The cost of any protection policy depends on the level of cover you want, and a variety of other factors, such as your health and age. However, cover may be more affordable than you think, and there are usually plenty of competitive deals available if you shop around and compare policies from a range of different insurers.
According to comparison website Comparethemarket.com, the average price of a life insurance premium for those in their 40s is about £37 per month. This rises to about £49 per month for those in their 50s, with those aged over 60 paying upwards of about £67 a month. However, of course, the actual amount you’ll pay depends on your personal circumstances and requirements, and may be lower or higher than this.
Like any type of insurance, it’s best to compare the cost across a range of insurers, whatever type of protection policy you’re buying. This could see the price fall dramatically, and premiums can usually be tailored to your budget by tweaking the details, such as how much is paid out, or the term.
There are a number of fee-free brokers available in the market, but if you’re looking for somewhere to start, we’ve partnered with life insurance expert Teddy Cenaj to offer fee-free advice to our members. All you need to do is book a no-obligation call to get personalised fee-free advice and quotes from the whole market.
Some types of life insurance cost more than others, too. Term life insurance is usually less expensive than whole of life cover for example, as it runs for a set term rather than until you die. Find out more in our article What are the different types of life insurance?