If your current life insurance premiums are too high or your circumstances have changed, you should research current life insurance costs; the best life insurance in the UK should be your goal.
The best life insurance review tables below show the results of Chimat’s research into the top providers, based on the type of cover required and the circumstances of those who need it.
They clearly show that no one solution fits all.
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Top 10 Life Insurance Companies UK
These top 10 insurers are suitable for people without health problems, those in dangerous occupations, or those who have smoked in the last year.
How much does life insurance cost? It is a common question. Another key question is how much cover do I need?
The approximate answer is around £10 per month for £100,000 of cover.
Based on this approximate rule, the top ten insurers were evaluated as follows.
| Insurance Company | Review Stars | Payout Percentage | Value Score |
|---|---|---|---|
| 1 Liverpool Victoria | ★★★★☆ | 98.3% | 9.41 |
| 2 Aviva | ★★★★★ | 97.9% | 9.12 |
| 3 Royal London | ★★★★☆ | 96.8% | 8.83 |
| 4 VitalityLife | ★★★☆☆ | 96.9% | 7.94 |
| 5 Legal and General | ★★★★★ | 98.4% | 9.25 |
| 6 Zurich | ★★★★☆ | 97% | 8.36 |
| 7 AIG | ★★★☆☆ | 95% | 7.87 |
| 8 Scottish Widows | ★★★★☆ | 98% | 8.38 |
| 9 Aegon | ★★★☆☆ | 94% | 7.69 |
| 10 Nationwide | ★★★★★ | 99% | 8.83 |
A more specialist insurer will likely offer you better value if you have more complex needs.
Best Life Insurance Provider for Level Term Life Insurance
| Insurance Company | Review Stars | Payout Percentage | Value Score |
|---|---|---|---|
| Legal & General | ★★★★★ | 98% | 9.02 |
| Zurich | ★★★★☆ | 97% | 8.31 |
| Vitality Life | ★★★☆☆ | 96% | 7.73 |
| Liverpool Victoria | ★★★★☆ | 98% | 8.62 |
| Royal London | ★★★★☆ | 98% | 8.45 |
| AIG | ★★★☆☆ | 95% | 7.61 |
| Scottish Widows | ★★★★☆ | 98% | 8.36 |
| Aviva | ★★★★★ | 99% | 9.13 |
| Aegon | ★★★☆☆ | 94% | 7.61 |
| Nationwide | ★★★★★ | 99% | 8.89 |
Top 5 Life Insurance Companies UK With Low Life Insurance Premiums
Best prices for smokers and people with existing health conditions
| Insurance Company | Review Stars | Payout Percentage | Value Score |
|---|---|---|---|
| Liverpool Victoria | ★★★★☆ | 98% | 8.41 |
| Aviva | ★★★★★ | 97% | 9.12 |
| Royal London | ★★★★☆ | 96% | 8.43 |
| Zurich | ★★★★☆ | 97% | 8.54 |
| Aegon | ★★★☆☆ | 94% | 7.27 |
We have been asked recently is vaping classed as smoking for life insurance?
In most cases, premiums would be similar to those for smokers; however, we work with specialist insurers who view vaping as significantly less risky.
In these cases, we have secured very competitive premiums for our customers.
Click To Compare QuotesThe Best Life Insurance Providers UK that bundle affordable critical illness cover with life insurance policies
Many people commonly overlook critical illness cover. Depending on your occupation or personal circumstances, this insurance can offer the best value for your family.
Many financial advisors suggest adding critical illness cover as a “bolt-on.” Still, the Chimat team believes that this type of protection is just as relevant to most people as life insurance.
Our research shows that Aviva is the best insurer for both life cover and income protection for people who can access standard-terms cover.
British Friendly Society and LV follow. For slightly more challenging cases, the Wesleyan Assurance Society also offers excellent value.
Best Life Insurance Policy UK For Term Life Insurance
Term life insurance is much cheaper and arguably better value for money than whole-of-life cover. The three insurers that consistently stand out are LV=, Royal London, and Zurich.
