premiums will increase as the level of coverage increases.

The majority of life insurance premiums are fixed, so you can expect your monthly payment to never go up. The length of time it will take you to pay as much in premiums as the policy’s death benefit should be disclosed by life insurers.

A good life insurance policy

What other kinds of life insurance policies are there?
It’s crucial to determine which sort of life insurance will be best for you and your needs rather than simply shopping for the cheapest policy you can find. You can choose from a wide range of insurance policies, including term life insurance, over 50’s, and critical illness coverage.

Long-term care insurance
Those looking for affordable life insurance may find that term life insurance provides the best value. It covers you for the duration of the policy’s term and pays out if you pass away before it expires. The premiums you have paid will not be reimbursed if you live over the policy’s expiration date.

Level term life insurance and declining term life insurance are the two primary types of term insurance.

Term life insurance
If you pass away within the parameters specified in your policy, level term insurance will pay out a certain amount to your insurer. When the policy was purchased, this predetermined amount had to be agreed upon.

Your policy’s beneficiaries may be entitled to a certain sum of money, which might help people make plans for a time when you might not be there. When you want to cover a specified sum of money, such as an interest-only mortgage, level term insurance is a smart alternative. It can help settle any unpaid debts you may have at the time of your death.

Level term life insurance is frequently used by comparison websites in the UK to generate life insurance quotes, however it’s not always the most cost-effective strategy.

Term life insurance rates falling
Although your premiums are typically fixed and will remain the same for the duration of your policy, the amount of coverage will reduce over time with a decreasing term life insurance policy.

The kind of life insurance is frequently utilised to pay off debts that will eventually be paid off. This includes a mortgage with a repayment schedule in which the remaining balance will steadily decline over time. Frequently, a mortgage lender will demand that you obtain or already have a life insurance policy in conjunction with your mortgage.

If you’re looking for affordable life insurance, decreasing term life insurance may be a smart option because it is frequently much less expensive than level-term coverage, providing you accept that your coverage will reduce over time. This kind of policy serves as a beneficial tool for preparing inheritance taxes in addition to providing mortgage coverage.

What is the price of term life insurance?
As with any sort of insurance coverage, the price might vary depending on a number of variables, including your age, the scope of the policy, your health history, and your way of life. However, in general, the cost of your life insurance coverage will start to increase as you become older.

A 35-year-old male with a clean medical history and no smoking history should expect to spend between £7.33 and £11.09 per month for a level term insurance in January 2022. We estimated the monthly cost for a declining term life insurance policy to be between £6.69 and £9.36.

With InsuredLife, you can compare the top life insurance providers in the UK and get a price right away.

Over 50s life insurance
Over 50s life insurance, sometimes referred to as Over 50s life cover or lifelong protection, is a particular kind of policy created for those between the ages of 50 and 80. Everyone between the ages of 50 and 80 is assured of acceptance in place of the customary health questionnaires, medical queries, and examinations.

In most cases, life insurance for people over 50 is also referred to as “whole of life” coverage because it covers you for the rest of your life. However, this sort of life insurance also has a qualifying period, which is frequently 12 or 24 months. If you pass away within this time, your family will only receive a refund of any premiums you paid; they will not receive the cash lump payment.

How much does life insurance for those over 50 cost?
Depending on the type of coverage you need, as well as variables like your age and whether you smoke or not, the price of Over 50s life insurance can start as low as £5 per month.

Whole of life coverage
A whole life insurance coverage ensures that your family will be compensated in the event of your passing. You’ll pay a monthly fee in exchange for lifelong coverage and a lump sum payment from the insurance company.

When you purchase a whole life insurance policy, your selected insurance company will put your premiums into a life fund, which then diversifies its holdings across the stock market, bonds, real estate, and cash.

Remember that even while your coverage remains the same, you can be requested to pay more even when the fund’s investments perform poorly and the provider is concerned that there won’t be enough money in the pot to cover everyone’s payouts.

What is the price of entire life insurance?
Plans can be purchased for as little as £5 per month. However, a number of elements will impact how much your whole life insurance coverage will cost, such as:

  • Your age
  • Whether you smoke or not
  • Health and medical background
  • The total number of policyholders
  • The sum you want to pay out if you pass away

In essence, you will pay a larger premium if your chance of dying young is higher. Similarly, because they often live longer than men do, women frequently pay less for entire life insurance plans.

Optional add-ons
Occasionally, when you apply for life insurance, you may be given the choice to upgrade your coverage.

Cover for serious illnesses
When purchasing life insurance, many people also choose to purchase critical sickness insurance. If you get a major sickness, go into a critical illness, or become terminally ill, critical illness insurance will set aside a percentage of your benefit that you can use.

If you experience any of these conditions, your coverage will immediately expire.

