Why should I take out life insurance?

Life insurance provides a safeguard to your family should you pass away. Let’s say you’re the sole earner for a family of four. A life insurance policy could provide your family with funds nearing your income on a monthly basis as they adjust to life without you. These monthly instalments can help reduce financial pressure during an already very stressful time.

Alternatively, policies can be used to provide a lump sum. These sums can help cover the remaining costs of a mortgage, cost of tuition, any remaining debts, or funeral costs. Speaking of funerals, the “cost of dying” went up by 5% in 2023, it now sits at £9,658—life insurance can help cover this cost as your family focus on mourning.

You could also choose to leave a legacy with life insurance, either by providing your family with a sum of money or by donating to your favourite charity.

How much does life insurance cost?

Prices vary depending on your personal circumstances and the insurer, however, life insurance is often very affordable—the average monthly cost of life insurance as of 2024 was only £9.71.

Policy type: The type of policy you take out will have an impact. For example, if you want a bigger payout, the policy may be more expensive, or if you’re looking for the addition of terminal illness cover, that could also increase the price.

Unique circumstances: Your unique circumstances will play a role. Applicants over the age of 50, smokers, and extreme sport participators may find their quoted premiums to be higher than non-smoking 20 year old office workers.

Why use Compare Life Quotes?

• A true match

  We don’t just throw quotes at you and see which one sticks. To make sure you don’t get decision fatigue, we take the time to understand your unique circumstances and match you to a trusted insurer.

• Free, easy service

  We offer a fee-free service, which means you don’t need to pay us anything and you’re not obligated to purchase a policy. You’re free to get the quote, take the time you need to decide, and walk away if it’s not for you.

• Peace of mind

  With our trusted expert partners, you can have some peace of mind knowing you’ve chosen the most suitable policy for you and you’re covered should something occur.