Updated: September 17, 2019

Life Insurance with Cash Back

Looking for a life insurance plan with cash back? Read this guide to find out how much you could recoup

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: September 17, 2019

Who wouldn’t want to get some cash back on their life insurance policy? It’s money for nothing, right?

Well, yes and no. There are some great deals out there, but you have to be aware of some of the pros and cons that come with such an offer.

In this article, we’ll dig a little deeper into life insurance cover with cash back and make sure you get the right advice.

How does money back life insurance work?

Most people are aware of credit cards that offer cash back on purchases. Life insurance cash back deals work in a similar way.

There are quite a few companies that offer cash back life cover and, depending on how much you’re paying for your monthly premium, you could earn anything from £55 to £750. Although these figures are only a rough guide since cashback amounts vary enormously between different life insurance providers.

In order to qualify for life insurance cashback, there are quite a few terms and conditions you’ll need to meet.

These can include keeping up your payments for at least six months and not having purchased life insurance through that life insurance provider in the previous 12 months.

While price comparison websites can give you an idea of what’s available, you really need the right advice, to make sure you are getting what you think. Call 0808 189 0463 or make a quick online enquiry.

The advisors we work with are experts when it comes to finding the best value money back life insurance policy in the UK.

Life insurance with cash back at the end of term

This is a relatively new product in the UK. With term life insurance, if you outlive the period of coverage, you get nothing. All those premiums you have paid are lost.

But life insurance with a return of premium option gives you the benefit of getting back all or some of the premiums you have paid. It’s life insurance that pays you back at the end of the cover period.

The downside is that these policies have premiums which can be 20-30% higher than a standard policy, and could even be 40% higher with some providers.

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Where can I get the cheapest offers?

Cheapest isn’t always best. The right policy for you may not be the cheapest, but it will provide the right amount of cover.

You need to consider a few things before jumping into a low-cost life insurance policy, such as: –

  • Does the cover include additional health conditions as standard?
  • Can you split a joint policy into separate ones?
  • Are there early payments for terminal illnesses?

The advisors we work with are whole-of-market, so they have access and a good working relationship with just about every provider in the UK, not just a select few.

This means they can find the right policy for your situation and, while it may cost a little more than the absolute cheapest deal around, it will provide you and your loved ones with the best possible protection.

Best of all, an initial consultation with them is free and without obligation.

How do I get the best deal on a cashback life insurance policy?

You should treat getting cashback on a life insurance policy as a pleasant bonus, rather than a key factor in finding the right deal.

What you really need is a life insurance policy that will take care of you and your loved ones and if it costs a little more then it will be absolutely worth it.

Speak to an expert

To get the right advice, arrange a chat with one of the expert life insurance brokers we work with. There’s no obligation and their advice is absolutely free.
If you’re in a hurry, you can talk to an advisor during normal office hours on 0808 189 0463.

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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