Where to start

Before you look at ways to find the cheapest policy, you need to work out:

  • When you should get it

  • What cover you need

  • How long you need it for

When to apply

The earlier in life you apply, the cheaper your premiums will be.

You can apply for most life insurance policies from 18 years old, but this does not mean you should take out a policy and start paying premiums before you need to.

Only take out life insurance if you think you might need it, e.g. if you want your mortgage paid off when you die, rather than it going to your loved ones to pay.

Can you get a joint policy?

Yes, most life insurance companies let you apply for cover under two names.

A joint life insurance policy is cheaper than buying two individual policies. However, the cost difference can be small and they only pay out once, after the first person dies.

If you and your partner want cover for a specific reason, such as to cover the mortgage if one of you die, then a joint policy could save you on your monthly premiums.

Choosing enough cover

If you are unsure how much cover you need, consider:

  • If you have a mortgage, or any other borrowing, choose an amount of cover that will at least pay it off when you die.

  • If you have children, or anyone you care for, a payout could help support them financially, e.g. university fees, a house deposit or to pay for care.

Choosing a policy term

When you know how much cover you need, you should think about how long you want that cover to last.

  • If you have a mortgage, you could match the repayment term so if you die before paying off your mortgage, the life insurance payout will cover the rest.

  • If you have children, you may want the cover to last until they reach a certain age, such as 25, when they have moved out and may be looking to buy their first home.

Finding the best price

When you know what you need from a policy, you should get as many life insurance quotes as possible to find the cheapest monthly premiums.

When comparing life insurance policies, do not just pick the cheapest one, choose the cheapest one that gives you the cover you need.