Updated: October 30, 2019

Understanding Life Insurance Quotes

Looking for a life insurance quote? Find out how to get a bespoke one from an independent financial advisor in this guide

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: October 30, 2019

With so many insurance providers online and on the high street, finding the best life insurance quotes can feel like a minefield.

It can be tempting to opt for the cheapest life insurance quote but the price usually reflects the level and quality of cover provided. It’s important that you make an informed decision based on what feels right for you and your circumstances.

This brief yet informative guide gives you all the information you need, including:

If you prefer to skip the reading and start comparing quotes you can rely on, talk to one of the expert insurance brokers we work with. All the brokers we work with are independent with access to insurance providers across the UK.

They will do all the work of finding you the most competitive life insurance quotes, translating the smallprint and ensuring you get the best life insurance cover you need at a price you can afford.

Call 0808 189 0463 or make a quick online enquiry to find out how much life insurance would cost you.

Steps to take before you get a quote for UK life insurance cover

Before you start looking at how much life insurance might cost you, first you need to work out a few of the basics to make sure you get quotes based on the cover you need.

Think about how much cover you need

For many people, life insurance can offer good value for money but, more importantly, it can provide enough financial security to be able to pay expenses such as funeral costs, bills, replacing lost income, a mortgage or even future education costs.

If you want to leave money for your loved ones to cover specific expenses, it can be a good idea to work out how much they would need to cover those costs and then compare quotes from life insurance companies that can offer that level of cover.

It may be the case that to find an efficient cash payout, you need to pay more for your life insurance premiums but this isn’t always a foregone conclusion.

You can ask one of the advisors we work with to get life insurance quotes for you. Remember to tell them how much you think you need for your life insurance payout and if you’re unsure, ask them to calculate it for you. 

Think about what type of life insurance you need

There are many different variations of life insurance and each one comes with its own set of terms and conditions which may affect the level of cover you receive and the price of your premiums.

You may have heard of a variant known as “Family Income Benefit” or “Family Protection Benefit”. This is whereupon the death of the insured, the life insurance would pay out a monthly lump sum.

The purpose of this type of cover would be to replace the income brought into the household in the event of death. As the name implies it’s targeted at parents and families to protect their children and dependents.

Seek the help of an independent advisor

With so many variations of life insurance products, it can be a good idea to make sure that you understand how each different option could affect you.

Speaking with an insurance advisor can help to clear up any questions or concerns and, with their expertise, you could find an affordable life insurance quote that offers you the type of cover that either you, your spouse or your whole family needs.

Another great thing about working with an advisor is that they have the knowledge of which direct life insurance companies can offer the cheapest online life insurance cover.

The advisors we work with all have access to all the insurance providers in the UK. They have tools which allow them to find quick life insurance quotes whilst also comparing hundreds of other life insurance companies across the UK to truly find you the best one.

Save time, hassle and money by having an expert find your best life insurance quote today. Call 0808 189 0463 or make a quick online enquiry.

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Compare life cover quotes

We work with qualified and trained life insurance advisors who can find you quotes for:

  • Life and income protection insurance
  • Level term life insurance
  • Group life insurance
  • Joint life insurance
  • Long term life insurance
  • Life insurance company

Online comparison websites can be helpful for quick quotes but should never be used as an accurate indication of how much you could expect to be charged.

For a quotation based on accurate information provided by you, talk to an insurance expert.

I’ve been quoted for free life insurance – is it a good idea?

Some life insurance companies offer discounts or promotional deals from time to time and these can be useful, especially if you’re looking for cheap or free life insurance.

Many of these promotions seek to attract customers with a year’s free cover in a bid to persuade them to continue with their contract and become paying customers.

If you’re looking for life insurance anyway, these deals can be a great way to save money. However, it’s important that you always check the terms and conditions of your agreement ahead of signing and to not solely focus on whether or not you’ve found the cheapest deal or best free life insurance quote.

Always compare other life insurance quotes as they may be able to offer you a better level of cover or pay a higher cash lump sum to your beneficiaries.

Advice on searching online for UK life insurance quotes

Lots of people use life insurance quote engines to find quick online life cover quotes but unfortunately this can lead to misinformation or incorrect estimates.

Why you should avoid the instant life insurance quote calculators found online

Some instant and online life insurance quote calculators neglect to ask for details that could affect the accuracy of your quote.

To truly understand your circumstances and calculate your quote, a life insurance provider will need to ask numerous and at times, personal questions.

Information regarding your health, medical history, age and family will be requested to determine how likely you are to make a claim and how much that payout should be.

What’s the best way to compare life insurance quotes?

Finding life insurance quotes that have each been calculated based on specific information you have provided can take time. To get a good picture of what your average life insurance quote could be, you may want to compare life insurance quotes from the whole of the market.

This can be tedious, which is why many people turn to independent life insurance advisors, like the ones we work with for no hassle life insurance quotes from hundreds of providers.

Get in touch and one of the advisors we work with will look closely at each factor that could affect your price and will use this information find you accurate life insurance quotes that are cheap while ensuring they still provide the level of cover you need.

Factors which influence the price you are quoted for life insurance cover will include:

  • The amount of cover you need
  • The type of life insurance policy you opt for
  • The length of the term
  • Your age and the ages of your members
  • Your health at the time of taking out the policy
  • Historic medical conditions and family medical history
  • Whether you smoke
  • Your lifestyle

Where can you find the cheapest life insurance quotes?

To find the cheapest life insurance quotes that offer both the value and level of cover you need, always seek the help of an independent advisor, like the ones we work with.

With their expertise, you can find a good deal and avoid paying more than you should.

Speak to an expert for accurate life insurance quotations

All the experts we work with have access to the entire range of insurance providers across the UK, and can carry out a comparison for life insurance quotes on your behalf.

Save yourself time, hassle and money by calling 0808 189 0463 or make a quick online enquiry to get accurate life insurance policy quotes.

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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