How much does life insurance cost in the UK?

How much it costs to have life insurance in the UK depends on you and on the cover you choose, so no single monthly figure applies to everyone. What we can show is what moves the price, and how to get a real one.

Insurers price each policy from your age, health and smoking status, then from the amount of cover, the term, the type of policy and any add-ons. If you would like an actual figure, the short form on this page puts you in touch with an FCA-authorised broker. A broker can set quotes from several insurers side by side in one conversation, at no cost to you.

Why there is no reliable average price

Any average premium mixes people of different ages, health, cover amounts and terms, so it says little about your own quote. Royal London's guide to what affects the cost of cover (10 June 2026) puts it plainly:

When it comes to life insurance, what you pay may be significantly different from your friends and family, even if you all have a policy with the same insurer.

Legal & General's premiums guide (15 May 2026) adds that "premiums may differ according to which insurer you choose, as each provider may calculate costs differently." So the useful questions are what changes the price, and how to get your own figure.

Is life insurance cheaper when you are younger?

Generally, yes. Legal & General's premiums guide says that "provided you’re in good health, life insurance premiums will normally be cheaper when you are younger", because a claim becomes more likely the later cover starts.

Legal & General publishes its own illustration on its life insurance page, holding the monthly payment fixed and showing how much cover it bought at each starting age. It is one insurer's example from its own customers, not a price list or a quote for you. L&G says it is "based on customers who don’t smoke and have good overall health, paying £25 a month for a 25 year policy".

Legal & General notes that "These quotes were taken from legalandgeneral.com on 13 March 2026", and prices change, so this is not what you would pay or be offered. What it does show is the direction: the same monthly amount bought far less cover the older the starting age.

If you start instead from a fixed monthly budget and ask how much cover it buys, the table is the reason there is no general answer: the same £25 bought very different sums by age alone, before anything in the next section. If you have a budget in mind, add it to the form on this page so the broker can work from it.

What sets the price of a life insurance policy

A premium is what you pay to keep the cover in force, and Legal & General gives the principle behind it: "Your life insurance costs reflect how likely it is that you would make a valid claim." Each factor below is a version of that idea; none comes with a size of effect, because that differs between insurers and between people.

• Age at the start, as above.
• Health, weight and family history. Premiums are "calculated based on the medical information you provide when you apply", says Legal & General, and a condition that makes a claim more likely tends to raise them. An insurer may ask your GP for a report, with your permission. Accurate answers matter at claim time; see what you must disclose.
• Smoking and vaping. Smokers generally pay more. Royal London treats you as a smoker if you have used "any nicotine or nicotine-replacement products in the last 12 months".
• Job. If an insurer rates your occupation as high risk, Legal & General says, you may be charged higher premiums.
• Amount of cover. More cover usually costs more. Choosing an amount is covered on how much life cover you need.
• Term. Royal London: "The longer the term of your cover, the more expensive your payments will be."
• Type of policy. Decreasing cover, whose payout falls over time, usually costs less than level cover, while whole of life cover tends to cost more than a fixed term because a payout is certain. See decreasing term costs and whole of life costs.
• Single or joint. Legal & General says a joint policy "is likely to be less than two equivalent single life policies", though it pays only once; see joint cover costs.
• Add-ons such as critical illness cover cost extra; see critical illness costs.
• Guaranteed or reviewable premiums. Reviewable premiums can rise later; see whether premiums rise with age.

Premiums are usually paid monthly, sometimes annually. On a term policy you pay until the term ends, a claim is paid or you cancel.

Life insurance in your 50s, 60s and 70s

Term cover is still available after 50, but each insurer sets its own age limits. Legal & General, for instance, says you need to be a UK resident aged between 18 and 77 to apply, and that if you add Critical Illness Cover you can apply up to age 67. Because age weighs so heavily, a policy started in your 60s or 70s usually costs more for the same cover than one started earlier. If you would like to know what term cover would cost at your age, a broker can check which insurers would consider you; you can ask for that through the form on this page.

Over-50s plans work differently. SunLife's Guaranteed Over 50 Plan accepts applicants "if you're aged 49-85" with no medical questions, and pays a fixed sum. What such plans pay, when, and what they cost are covered on over-50s life insurance costs, life insurance over 50 and best life insurance over 50.

