Is cheap life insurance better?

05 August 2020

As with many things in life, getting the cheapest life insurance doesn’t necessarily mean you’re getting the best. The chance to save money through lower premiums won’t seem so attractive if your payout doesn’t support your loved ones when they need it most. However, we understand that every household has a budget, so here’s our guide on how to get affordable life insurance that provides an adequate level of cover.

How to get cheap life insurance quotes

In order to get the cheapest life insurance that still reflects your requirements, you’ll need to make an honest assessment about how much money you would like to leave your loved ones. Our life insurance calculator is a simple way of working out how much cover you need, partly based on multiplying your salary by the number of years you wish to cover your dependants. Remember that the cheapest life insurance premium quoted isn’t necessarily the best, you’ll want to make sure you have sufficient cover should the worst happen.

Why can’t I get cheap life insurance?

The cost of life insurance is based on the risk of a claim being made. Once you know what cover you need, your ability to get cheap life insurance depends on a number of factors including your age, smoker status, Body Mass Index, occupation and hobbies. For example, you’ll be classified as a smoker if you’ve recently used tobacco (in the last 12 months), so will face higher premiums. But regardless of your own personal circumstances, you can always shop around for the best deals, review your bank statements to get an accurate picture of your living costs, and speak to our advisers if you have any questions

Get cheaper premiums by paying annually

When you apply for cover with us over the telephone, you have the option of paying your premiums monthly or annually. And if you can afford to pay annually, you'll get a 4% discount.

This example is based on a non-smoker, born 2 March 1983 with £150,000 of Life Insurance over 20 years

Monthly premium £9.19
 Annual Premium  £105.87
 % discount 4%
 Saving over 1 year  £4.41
 Saving over 20 years  £88.20

Figures correct as of 2nd June 2020. Your quote will depend on your individual circumstances.

Is joint life insurance cheaper?

Yes, if you have a partner, a joint life insurance policy is usually cheaper than getting two single policies. However, a joint life insurance policy normally only pays out once – upon the death of the first policy holder – so it may be worthwhile to take out two single policies despite the extra cost.

Evaluate your circumstances

Remember that life insurance is ultimately designed to protect those who rely on your income. So life insurance could be cheaper for those who have fewer financial dependents, such as children, a partner, or parents with care needs, as a lower amount of cover might be needed when there are less people to protect. This is only one factor to consider when evaluating your circumstances and overall protection requirements.

And of course, low cost life insurance doesn’t necessarily offer the right cover. There are a range of life insurance products out there, and finding the one that matches your needs and circumstances can be just as important as the cost. Look out for product features that appeal to you, and the reputation of the insurance provider; for example, Legal & General Life Insurance has a 5-star Defaqto rating.

Getting life insurance with Legal & General

Our premiums start from just £6 a month, depending on your needs and circumstances. To find out how much life insurance you might need, use our Life Insurance Calculator and then get a quote in under two minutes, with an instant online decision if you decide to apply.

Find out more about our Life Insurance