Cheapest Life Insurance Quotes

WWW.CHEAPESTLIFEINSURANCEQUOTES.CO.UK

Rates last update: 22 October 2019

The cheapest life insurance quotes are almost always available online where there is not a need to pay for a salesman to prepare the quotes and sell the policy. Here is a table of current best rates from leading comparison site PayingTooMuch.com.

You can get a personal quote for life insurance using your own date of birth in about 20 seconds.

Cheapest Life Insurance Quotes – Non-Smoker Premiums (you haven’t used any tobacco products or e-cigarettes within the last 12 months)

£200,000 Life Cover Premiums10 Year Term15 Year Term20 Year Term25 Year Term30 Year Term35 Year Term40 Year Term45 Year Term50 Year TermWhole Of Life
Age 30 (n/s)£6.35£6.47£6.90£7.66£8.46£9.50£10.85£13.11£15.01£112.94
Age 35 (n/s)£7.62£8.48£9.26£9.95£11.44£13.99£15.96£20.10£27.25£130.66
Age 40 (n/s)£10.52£11.39£12.63£15.30£18.16£21.74£26.46£33.00£46.21£159.52
Age 45 (n/s)£14.67£16.94£19.43£23.06£28.53£34.43£45.08£58.55N/A£197.17
Age 50 (n/s)£21.91£25.40£30.32£37.12£47.89£61.48£79.65N/AN/A£239.18
Last Updated: 22 October 2019 (Source: PayingTooMuch.com)


Cheapest Life Insurance Quotes – Smoker Premiums (which means you’ve used tobacco products or e-cigarettes within the last 12 months)

£200,000 Life Cover Premiums10 Year Term15 Year Term20 Year Term25 Year Term30 Year Term35 Year Term40 Year Term45 Year Term50 Year TermWhole Of Life
Age 30 (s)£9.92£10.49£11.28£12.72£14.31£16.79£19.39£24.89£30.89£134.44
Age 35 (s)£13.37£14.26£15.80£18.69£23.43£28.17£32.35£39.00£50.18£164.45
Age 40 (s)£19.56£22.72£26.99£32.49£38.47£45.46£53.59£65.96£79.76£198.50
Age 45 (s)£30.85£36.38£43.84£53.07£63.29£78.08£86.63£105.93N/A£246.19
Age 50 (s)£48.60£62.73£74.37£89.69£108.49£127.77£145.58N/AN/A£303.73
Last Updated: 22 October 2019 (Source: PayingTooMuch.com)

What Type Of Cover To Buy?

Term assurance

The most basic type of life insurance is called term insurance. With term insurance you choose the amount you want to be insured for and the period for which you want cover. If you die within the term, the policy pays out to your beneficiaries. If you don't die during the term, the policy doesn't pay out and the premiums you've paid are not returned to you.

There are two main types of term assurance to consider – level-term and decreasing-term insurance, (also called mortgage protection).

Level-term life insurance policies

A level-term policy pays out a lump sum if you die within the specified term. The amount you're covered for remains level throughout the term – hence the name. The monthly or annual premiums you pay usually stay the same, too.

Level-term policies can be a good option for family protection, where you want to leave a lump sum that your family can invest to live on after you've gone. It can also be a good option if you need a specified amount of cover for a certain length of time, e.g. to cover an interest-only mortgage that's not covered by an endowment policy.

Decreasing-term (Mortgage Protection) life insurance policies

With a decreasing-term policy, the amount you're covered for decreases over the term of the policy. These policies are often used to cover a debt that reduces over time, such as a repayment mortgages.

Premiums are usually significantly cheaper than for level-term cover as the amount insured reduces as time goes on. Decreasing-term insurance policies can also be used for inheritance tax planning purposes.

Whole Of Life policies

As the name suggests, whole-of-life policies are ongoing policies that pay out when you die, whenever that is. Because it's guaranteed that you'll die at some point (and therefore that the policy will have to pay out), these policies are more expensive than term assurance policies, which only pay out if you die within a certain timeframe. Placed in Trust and setup on a second death basis for joint lives they can be used to help pay an inheritance tax bill too.