For cover on a parent's life, Legal & General's guide to insuring your parents (March 2026) says it needs an insurable interest in them and their consent, and life insurance for parents goes through both. If your parent is already seriously ill, ask the insurer or a broker what, if anything, they could be offered. A policy they already hold may include terminal illness benefit. Marie Curie's Support Line, on 0800 090 2309, is there to help with questions if someone close to you is terminally ill.

How much a life insurance policy pays out, and to whom

The payout, also called the sum assured or death benefit, is the amount you choose when you buy: fixed on level cover, falling on decreasing cover. There is no typical payout to aim for. For context only, Legal & General says that "In 2025, the average payout for a valid L&G life claim was £37,788, totalling £527 million", a description of its own claims, not an amount anyone should insure for. Other insurers' published claims figures are gathered in life insurance claims statistics.

Its claims guide says a claim "will be paid as a lump sum in pound sterling to a UK bank account", to the policy's legal owner or, if they have died, their personal representative. A policy in trust is paid to the trustees, which, Legal & General says, "often means we can pay it quicker". See what a life insurance trust is.

A term policy has no value except as cover. Legal & General points out that a life policy is not a savings or investment product and that a policy carries no cash value unless a valid claim is made. Some whole of life policies differ; see cashing in a life policy.

How to compare life insurance prices fairly

An insurer's online calculator is really a quote engine: Legal & General's asks for your date of birth, contact details and smoker status, then the type and amount of cover and how long you want it to last. A tool that prices cover without those details is guessing. Our page on getting a life insurance quote covers the process.

Wherever you get them, quotes only compare fairly when they match on the amount and type of cover, the term, single or joint, any critical illness cover, guaranteed or reviewable premiums, and the same full, accurate health and smoking answers. A good price is the lowest offered for cover that matches what you set out to buy. The cheapest headline can hide a shorter term, a smaller sum or reviewable premiums. Gift cards offered with some policies have their own terms and are no reason to pick one policy over another.

When you want a figure that is actually yours, use the form on this page to reach an FCA-authorised broker, who can gather quotes on matching terms and check how each insurer would treat your health. There is no charge for the conversation. For how policy types and providers compare beyond price, see the best life insurance policies in the UK, or our guides to what life insurance costs.

Frequently asked questions

How much does life insurance cost per month in the UK?

There is no monthly figure that holds for everyone, because the price is set from your age, health and smoking status and the cover you choose. The figure that applies to you is a quote based on your own details.

How much does half a million or a million pounds of cover cost?

Generally more than a smaller sum, but the actual price for any amount depends on your age, health, smoking and term. A broker or an insurer's quote form can price the exact amount you have in mind.

Why does my life insurance quote seem so expensive?

Common reasons are a large sum assured, a long term, nicotine use, a health condition or added critical illness cover. Checking the cover matches your need, and comparing several insurers on identical terms, are the usual ways to test a quote.

Can stopping smoking lower my premium?

It can. Legal & General says that if you stop smoking for 12 months, "you may be able to reduce your life insurance rates by taking out a new policy as a non-smoker." Keep the old policy until the new one is in place.

Do you get money back if you cancel a life insurance policy?

Not from a term policy: Legal & General says that if you stop paying, the plan is cancelled and you get nothing back. See what happens if you cancel.

Is the death benefit the same thing as life insurance?

No. The life insurance is the policy; the death benefit is the lump sum it pays if you die while covered.

How long does a life insurance payout take?

It varies with the insurer and with how quickly paperwork is complete; a policy in trust avoids probate.

Sources

• Legal & General, Life Insurance (example dated 13 March 2026), read 17 October 2026. legalandgeneral.com
• Legal & General, How are life insurance premiums calculated? (15 May 2026), read 17 October 2026. legalandgeneral.com
• Legal & General, Average cost of life insurance (29 July 2026), read 17 October 2026. legalandgeneral.com
• Legal & General, Life insurance claims information (14 April 2026), read 17 October 2026. legalandgeneral.com
• Legal & General, Can you insure your parents? (9 March 2026), read 17 October 2026. legalandgeneral.com
• Legal & General, Life insurance FAQs, read 17 October 2026. legalandgeneral.com
• Royal London, What factors affect the cost of life insurance? (10 June 2026), read 17 October 2026. royallondon.com
• SunLife, Over 50 Life Insurance, read 17 October 2026. sunlife.co.uk
• Marie Curie, Support, read 17 October 2026. mariecurie.org.uk