Top Life Insurance Companies UK for decreasing term life insurance
The best insurance policy for decreasing term is Aviva or Vitality for people with conventional circumstances.
Both insurers have thousands of TrustPilot reviews with an average rating of over four stars.
Click To Compare QuotesDecreasing term life cover is ideal for the value-conscious buyer, as it is cost-effective and accounts for your home’s debt decreasing over time.
If you have a repayment mortgage, a decreasing term policy may be more relevant to you than if you rent your family’s home or have an interest-only mortgage.
Best UK Life Insurance for Joint Life Insurance Cover
As long as one partner doesn’t have a high-risk occupation or significant health issues, a joint life insurance policy can offer you fantastic value compared with two separate level term insurance policies.
Lump sum financial protection with decreasing term cover
A lump sum is beneficial for a family with a large mortgage balance or a rented home. If you have a small mortgage, a monthly payment from a life insurance provider could be a better option.
What Are The Best Life Insurance Rates?
Life insurance premiums can differ significantly between providers, making it crucial to compare quotes from multiple insurers.
Each company has its own underwriting process for determining eligibility and pricing, so monthly life insurance premiums can vary widely in the UK.
Below, we’ve highlighted some of the most competitive life insurance rates available through our panel of insurers at Chimat.
These example quotes are based on a healthy, non-smoking individual applying for level term life insurance with a 20-year policy term and £160,000 of coverage.
As shown in the table below of the top-rated life insurance companies, prices can vary by insurer, underscoring the value of comparing quotes to find the best deal.
| Age | Aviva | Legal & General | Scottish Widows |
|---|---|---|---|
| 20 | £4.26 | £5.49 | £6.12 |
| 25 | £5.13 | £5.76 | £6.86 |
| 30 | £6.19 | £7.14 | £7.62 |
| 35 | £9.01 | £9.13 | £9.33 |
| 40 | £12.93 | £13.15 | £12.87 |
| 45 | £18.13 | £19.65 | £18.17 |
| 50 | £29.11 | £31.88 | £30.51 |
Axa Insurance Reviews for people with a problematic medical history
For people over 50 with some pre-existing medical conditions, the cheapest option is likely Axa Over 50 Life Insurance, as they can quantify the risk of heart attack and stroke far more accurately than other guaranteed acceptance medical conditions over 50s life insurance providers.
When you look for the best life insurance companies in the UK, it is wise to look at their credit rating to see if they have enough financial reserves to ride out interest rate volatility and stock market crashes.
Axa has excellent credit ratings and an international bias, so it is insulated from UK-only exposure.
Saga Life Insurance Costs Over 70 for Easy Life Insurance claims
A common company awarded the best life insurance provider is Saga Life Insurance Over 60, and has been discussed on Which Life Insurance.
Best Life Insurance UK for Whole of Life Policies
The best person to help you with how much life insurance you need and if you need term insurance or a whole of life policy is a regulated insurance broker or financial adviser providing life insurance.
The best whole-of-life insurers are Aviva, LV, Royal London, Vitality, and Zurich. Still, if you have specific needs or health conditions, more niche providers may be able to offer you a better price or, indeed, any cover at all.
What do the best life insurance companies have in common?
Life insurance policies work by having insurance companies collect monthly or annual premiums and invest the money in a portfolio of income-generating assets, such as stocks and bonds.
The portfolio of the life insurers’ assets is strongly biased toward large-cap and high-quality bonds and gilts.
The income from premiums and these assets is used to fund the lump-sum payout, as detailed in the policy documents.
Sources The Chimat Life Team Used In Our Best Life Insurance Reviews:
- https://www.deloitte.com/uk/en/Industries/financial-services/analysis/life-insurance.html
- https://www.fca.org.uk/publication/correspondence/wholesale-insurance-market-priorities-2023.pdf
Paul has over 12 years of life insurance expertise. Renowned for his dedication and approachable nature, he’s a trusted advisor committed to helping clients secure their future.