The conditions that are covered by life insurance with critical illness coverage can vary greatly, with some policies being much more extensive than others. The typical policy covers 35 ailments on average, but the most comprehensive ones may cover over 150, including:

  • Certain types of cancer
  • Cardiac arrest
  • Alzheimer’s
  • Parkinson’s Disease
  • Multiple Sclerosis
  • Stroke
  • Organ Failure

It’s crucial that you carefully review the list of ailments – some cancer types are left off because they can be treated easily and the majority of individuals should recover from them.

Using the specialised comparison site InsuredLife, you can evaluate critical illness rates and coverage options.

Funeral insurance
Though it may not be the most interesting subject, it’s crucial to think about how your family would pay for your burial in the case that you passed away. Your life insurance policy can simply be expanded to include funeral coverage; in some cases, it is already included.

Combined life and funeral insurance
When you pass away, whole life insurance policies will make a predetermined payment to cover your final expenses. Many people even purchase insurance just to pay for their burial.

But it’s crucial to keep in mind that your life insurance will probably not start paying out until after your passing.

Additional insurance plans
When you purchase a policy, there are additional life insurance options to take into account. This may consist of:

  • Terminal illness coverage – If you are told you have a terminal illness from which you will pass away in a projected and constrained amount of time, this coverage may pay out early.
  • Joint life insurance – You have the option of purchasing a single policy or a joint coverage for couples when you purchase life insurance. It may be less expensive to choose a joint coverage if you and your partner are both purchasing insurance at the same time.

Although these extras can occasionally increase the cost of your insurance, it is sometimes preferable to be ready for the unexpected.

Health issues and life insurance
Your details and your medical history will be important factors in any life insurance quote. For instance, customers with diabetes will likely have a more expensive coverage that may be difficult to get.

If you have a major or persistent health condition, it might occasionally be more difficult to get life insurance.

The most challenging problems to overcome are medical ailments and fatal illnesses, but lifestyle decisions can also have a big impact on your rates.

You may end up overpaying for insurance due to conditions like cirrhosis, which is brought on by excessive drinking. However, smoking or being overweight can significantly raise the price of your life insurance. Additionally, vaping might raise the cost of your insurance because some insurers view it as just as dangerous as smoking.

When applying for life insurance, it’s crucial to be honest about your lifestyle decisions since if you do, the insurer may refuse to cover any claims.

Exclusions from life insurance
Certain people may not be covered by life insurance because they are seen to pose an excessive risk to the insurer. Insurers may reject your application for a variety of reasons, including:

  • You have a job that is “high risk”
  • You frequently engage in “high risk” pastimes
  • You experience severe health issues like diabetes or cancer
  • You smoke a lot

Additionally, some life insurance plans specify that they will not make a payout if one of the following situations arises:

  • Abuse of drugs or alcohol
  • Involvement in terrorism or war
  • Self-inflicted injuries or suicide
  • Gross negligence or another similarly careless behaviour

Get a quote today and make sure your family are protected with life insurance.

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financial decisions

Compare All These Life Insurance Providers

Losing a loved one is never easy…

but having life insurance in place can ease the financial burden at an emotionally difficult time. Our team of protection specialists can help you find the RIGHT policy at the RIGHT price. We even help you put your policy into TRUST for FREE which could protect it from the TAXMAN. Simply fill out the form and we will get everything ready and start preparing your quotes.

Ask Yourself:

  • Who would pay the rent or mortgage if you were to pass away suddenly?
  • Who would pay your children’s university fees or provide money for childcare whilst your surviving partner goes out to work?
  • Who would provide the money for your family’s food, clothing or lifestyle?
  • Who would pay for your funeral or clear your debts?

These are just a few things to think about when obtaining life insurance. If you pass away the policy will pay out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle in the event of your death.

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Frequently Asked Questions

Whose Products Do We Sell?
  • We offer products from a range of insurers for life insurance and critical illness cover.
  • We offer protection products from a limited number of insurers for Whole of Life and Over 50s plans. A list of insurers we offer insurance from is available on request.
  • As we’re not tied to any ONE provider we are able to search our panel of insurers and find you the best price available to us.
  • We sometimes get preferential rates on selling policies which we pass on to you.
  • We are paid a commission by each insurer for setting up your policy – it costs you nothing to use our service.
What Service Do We Offer?
  • We are authorised by the FCA to advise our client on their protection needs. Our advisers will assess your demands and needs and recommend a suitable product that will protect you and your family. We get to know our clients and help them to decide on the right cover for the right price from a panel of leading UK insurers.
  • We will ask you a number of questions designed to make you think about the shortfall in your income in the event of the death of a partner or breadwinner. Our questions are simple and our advisers avoid jargon making it easy for clients to understand.
How Much Does Our Service Cost?
  • NOTHING – We do not charge a fee for our service; however, if you take a policy out through us we will be paid by commission from the insurer, but it still costs you nothing.
  • You will receive a quotation which will tell you about any policy premiums relating to any particular insurance policy.
  • We will put your life insurance policy into TRUST for FREE – this means that it may not be counted as part of your estate when you pass away and could secure it from the taxman – why should you lose your payout to the taxman’s inheritance tax?