How Much Does Life Insurance Cost?

The Four Main Factors That Affect Cost

1. Your Age

The earlier you take out life insurance, the cheaper it usually is. A healthy 30-year-old might pay under £10 a month for basic cover. Wait until you’re 45 or 50, and the cost can easily double or triple. We’ve written before about why the earlier you start, the better.

2. How Much Cover You Need

If you just want your mortgage cleared, the cost will be different to someone who wants to provide for school fees or family living costs for years to come. Our guide to the best type of life insurance explains how to match cover to your financial situation.

3. Your Medical History

Insurers will ask questions about your health and may request a medical. Things like high blood pressure, diabetes, or smoking can increase premiums. This doesn’t mean you can’t get cover but it does mean the cost will vary depending on the insurer and the level of risk.

4. Pre-Existing Conditions

If you’ve had a medical issue in the past, premiums may be higher or certain exclusions might apply. The key is to get advice before applying, so you don’t end up with a policy that isn’t fit for purpose.

How much does life insurance cost in the UK per month?

There is no single figure, but many basic policies for a healthy adult can be lower the earlier you take it out. As you get older, or if you want higher cover amounts, premiums go up.

What affects the cost of life insurance most?

Your age, the amount of cover you want, your health and medical history, and whether you have pre-existing conditions. These are the four main factors insurers use to set premiums.

Does smoking affect life insurance costs?

Yes. Smokers usually pay more because insurers see it as a higher health risk. If you quit and stay smoke-free for 12 months, you may be able to reapply for lower premiums.

Can I get life insurance if I have pre-existing conditions?

Often yes, but it may cost more, or certain conditions might be excluded. That is why advice is important. At MBNM we compare multiple insurers to find the right fit for your situation.

Do I need life insurance if I have a mortgage?

It is not legally required, but most lenders strongly recommend it. Having cover means your mortgage would be paid off if you die, so your family does not risk losing the home.

Is life insurance worth the cost?

If someone relies on your income, partner, children, or even your business, then yes. The cost of a monthly premium is tiny compared to the financial safety net it provides.

The Bottom Line

There’s no single price tag for life insurance. What matters is finding a policy that suits your age, health, and financial goals and making sure it’s set up properly. That’s where we come in

‍Ready to find out how much life insurance might cost for you? Speak to us at Mortgage Brokers Near Me and get a policy you can count on.