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Life Insurance Rates By Age

Interested in finding out how much you can expect to pay for life insurance at your age? Take a look at The Insurance Surgery’s life insurance rates by age here.

What Age Should You Get Life Insurance?

Whilst there is no ‘right age’ to get life insurance, finding a policy is more likely to be straightforward and cheaper the younger you are. This isn’t to say that people of an older age will not be able to find affordable coverage that best suits their circumstances but many people tend to seek out life insurance when they start their family or buy a home.

At The Insurance Surgery, we appreciate that everyone’s timelines are different and are keen to support a variety of age groups in finding the best insurance policies for them. So, let’s discuss life insurance rates by age and give you an idea of how much your premiums may cost.

Life Insurance Rates by Age

Over 40s Life Insurance

As an over 40, you can rest assured that you’re still considered a young adult in the insurance world, meaning potentially cheaper premiums, depending on other factors. Getting life insurance over 40 is a great time to qualify for an affordable whole-of-life policy.

Over 50s Life Insurance

With cover available up to £40,000, over 50s life insurance is available to those between the ages of 50 and 85. Unlike many other policies, over 50 life insurance doesn’t require a medical or health-related questions.

Over 60s Life Insurance

Just because your whole of life insurance or term life insurance applications have been rejected in the past doesn’t mean that life insurance for over 60s isn’t available! It’s never too late to take out a life insurance policy, so get a quote today.

Over 70s Life Insurance

Like over 60s life insurance, insurers are aware that health risks are common in this age group, which is why securing over 70s life insurance doesn’t require medical examinations. Whilst premiums may be more costly at this age, they may be worth paying if it means the protection of your family’s finances.

You should consider life insurance if you have…

Dependants, like school-age children.

A partner who relies on your income.

A family living in a mortgaged or rented home.

In the event of your passing, a life insurance policy can provide financial support for your loved ones. You could also consider funeral cover, which pays for funeral expenses – easing the burden on your family during a difficult time.

However, you should check if you’re already covered through your employer’s benefits package, which often includes ‘death in service benefits’ linked to your salary. If so, you might not require an additional policy, BUT keep in mind that leaving your job or being made redundant could leave you without any cover!

Do You Need Life Insurance?

Life insurance provides financial security for your loved ones in case of your death, helping cover expenses like mortgages and daily living costs. It’s particularly important for parents, homeowners, and business owners. Different policy types, including whole of life and level term insurance, offer varying levels of coverage.

Life Cover Terminology

Understanding life insurance terminology is essential for policyholders to make informed decisions about their cover, we have broken down the meaning for some of the most used terms.

Why Choose us

Rated ‘Excellent’ on Trustpilot.

We take pride in the experience that we offer, guaranteeing excellent service at all times.

25 years Experience

With 25 years of specialist life and protection experience, we can find the perfect policy for you.

Access to a range of insurers.

With a broad selection of partners, we are well-equipped to find the best insurance deals for you.

Award-winning broker.

Known for making insurance simple, The Insurance Surgery is a trusted, award-winning broker.

Facts About Life Insurance.

Life insurance can serve multiple purposes, including income replacement, wealth transfer, estate planning, and business succession. But how does life insurance shape up with the UK population?

7.5 million families

in the UK have no life insurance or critical illness cover.

£40,000

The average life insurance policy in the UK covers only about £40,000.

28%

of UK adults believe life insurance is too expensive.

1243**

Life insurance policies tend to be higher among older age groups.

Price Promise.

Obtain a cheaper quote elsewhere, we’ll beat the price and also give you a £50 gift card!

We are committed to offering unbeatable prices. Our Price Promise ensures that we will find you the right cover for your circumstances.

Frequently Asked Questions

Do you need life insurance for a mortgage?

No, when it comes to getting a mortgage in the UK, having life insurance is by no means a necessity. It is a time, however, when many people begin to look into life insurance quotes to protect their family’s financial security. Whilst majority do not, you may find that some mortgage lenders do stipulate that life insurance is required.

How much life insurance do I need?

Your personal life insurance needs are completely unique to your circumstances. For a clearer idea of your life insurance needs, get a quote from one of our experts or submit your information into our Life Insurance Calculator.

Can you have more than one life insurance policy?

Yes, you are able to have more than one ongoing life insurance policy. If you have doubts about your previous policy, however, and are looking for an updated one please speak to a member of our team – we can look at your current policy details and compare them to newer quotes.

If we can find you a better life insurance deal that offers better cover, or lower premiums we will make our recommendations. We will only ever suggest a switch to a new life insurance provider if we think that it is the right option for you.

Can I get life insurance while pregnant?

Yes, you can take out life insurance when you’re pregnant. In fact, starting a new family is one of the main reasons that people consider life insurance.

Do you have to pay taxes on life insurance payouts?

Most life insurance payouts are not taxed in the UK. You may, however, have to consider inheritance tax following the passing of a loved one.

What age should you get life insurance?

There is no correct age to begin considering life insurance. Everyone has their own needs and reasons when it comes to life insurance. Life insurance tends to be cheaper the younger you are, but most people begin to seek out life insurance quotes when they have a long-term partner, children, or a home.

For more information on What medical conditions affect life insurance? Visit our Guide.

Life insurance is unique – just like you.

Life Insurance for Parents

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