Life Insurance

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Why Compare life insurance Quotes With SimplyQuote?

SimplyQuote streamlines the process of compiling life insurance quotes, so you can get the best policy suited to your needs.

We understand that thinking about a time when you are no longer around can be difficult, which is why we aim to ease this burden. We provide a range of tailored life insurance quotes quickly and easily, allowing you to choose one that ensures your family’s financial well-being when you no longer can.

Whether you need critical illness cover or are simply wondering how much life insurance you can afford, SimplyQuote is here to help!

If you have any concerns or queries, reach out to our helpful team directly via our contact page.

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Why Do I Need Life Insurance?

If you have someone who financially depends on you or a substantial debt that could be passed on to your next of kin when you die, life insurance is a wise investment. While it is not a legal requirement in the UK, it is commonplace for the ‘breadwinner’ of the house to take out this type of insurance.

Those who are dependent on you could include your life partner, children, family members, or sometimes friends.

What are the benefits of life insurance?

Life insurance has plenty of benefits that can be often overlooked:

  • It’s a financial safety net for when those you love might need it the most, providing you with peace of mind.
  • Some mortgages require life insurance to ensure that the repayment can be made in the event of your death.
  • It covers loss of earnings and any money lost during a period of illness before death.
  • Beneficiaries don’t have to suddenly return to work after your passing due to financial worries.

Life insurance holds a lot of value for those who may need it when you’re gone. Whether it was an illness that crept up on you or a long health battle, it’s always worth having it in place

How Does Life Insurance Work?

You buy life insurance from a reputable insurance provider.

You pay monthly or annual premiums to uphold your policy’s contract. As long as these payments are made, the policy will be paid out if and when it’s needed.

When you pass away or become critically ill, your life insurance provider will pay out your policy to your named beneficiaries.

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What Is Covered By Life Insurance?


Do I Qualify For Life Insurance?

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When Should I Consider Taking Out A Life Insurance Policy?

When is the right time to take out a life insurance policy? It all depends on your personal circumstances and when you are financially able to do so.

We’d recommend that you take out a life insurance policy whenever you are relied upon by others, or you have a considerable amount of assets that your beneficiaries would appreciate receiving.

Here are some other scenarios when you should consider taking out life insurance:

You’re about to start a family

When you plan on having children, it’s a good idea to take out a life insurance policy. When your family expands, more people in your household will rely on you financially. The same applies when you’re about to get married.

You’re starting a new job

When you change jobs, your salary could increase, impacting your lifestyle. Taking out a new policy during this phase will ensure that your family can maintain this lifestyle when you’re gone.

You’re purchasing your first home

Your mortgage is undoubtedly one of your biggest expenses. You’ll need life insurance to cover the balance of your repayment mortgage so that the burden doesn’t fall on your next of kin.

Some don’t end up taking life insurance policies out until they’re critically or terminally ill. However, the more illnesses or conditions you have, the more limitations you’ll face when it comes to taking out a policy.

Ideally, you want to take out life insurance when you’re financially ready and in reasonably good or peak health.

How Much Life Insurance Do I Need?


What Types Of Life Insurance Are There?

There are two main term life policies on offer: level term life insurance and decreasing life insurance. These are standard when it comes to life insurance.

But how do they compare? Let’s look at them individually so you can get a good understanding of what each one offers.

Level term life insurance

Level term life insurance pays out a fixed lump sum should the policyholder die within a pre-agreed term. This can offer the financial support that your beneficiaries will need by having a specific sum of money.

This can help to plan for a time when you’re no longer around, as sad as it may sound! It’s the most common policy cover, and, once it expires, there’s nothing else that the policyholder needs to do. If it ends, you may wish to look elsewhere for additional coverage for your remaining years.

Decreasing life insurance

Decreasing life insurance (sometimes referred to as mortgage life insurance) is where the insurer’s payout will decrease over time. This is often because debts, loan repayments, and mortgage balances will decrease over time, too. In other words, there will be less of a financial burden for your beneficiaries when you die.

The policy also tends to have an interest rate cap, so it’s good to know exactly what you’ll be getting, whether your beneficiaries make a claim in 10 or 30 years.

