Compare Life Insurance

What Types of Life Insurance Are There?

• Term life insurance — Covers you for a fixed period (e.g. 10, 20, or 25 years). If you die during the term, your beneficiaries receive a payout. If you survive the term, the policy ends with no payout. Usually the most affordable type.
• Decreasing term — The payout reduces over the term. Often used to cover a repayment mortgage, where the outstanding balance decreases over time.
• Whole of life — Covers you for your entire life, not just a fixed term. Guaranteed to pay out eventually. Typically more expensive than term cover.
• Over 50s plans — Guaranteed acceptance for people aged 50–85, with no medical questions. Payout amounts are usually lower, and there may be a waiting period before full cover begins.

What Affects Life Insurance Prices?

• Age — The younger you are when you take out a policy, the lower your premiums tend to be.
• Health — Pre-existing conditions, BMI, and family medical history may affect pricing. Over 50s plans don't ask medical questions but may have lower payouts.
• Smoking status — Smokers and vapers typically pay higher premiums.
• Cover amount — The higher the payout you want, the higher the premium.
• Term length — Longer terms mean the insurer is covering you for more years, so premiums may be higher.
• Occupation — Some jobs are considered higher risk.

Things to Consider

• How much cover do you need? — Consider outstanding debts (mortgage, loans), living costs your family would face, and any specific financial goals (e.g. children's education).
• Level vs. decreasing — Level term pays the same amount throughout. Decreasing term reduces over time. Decreasing is cheaper but only suitable if your financial obligations are also reducing (e.g. a repayment mortgage).
• Critical illness cover — Can be added to a life insurance policy. Pays out if you're diagnosed with a specified serious illness during the term.
• Joint vs. single policies — A joint policy covers two people but only pays out once. Two single policies can sometimes offer better overall protection.