The average life insurance cost per month is £25. This is based on cover requested by people on an average salary.
The approximate rule of thumb is it costs around £10 per month for each £100,000 of cover.
If you are looking for lower life insurance premiums or you want to buy life insurance for the first time, the life cover market can be daunting.
- Chimat has life insurance cover from insurers not on the big comparison sites.
- Different insurers have radically different tolerances for your health status.
- Chimat can help you calculate how much coverage you need for your new life policy.
- Decreasing term life insurance policies could be your best option if your remaining mortgage balance decreases.
- Chimat provides you with an example price comparison to compare quotes from multiple insurers.
- Chimat can help you look at your existing life insurance premium and see if we can reduce your cost of life insurance.
Please complete the form below to find out how much you can save.
£200,000 Life Insurance Rates by Age
| Age | Monthly Premium (£) |
|---|---|
| 25 | 9 |
| 30 | 11 |
| 35 | 14 |
| 40 | 18 |
| 45 | 24 |
| 50 | 34 |
| 55 | 45 |
| 60 | 58 |
Visual Chart Representation of a typical life insurance cost
| Age | Monthly Premium (£) | Chart |
|---|---|---|
| 25 | 9 | |
| 30 | 11 | |
| 35 | 14 | |
| 40 | 18 | |
| 45 | 24 | |
| 50 | 34 | |
| 55 | 45 | |
| 60 | 58 |
Average Life Insurance Cost Per Month – 2024 Life Insurance Pricing
A common question is how much life insurance do I need?
Depending on your situation with your home, the size of your mortgage, and the age of your children, you need the equivalent of 10 years of your wages.
Click To Compare QuotesSo, for a person with a £30,000 salary, this average person will have to spend about £30 per month.
But, there are ways to use different types of insurance provider to get the monthly payments down.
The different types of life insurance policies include:
- Term life insurance policy
- Decreasing term life insurance company
- Whole life insurance
- Affordable life insurance
- Level term life insurance rates
- Decreasing term insurance policy for people with challenging personal circumstances
- Repayment mortgage life insurance
- Interest only mortgage life insurance companies
- Family life insurance deals
- Lump sum joint life insurance
- Whole life insurance rates
Life Insurance Average Cost Per Month UK
As long as your family medical history does not flag up any issues your monthly premiums should be affordable, as the life insurance costs are a function of your wages.
How Much Does Life Insurance Cost UK
Life insurance quotes for a non smoker are usually less than half of those for those that smoke. If you quit smoking for a year, this could save you money as you will be in a different risk class and significantly higher life expectancy!
Life Insurance Rates By Age Chart UK
This is a part of the Chimat life insurance case studies project. You can see how the cover prices vary significantly. The average cost of life insurance can depend on the stock market’s performance and interest rates.
£250,000 Cover Amount Life Insurance Rates by Age – Excluding higher risk
Term Life Insurance Rates by Age – Life Insurance Prices 2024 – £250k lump sum
| Age (UK residents) | Term Policy Monthly Premium (£) |
|---|---|
| 25 | 10 |
| 30 | 12 |
| 35 | 15 |
| 40 | 20 |
| 45 | 28 |
| 50 | 38 |
| 55 | 50 |
| 60 | 65 |
Decreasing Term Insurance Rates by Age – Standard Risk Profile average price of life insurance
| Age (restricted risk classes) | Life Insurance Per Month Monthly Premium (£) |
|---|---|
| 25 | 8 |
| 30 | 10 |
| 35 | 12 |
| 40 | 15 |
| 45 | 20 |
| 50 | 28 |
| 55 | 38 |
| 60 | 50 |
Level Term Insurance Rates by Age – How much is life insurance a month with UK insurers in 2024
| Age (good health) | Best Deal Monthly Premium (£) |
|---|---|
| 25 | 11 |
| 30 | 13 |
| 35 | 16 |
| 40 | 21 |
| 45 | 30 |
| 50 | 40 |
| 55 | 52 |
| 60 | 68 |
Whole of Life Insurance Rates by Age – Average cost of life insurance per month with the top UK insurers
| Age (non smokers) | Life Insurance Per Month Cost (£) |
|---|---|
| 25 | 25 |
| 30 | 28 |
| 35 | 32 |
| 40 | 40 |
| 45 | 55 |
| 50 | 75 |
| 55 | 100 |
| 60 | 130 |
Average Life Insurance Cost UK
The monthly cost of financial protection when you are in good health represents a relatively small monthly outgoing compared with other expenses like mortgage interest, council tax, food, electricity and gas.
Some of the best value for many people is a level term policy, a little bit like a fixed rate mortgage.
Life Insurance Rates UK – how do I find the best life insurance policy?
You can go to a shopping comparison website and use an automated bot. But this is not without risk, as the web bot might not ask you the right questions or the most relevant questions to get what you need.
Click To Compare QuotesThe best way to get the best life insurance rates is to speak to an experienced life insurance broker like the ones at Chimat.
With a short introduction to your personal circumstances, Chimat brokers can help you get the cover you need based on your family’s needs.
They can give you a balanced look into your family’s future if the worst happens to you.
How Much Should Life Insurance Cost? When do life insurance providers reduce rates?
Life insurance is significantly linked to the performance of the stock market and interest rates. Insurers invest your premiums into assets.
They are very fussy about what assets they own, how much income they generate and how “safe” they are.
However, the whole life insurance industry would not work if insurers were not exposed to the earnings of the companies they invest in.
If insurers just held cash on their balance sheets, they could not pay it out.
Life Insurance Premiums with pre existing medical conditions
These issues can impact life insurance premiums:
- Drug or alcohol abuse that has contributed to health conditions
- Serious illnesses, medical history, and family history
- Other lifestyle factors related to your postcode
- Mental health conditions
- Heart disease or heart conditions
- Smoking status health issues
- High blood pressure
- Sexual orientation
- Marital status
- Result of medical exam
- Any history of a hereditary disease
£100,000 increasing term insurance policy plus critical illness cover
Only people with a substantial amount of savings, a small mortgage, or older children should consider 100000 Life Insurance as £100,000 financial safety net lump sum payment does not provide much financial security for a young family.
However, the average life insurance rates for £100,000 sum assured are around £10.50 a month.
£200000 life insurance cost with pre existing conditions
For most people, £200,000 Life Insurance is insufficient for the fixed sum final expenses unless your family home has no mortgage and you have substantial savings and investments.
With pre-existing conditions or a history of smoking, the cost will likely be double, £40 a month instead of £20 a month, for example.
This type of policy is ideal for families aiming to cover outstanding mortgages or provide a financial safety net.
£500000 average life insurance cost per month – average prices Q2 2024
For a 42-year-old, non-smoking Dad with two young children, a £500,000 life insurance policy will likely cost around £50-£60 per month, depending on whether it’s term life cover or decreasing term cover.
Again, premiums can fluctuate due to health conditions, smoking status, or policy type.
Life insurance depends on data from many sources like the Actuarial Post.