What Other Types Of Life Insurance Are Available?

There are plenty of other types of life insurance policies that are worth considering. You may even find one of these is better than having something more generic.

Critical illness cover

Critical illness cover insurance will typically pay out if you are diagnosed with a specific injury or medical condition listed within your policy. It can be added on as additional cover when you take out a life insurance policy.

It also only pays out once. When the payment is made, the policy ends.

The conditions or injuries can vary from one policy to another; however, they typically include the following:

  • Heart attack
  • Certain types and stages of cancer
  • Stroke
  • Major organ transplant
  • Alzheimer’s disease
  • Traumatic head injury

It’s worth taking a look at all of the medical conditions and injuries listed to help decide on the best cover provider.

If you have a family history of any of the above medical conditions, this would be a good cover to consider.


Whole-of-life insurance, otherwise known as life assurance, is a guarantee from the insurance provider that they’ll pay out a lump sum to your family whenever you die. It covers you throughout your life – provided you continue to pay your premiums.

Keep in mind that this differs from level term life insurance. Life assurance covers you for your entire life, while level term provides cover over a fixed period.

This cover is ideal if you’re looking to ensure your children’s or dependents’ financial well-being over your entire lifetime, regardless of when you die.

Death in service

Death in service insurance is offered as a benefit from the company you work for. This is a tax-free lump sum that’s provided if you die while still employed by the company. It can also be offered in circumstances where the job itself may carry a lot of risks.

Over-50s life insurance

This type of policy is specifically designed for those aged 50 and above. It helps to ensure your loved ones are left with a cash amount, that any unpaid bills are covered, or that your funeral costs are paid for.

So, if you’re a UK resident aged between 50 and 80, you’ll be able to apply for this cover.

Joint life insurance policy

Taking out a joint life insurance policy with your spouse often results in cheaper premiums compared to paying for two separate policies.

However, there is a catch: the policy only pays out once. So, when the first person dies, the policy coverage ends.

This makes it less risky and cheaper for an insurer to cover, so it’s good to weigh up your options and consider whether or not this is right for you.

Life insurance for new parents

Raising a child is expensive, whether you’re meeting general childcare costs or keeping up with the monthly bill payments. If you or your partner are relied on to bring in the income, then it’s important to look at life insurance, particularly that tailored for new parents.

With pre-existing medical conditions

For those who already have a pre-existing medical condition or any diagnosed issue, getting a life insurance policy can be a little trickier. However, some providers cater specifically to those with certain medical conditions with specialised life insurance policies.

It’s also a type of policy that’s worth considering if you’ve developed a medical condition after you’ve taken out a life insurance policy. Your needs may be catered for more effectively with this type of policy in place.

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What Is The Cost Of Life Insurance?

The average monthly cost of life insurance in the UK is around £5 to £8 per £100,000 of cover.

However, the overall cost of your life insurance policy depends on a number of factors, including your age, the type of policy you opt for, and your lifestyle.

Some policies may be too expensive, while others may offer cheaper life insurance premiums – but poor cover.

Choosing the right insurance policy is a fine balance between costs and ensuring the policy meets your personal needs.

What factors affect the cost of life insurance?

Let’s look at a couple of things that will impact the premiums you pay for your insurance policy.


Your age will, unsurprisingly, influence the premiums you pay on your insurance policy. The older you are, the more expensive your payments will likely be.

Type of policy you choose

The type of policy you choose will also impact the amount you pay. Adding additional coverage to your policy, such as critical illness cover, will make it more expensive.

Health condition

Your health status at the time you take out your policy will impact the overall cost. If you have a terminal illness or are at risk of getting one as you age, you won’t be approved to take out certain policies.

Amount of cover you need

For some, taking out a standard life insurance policy may be enough. Others may need multiple life insurance policies or add-ons, like critical illness cover, which can raise the costs significantly.


Your lifestyle will be evaluated when you take out life insurance. For example, if you don’t travel much or partake in any dangerous

How Can I Lower My Life Insurance?

Taking out life insurance to protect your loved ones in the event of your death is a smart move. However, it shouldn’t bankrupt you in the process.

