Average Life Insurance Cost Per Month

average life insurance cost per month

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.
  • The price match promise means my team will find you the right cover for your unique circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

average life insurance cost per month in the UK

£200,000 Life Insurance Rates by Age

AgeMonthly Premium (£)
259
3011
3514
4018
4524
5034
5545
6058

Visual Chart Representation of a typical life insurance cost

AgeMonthly Premium (£)Chart
259
3011
3514
4018
4524
5034
5545
6058

  • The price match promise means my team will find you the right cover for your unique circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

chimat life insurance features

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.

So, 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.

  • 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 in the UK

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 (£)
2510
3012
3515
4020
4528
5038
5550
6065

Decreasing Term Insurance Rates by Age – Standard Risk Profile average price of life insurance

Age (restricted risk classes)Life Insurance Per Month Monthly Premium (£)
258
3010
3512
4015
4520
5028
5538
6050

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 (£)
2511
3013
3516
4021
4530
5040
5552
6068

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 (£)
2525
3028
3532
4040
4555
5075
55100
60130
top benefits of life insurance

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. The 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 very 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

  • 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.

£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 if it’s term life cover or decreasing term cover. Life insurance depends on data from many sources like the Actuarial Post.