Best life insurance

Life insurance can give your loved ones some much needed financial support when they need it most. See how you can save on the best life insurance.

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Finding the best life insurance for you

You have a number of options when it comes to life insurance, and the best life insurance for one person may not be the best for another. Before comparing policies, you should have a good understanding of the type of life insurance and the level of cover that you need, as well as your budget.

A young parent who has just taken out a mortgage will have different insurance needs to those of a pensioner with adult children, so it’s important to find the policy that’s best for your situation.

Best term life insurance

Term life insurance covers your family only if you pass away during an agreed period of time, generally 10 to 30 years. If you pass away during this period, your family will receive an insurance payout, provided that you have kept up with your premiums. You also choose whether you want your level of cover to stay the same over time or whether you want it to increase or decrease, depending on why you need insurance.

Term life insurance may be best for those who have a firm idea of what period of time they need to be covered for. This may be the time it will take you to pay off your mortgage, or until your children are no longer dependent on your income. If you’re young or in great health, you may need a policy with a longer term, as you are at less risk of dying in the near future.

However, the longer the term, the more you’re likely to pay for insurance and this is something to keep in mind when looking for the life insurance that’s best for you.

Best life insurance policies for people over 50

Once you’re over 50, your life insurance needs are likely to change, as will the type of policy that best suits you. You may no longer have a mortgage or dependents that rely on your income, which means you may need less cover or only want a policy to cover the rest of your working life.

Many providers offer life insurance designed specifically for over people over 50, and these may be the best option for you at that age. If you’re wealthy, it may also be worth considering whole-of-life insurance, which can help offset the potential cost of inheritance tax.

Best whole-of-life insurance policies

Unlike term life insurance, whole-of-life insurance provides ongoing cover for your entire life. As long as you continue to pay your premiums, your family will be covered when you pass away.

Whole-of-life insurance can offer more stability than term insurance, and it may be best for those who want life insurance cover indefinitely. As life insurance payouts are generally not liable to tax, it can also be a good way to protect against any potential inheritance tax your family would have to pay in the event of your death.

The best whole-of-life insurance is the policy that offers the best level of cover at the lowest premium. Some providers will review your premiums after a certain period of time, and this is something to keep in mind when considering whole-of-life cover, as it can often mean that your insurance will increase in price over time.

How to find top-rated life insurance policies

Defaqto provides star ratings of all the major insurance providers. This may be worth checking when initially looking for life insurance. You can then compare a range of top-rated life insurance policies here on Finder.

If you want personal advice on how to find life insurance, you can speak to a fee-free insurance expert from our partner ActiveQuote by calling 0800 862 0945.

Tips to keep the costs down

There are a number of things you can do to lower the cost of your life insurance, regardless of which type of policy you need. These include:

  • Picking the right level of cover. The sum insured is the amount that your family will receive in the event of your death. While it may be tempting to select the highest amount possible, this will lead to you paying more for your insurance in the meantime. You should have a firm idea of what your life insurance needs to cover, and this should be reflected in the size of your sum insured amount.
  • Comparing your options. A life insurance policy can be an expensive commitment, so it’s important you’ve looked at a range of providers and policies before finding the one that is best for you. If you already have life insurance, it’s still a good idea to compare other policies to find out if you could save money by switching.
  • Improving your health or wellbeing. When applying for life insurance, providers assess your age, health and medical history, and this then helps determine the size of your premiums. By eating healthy, exercising and forgoing harmful habits like smoking and drinking, you can reduce the cost of your insurance.

Where can I compare the best life insurance deals?

You can compare a range of life insurance policies here.

Frequently asked questions

The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you.

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