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Life Insurance

Who’ll take care of your loved ones if something happens to you?
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What is life insurance?

Life insurance is a financial cushion that’ll take care of the people you love if you’re not around.

It’s designed to provide a financial safety net to your family, should the worst happen. Your family can use the money however they like, but often it helps to pay off the mortgage and cover rent, household bills and living costs. We call it protection … it’s a shield in case life suddenly throws a curveball your way.

Several products fall under the life insurance umbrella:

  • Mortgage life insurance
  • Family life insurance
  • Over 50s life insurance

Other products include income protection, which maintains your income if you’re off work sick or injured. And critical illness cover, which pays a lump sum to support your household if you’re diagnosed with a life-changing illness.

Do I need life insurance?

If you’re young, rent and don’t have kids, it might be better to consider income protection insurance or critical illness cover, to cover yourself should you get sick and / or can’t work.

If you’ve got a family you want to protect when you’re no longer around, then have a think about life insurance. Here’s a few key questions to ask yourself:

  • What would happen if my family lost my income?
  • What changes, if any, would they need to make financially?
  • Do we have savings or other assets that could support the family if I wasn’t around?

Not everyone needs life insurance, so it’s worth having a chat with one of our expert advisers. Let’s talk through your personal circumstances and work out what you need.

How much does life insurance cost?

The cost of your life insurance will depend on many things, including:

  • Your age
  • Your health
  • Smoker status
  • How long the policy lasts
  • How much cover you want
  • Whether you take out a single or a joint policy

At LifeSearch, we search the market to find the best policy suited to you and your circumstances; with prices starting from just £3 per month.* 

* 9% of customers paid £3.16 per month for their Life Insurance bought online between 01 Jan 23 and 31 Dec 23. Price is based on single level life insurance excluding critical illness cover and is subject to underwriting criteria that depends on personal circumstances. Prices are subject to change.


Use our quick life cover calculator to get started

What’s the ‘right amount’ of life cover?

It’s different for everyone. To figure out the ‘right amount’ of cover for you, you’ll want to factor in your outstanding debt, your family commitments (now and in future) and what you can afford to spend each month in premiums.

Our calculator will help. And after you calculate the ‘right amount’ of cover, give us a call (or leave your details we’ll call you) so LifeSearch can search the market for policies that match what you’re after.


Plug in your commitments to understand what cover's good for you.


Any mortgage left to pay?

How much have you left on any current mortgages in your name?


Loans, credit cards & other debts

Total up all the non-mortgage debt you have: loans, credit cards, overdrafts and any other borrowing


Potential funeral costs

The average UK funeral costs between £4,000 and £5,000. If you have expensive tastes or a massive family, it may be more. Worth thinking about.


Childcare, school or higher education costs

You’ll know your childcare, private school or tuition fee obligations. But did you know it costs roughly £1,500 - £2,500 per year to fund one child through state school? There’s sports, activities, after school clubs, uniforms, travel expenses, technology (such as a laptop or iPad) to consider.


Additional lump sum

Life insurance covers your obligations and debt. A lump sum on top offers extra comfort and options for your family after you’ve gone

£ -

Existing life insurance, savings & investments

Total up any savings, investments and life insurance policies that you intend to keep. When you die your savings go towards your debt anyway - so it’s important you’re not ‘over-insured’. That’s just a waste of money.

Your total cover estimate:

£ 0

Let us find the best cover for you!

Get advice & quote

Not sure about your calculation? We can help you choose the cover level to suit you with free advice here.

Remember, this only estimates how much you might need to help you make your decision.

What is mortgage protection insurance?

If you die before your mortgage is paid, mortgage protection insurance, also known as mortgage life insurance, covers what’s outstanding. This means your loved ones don’t have to absorb your mortgage debt and, if it impacts your family home, your death doesn’t force people you love to sell up and move on.

Typically taken out at the same time as your mortgage, mortgage protection lasts the length of your mortgage, decreasing in line with your remaining balance (at a rate of roughly 6-8% each year).

Find out more about mortgage protection life insurance.

What is over 50's life insurance?

As the name suggests, this product is only open to those over 50, and usually younger than 85 (although this does vary by insurer). This product is guaranteed to pay out and is more commonly used to cover funeral costs, or perhaps to leave a gift to a loved one, or even a charity.

If you’re looking for a quick and easy process to buy life insurance, then an over 50s product might be the one for you. You can often buy over 50s life insurance online in just a few minutes, simply because the insurer doesn’t need to collect a large amount of health information from you.

It's worth noting that you will be paying higher premiums for a lower amount of cover, due to the insurer's extra risk as they don't check your health history.

Find out more about over 50's life insurance.

What is family income benefit?

Family income benefit, sometimes known as family life insurance, is typically for parents and families, designed to give monthly payments to your family if you die, or fall terminally ill.

Payments are tax-free and usually made monthly, although quarterly and annually can be arranged.

Many people often take out this type of life insurance alongside their normal lump sum (or level/decreasing term) policy.

Or you choose which type of policy suits your circumstances if it’s to be one or the other.

What are the benefits of family income benefit?

It’s generally cheaper than standard life insurance, and its main benefit is how practical it is.

Instead of asking your loved ones to divvy up and stretch out a big lump sum, family life insurance payments can meet the bills cycle and cover those recurring expenses - month after month after month.

Advantages of family income benefit

  • Generally more affordable than standard life insurance
  • Pays a steady ‘wage’ not an overwhelming lump sum
  • Helps loved ones maintain regular financial commitments

Disadvantages of family income benefit

  • Overall pay-out amount reduces over time
  • Not able to pay off major overheads (mortgage, for example)
  • Doesn’t offer a significant financial cushion or gift for surviving loved ones

Can I get life insurance with a health condition?

A pre-existing health condition is a health problem such as asthma or diabetes, that you have been diagnosed with before the date of your life insurance application. Gone are the days when a long-time health condition ruled you out of life insurance. Although decisions are taken case-by-case, these days it’s highly likely to get covered with a pre-existing condition.

Your condition will be risk-assessed alongside other risk factors (your age, work, lifestyle, smoker status and so on). And assuming you’re otherwise healthy, a mild condition shouldn’t affect your chances.

To determine whether life insurance is possible, as well as your options and quote, we’ll need to know the nature and severity of your health condition.

When applying you’ll be asked for more information about your health condition, which may include:

  • What is your condition?
  • How long have you had it?
  • How frequently it occurs?
  • How well managed is it?
  • What treatment / medicine do you receive?
  • How does it impact your day-to-day?
  • How is your general health?

There are many factors that will affect the policy you can take out when you have a health condition. The quickest way to understand your life insurance prospects, is to call LifeSearch and get into specifics.

From there, an expert adviser can tell you exactly what’s possible, where, and how much, from the insurers we work with.

Will my price be higher than average?

This depends on your condition and its severity. If you have asthma but it’s well-managed, and you’re in good shape generally, then it’s possible you’ll be offered cover on normal terms.

With diabetes, there are specialist insurers whose business is insuring those with the condition. It may carry extra cost – it depends how well-managed it is – but cover today is easier, fairer and more comprehensive than ever before.

If you’ve a serious condition, HIV for example, it’s unlikely you’ll land life insurance cover at standard terms but there could be insurers who’ll still offer cover.

A Little more about LifeSearch

Life insurance isn’t fun. There are several kinds of life insurance policies to choose from, and dozens of providers with their own versions of those products.

Without LifeSearch in your corner that’s a lot of reading … reading you don’t have to do.

Frequently asked questions about life insurance

Easy guides to help you get started

See all our advice & guides

Ready to take the first steps to get protected?

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LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.