The good news is that there are plenty of ways you can lower your premiums, from simply being upfront about your current health, to exercising regularly and maintaining a balanced diet.

Let’s look at some of the ways you can reduce the costs of your life insurance cover.

Be honest about your health

As previously mentioned, you should always be upfront and honest about your current health condition.

Get cover at a younger age

Life insurance should not be something you only think about when you’re older and at more risk of serious illnesses. Taking out a policy when you’re younger is one of the best ways to keep your premiums low, since you will likely be closer to your peak health and a lower risk to providers.

Place your life insurance policy into trust

Placing your life insurance in a trust can be a great way to reduce your payments. It also allows for more discretion, since you are in direct control of your appointed trustees and beneficiaries.

Consider your add-ons

Consider the add-ons you need and may need in the near future. Do you really need critical illness cover now? Or would it make more financial sense to add this further down the line?

Compare life insurance policies

Be sure to compare life insurance policies, especially when choosing between level term and decreasing term life insurance. Make sure to take a look at what each policy covers and compare that to others you’re considering.

Maintain a healthy lifestyle

Maintaining a healthy lifestyle for as long as you can is essential when it comes to reducing your premiums. As you age and your health declines, your premiums will increase.

Avoid late payments

Always pay your premiums on time. By doing this, you’re going to reduce the risk of problems when it comes to making a life insurance claim.

Select the best term length

Whether you need decreasing or level term life insurance, choose the length wisely.

What Do I Need To Get A Life Insurance Quote From SimplyQuote?

To get a life insurance quote, you need to have the following information available:

  • Family medical history
  • Your own previous health issues
  • Any pre-existing medical conditions you may have

You may also be asked to provide details regarding your lifestyle, your date of birth, and the type of job you do.

For a joint life insurance quote, you may need to provide your partner’s details too.

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Frequently Asked Questions

What is life insurance?

Life insurance provides your beneficiaries, or loved ones, with financial support if you pass away. This is typically delivered in the form of a lump sum that can help pay off any debts, whether it be private medical fees, mortgage payments, or money for your family to live off.

It can also be paid as regular income, allowing consistent financial support for your beneficiaries.

With 96.9% of life insurance claims being paid out in the UK, this is a type of policy that is worth having.

When should I consider updating my life insurance policy?

Whenever you experience a major life event, you should consider comparing and updating your life insurance policy. This includes changing jobs, getting married, having kids, or buying your first house.

These changes in financial position can often improve the payout that your loved ones may receive if you were to pass.

Additionally, finding out about any underlying health conditions should also prompt you to update your policy, as you may need added cover.

You should also consider updating your policy if your listed beneficiaries change – if your children become financially independent or you get divorced, for example.

What happens if I don’t make my life insurance payments?

If you don’t make your life insurance payments, the policy will typically lapse before ending after the grace period. This grace period can range from one life insurance provider to another.

When you stop payments on a cash value life insurance, the cash value of the policy will be used to cover the outstanding premiums. The policy will end when the pot runs out.

It is, therefore, essential to make each payment without fail to keep your policy valid.

Can I cancel my life insurance policy?

Of course! Any insurance policy can be cancelled; however, you’ll lose the protection and financial benefit should you be in a scenario where you need it.

If possible, you should find a new insurer before cancelling a policy. Many people find better deals by looking elsewhere, and situations can change so that the policy in place is insufficient or too expensive.

Additionally, you won’t get your money back unless you’ve cancelled during the initial cooling-off period. Any money you receive from your cash value when you cancel the whole policy will be taxed as income.

Can I take out more than one life insurance policy at a time?

Yes, you can take out more than one policy at a time.

This could be to provide your beneficiaries with more inheritance or if you require specialist cover that isn’t provided by your current insurer.

Is life insurance taxable?

Yes, life insurance can cover funeral costs. When your beneficiaries receive the payout, they can use this money for whatever they want, including to front the costs of burial or cremation.

How much does life insurance pay out?

According to the Association of British Insurers, UK life insurers pay out an average of £80,485. However, the exact amount your loved ones will receive will depend on your specific life cover policy.