Updated: November 13, 2019

Best Life Insurance

Looking for a life insurance policy? This guide will show you exactly how to get the best deal that you qualify for

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: November 13, 2019

Life insurance can protect your family if you pass away during your period of cover by paying your dependents a lump sum. However, with so many life insurance products on the market that cater to a variety of needs, you may be wondering which policy is best for you – in terms of price and what is covered.

In this article, we look at the main types of life insurance in the UK, how to get the best deal for your circumstances, and where to get tailored advice.

What to think about when choosing the best life insurance

Finding the best life insurance cover plan for you is something that requires you to think about all the details that are important.

They could include:

If you have a large mortgage

How many dependents you have

What is your pension situation?

Are you concerned about future inheritance tax for your loved ones?

How much you can afford to pay per month for your policy

What level of payout would you like for your loved ones upon your death?

Other areas that will affect your life insurance search are the type of plan you would like, your age and your health. There is no one-size-fits-all, best life insurance plan for everyone, as we’re all different, with our own unique circumstances.

Whatever your situation, there will be a best life insurance policy out there for you, it’s just a case of finding it. And that’s where an expert can help. The experts we work with are all independent financial advisors with access to all the insurance providers in the UK.

Call 0808 189 0463 or make an enquiry for a free, no obligation chat and we’ll match you with an advisor who can help you get the right life insurance policy for the best available price.

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Life insurance options

While there are many life insurance options with regards to providers and specific policies they have, there are three main types.

When you’re looking for the best life insurance cover out there, it’s likely you’ll choose from one of the following:

There are also other, niche insurance policy options, including over 50s life insurance or policies for people who wish to cover against certain illnesses.

To find out more about these and to select the best life insurance cover, it can help to speak with an experienced life insurance advisor. They will understand your needs and which providers can help you.

Term life insurance
Whole life insurance
Decreasing term life insurance

Term life insurance policies run for a set term, or period of years. You can choose that term to be anything from five years to 30 and beyond. They only payout upon your death if you die during that set period.

Whole life insurance policies, meanwhile, have the best life insurance coverage and will payout to loved ones whenever you die – provided that you’ve kept up with your monthly payments.

Whole life insurance can be more expensive as it will definitely pay out at death at some future time. However, it is the most viable option if you want to provide cover for whenever death may occur.

Decreasing term life insurance is often purchased to cover a large debt, such as a mortgage, should the main earner die before it is fully repaid. The cover decreases over a period of years, in line with the debt amount it is covering, which means the premiums tend to be lower than for level term and whole life insurance, while still providing the cover you need.

How do I choose?

Choosing the best life insurance cover for you depends on a number of different factors that are specific to your needs.

If you have young children and a mortgage, then you may wish to find a policy that can provide cover for your loved ones that repays any debts and also to replace the income that is lost, should the worst happen.

If you support many dependents on your wage, then finding a life insurance policy that will accommodate your needs and payout enough for them all may take more time to find, with lots of research and comparing different life insurance providers.

This process can become time-consuming, and you may miss out on the best-priced policies for your particular circumstances.

The experts we work with can do the legwork for you, and save you a whole heap of hassle.

Make an enquiry and we’ll match you with an expert who can find deals tailored to your needs through their whole of market access.

What is the best life insurance policy in the UK?

Because life insurance policies are determined by many factors, including your age, health and general lifestyle, there is no overall ‘best’ policy – though there’s definitely a best life insurance policy for you.

To find this, you should consider what you need your life insurance policy to cover, then find out which providers can give you the best option for your needs, circumstances and budget.

You’ll also need to understand the different types of life insurance available. Read below to find out more, or make an enquiry and we’ll match you with an expert who can discuss these options with you.

Where can I find the best deals in the UK?

To find the best life insurance deals you could take a look at comparison sites, or providers recommended by your friends and family. Another option is to speak with your bank or the provider you use for your home insurance or other insurances you have.

However, there’s no guarantee that this will result in giving you the right cover for the best price. Just because you’ve got great insurance for another area of life, that doesn’t mean they’re the right option for your life insurance plan or that they offer the best value.

Always remember; the cheapest life insurance isn’t the same as the best value.

How to compare life insurance deals

To make sure you’ve found the best life insurance in the UK and know, with confidence, that you have also found the best value deal, you’ll need to compare:

  • A variety of life insurance policies
  • Different providers
  • Features and benefits of each policy

If you want to be confident that you’ve found the best value life insurance but don’t want to put in a lot of research time or compare different life insurance deals to find the best option, you don’t have to. Speak with an expert life insurance advisor and they will work with you to find the best plan for your needs.

What are the best payout rates?

At the time of writing, the average life insurance payout rate in the UK is 98%, according to the Association of British Insurers.

While some insurers may have a lower rate, pretty much all of the UK’s life insurance providers have a payout rate of above 90%. Whether an insurance provider pays out on a particular policy will depend upon a number of factors affecting the policy, such as the accuracy of the questions you answered at the time the policy was taken out.

To help you find the best life insurance cover payout rate and a policy that’s right for you, speak with a life insurance expert who will have these details, and more, at their fingertips.

Speak to a whole-of-market expert!

If you speak with a qualified life insurance advisor, like those we work with, they can answer all your questions and help you find the best cover for your specific situation.

If you want to plan for your future by taking out life insurance, it’s important to find the best policy to suit your circumstances. The expert advisors we work with are qualified to give professional advice and recommend the most suitable products on the market.

To get started, call us on 0808 189 0463 or make an enquiry and we’ll match you with an advisor who can help.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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