Understanding affordable life insurance

Looking for cheaper life insurance? The lowest monthly premium won’t always provide the protection you need.

The aim is affordable cover that reflects your circumstances, protects the people who matter and lasts for an appropriate length of time. There isn’t one cheapest insurer for everyone.

Cover may be available from leading UK insurers

Providers shown are part of our broker partner’s selected panel.

AvivaLegal and GeneralLV equalsScottish WidowsVitalityZurich

Price in context

Can life insurance be affordable?

It can be, although the price varies. Insurers consider age, health, nicotine use, occupation and lifestyle, together with the amount, term and type of cover.

Before choosing, check

  • The potential payout and duration
  • Whether cover stays level, decreases or increases
  • Whether the premium can change
  • Exclusions and policy definitions
  • Final terms after underwriting

Seven considerations

Factors that may result in a lower premium

Each policy-design change can alter the protection you receive.

  1. 01

    Compare like for like

    Keep the people, amount, term and benefits materially consistent.

  2. 02

    Choose an appropriate amount

    Less cover may cost less, but means a smaller potential payout.

  3. 03

    Match the term to the need

    A shorter term may cost less, but cover ends sooner.

  4. 04

    Compare structures

    Decreasing cover may cost less because the benefit reduces.

  5. 05

    Review optional benefits

    Removing features can also remove valuable protection.

  6. 06

    Apply when cover is needed

    A lower monthly premium does not always mean a lower total cost.

  7. 07

    Give accurate information

    Never alter information to obtain a lower premium.

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Smoking, vaping and prices

Definitions and nicotine-free periods vary. Don’t assume non-smoker pricing applies immediately; answer each insurer’s questions accurately.

What is usually the cheapest type?

No policy type is cheapest in every case. A lower price often reflects a difference in duration, benefit or insured events.

ComparisonWhy one may cost lessWhat changes
Term and whole-of-lifeTerm cover often has a lower initial premiumIt ends on a set date
Decreasing and level termDecreasing cover may cost lessThe benefit falls during the term
Life-only and critical illnessLife-only may cost lessNo critical illness benefit
Joint and single policiesOne joint policy may cost lessIt commonly pays once and ends

Ways a premium may fall, and the trade-offs

Potential changeImportant trade-off
Lower cover amountA smaller potential payout
Shorter termCover ends sooner
Decreasing coverThe benefit reduces over time
Life-only coverNo critical illness benefit
Removing optional benefitsLess protection or flexibility

What affects the price?

Insurers use different underwriting criteria, pricing models and product rules.

  • Age
  • Health history
  • Nicotine use
  • Occupation
  • Lifestyle
  • Cover amount
  • Policy term
  • Optional benefits

Does a low premium mean suitable protection?

No. It may reflect less cover, a shorter term, a reducing benefit or fewer features.

Compare the final benefit, duration, definitions, exclusions and how the premium can change. This page doesn’t rank providers or identify a universal “best” policy.

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Considering replacing existing cover?

A new application uses your current circumstances and may produce a higher price or different terms.

Don’t cancel existing cover because you’ve requested a new quote. Wait until new cover is confirmed in force and compare the complete terms.

Individual assessment

Cover with a medical condition

A medical condition doesn’t automatically prevent you from investigating cover. Insurers assess applications individually.

A broker may identify insurers whose criteria differ, but acceptance or a lower premium can’t be guaranteed.

Compare life insurance options

The exact process will reflect the approved Reassured journey.

  1. Tell us what you needShare initial details about the protection you want.
  2. Continue with ReassuredYour request continues with our broker partner.
  3. Explore available optionsFurther information may be needed.
  4. Compare final cover and priceReview the premium, term, exclusions and conditions.
Get a quote →

Questions about life insurance prices

Which company offers the cheapest life insurance?

There isn’t one cheapest insurer for everyone. Prices depend on the applicant, policy and assessment.

Can stopping nicotine use reduce my premium?

It may affect future prices, but definitions and nicotine-free periods vary.

Can I lower my current premium?

That depends on the policy terms. Less cover also means less protection.

Should I cancel current cover for a cheaper policy?

Not before replacement cover is confirmed in force and all terms have been compared.

When does new cover start?

Only when the insurer confirms it is in force and any conditions have been met.

Ready to discuss life insurance options?

Compare the final protection, premium and terms before deciding.

Get a quote →

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