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What is the average cost of life insurance in the UK?

Let’s take a look at average life insurance prices for medical conditions in 2024 and how you can estimate the cover amount you require.

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In This Guide, you’ll find.

Every single application will be different, so estimating the cost can be tricky.

In this guide, we will compare life insurance costs, how to calculate the amount of cover needed, what affects the cost of life cover and tips for reducing your monthly premiums.

Comparing life insurance costs in the UK.

When you’re thinking about life insurance costs, it’s important to know that almost all claims, 98% {1} get paid. Plus, giving accurate info is key to keeping your policy valid.

So, it’s not just about finding the cheapest option. What’s the point of a cheap policy if it doesn’t help when your loved ones really need it?

Sure, life insurance can be cheap, even just a few pennies a day. But the big thing to check is if it’ll actually pay out when you’re not around to support your loved ones.

Let’s look at comparing life insurance prices, with and without medical conditions.

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The average cost of life insurance with a medical condition.

Cancer Life Insurance, Average Premium = £38.59

For more information, on cancer life insurance click ‘read more’.

Read More

Alcohol Dependency Life Insurance, Average premium = £29.79

For more information, on alcohol advice life insurance click ‘read more’.

Read More

High BMI Life Insurance, Average Premium = £36.01

For more information, on high BMI life insurance click ‘read more’.

Read More

Mental Health Life Insurance, Average Premium = £27.53

For more information, on mental health life insurance click ‘read more’.

Read More

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How to calculate the amount of cover you need.

If you’ve ever compared life insurance prices online, you probably already know that costs can vary substantially between providers. You may have simply been declined life insurance – due to a medical condition or dangerous occupation. It’s easy to become confused by all the choices and variables. That’s why choosing a specialist insurance broker, with a lot of years of experience can give you appropriate options and suitable monthly premiums.

For a clearer idea of the amount of life insurance, you will need to protect your loved one financially. You can use The Insurance Surgery’s dedicated life insurance calculator. Just answer a few questions about yourself, and we’ll tell you how much cover we recommend for your circumstance.

What affects life insurance average costs?

Smoking

Smokers can get to a range of health issues. If you’re a smoker, you should expect to pay double that of a non-smoker.

Alcohol

The amount you drink can impact premiums. However, if you stick to the UK’s guidelines, your premiums shouldn’t be affected.

Gender

Because women, on average, live around five years longer than men, they can usually find lower rates than men with similar profiles.

Lifestyle

If you enjoy extreme sports like skydiving or driving fast cars, these will raise premiums due to the increased risk of death.

BMI

BMI is taken to understand the likelihood of weight-related conditions such as diabetes and sleep apnoea.

Age

Typically, the older you get, the higher the likelihood of illness. Getting life insurance younger tends to be more cost-effective.

Family History

If a family member had significant health issues, this may add a loading to premiums due to the increased risk of diagnosis.

Health

If you have a life-limiting health condition, you may pay higher-than-average life insurance premiums.

Price Promise.

As an award-winning specialist insurance broker for those with medical conditions or hazardous occupations, we will never be beaten on price. Our Price Promise means we will find you the right cover for your circumstances at the lowest possible price.

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Why is life cover important?

When comparing average life insurance costs in the UK, you should always prioritise the level of cover you require and how long you want the policy to be valid for.

Check out our tips for reducing your monthly premiums below and our partner video from Vitality on why life insurance is so important.

In this video, Hayley was just 36 when diagnosed with a blood clot and cancer – her whole life turned upside down. However, thanks to her serious illness cover Hayley was able to take time off work to recover and be with her family.

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Top Tips for Reducing Monthly Premium Costs.

There are methods to reduce the cost of your life insurance—just ensure you are entirely open and truthful during your initial application process.

1. Get Life Insurance as Early in Life as Possible.

The younger you are when you first purchase a life insurance policy, the lower your premiums will be. It really is as simple as that.

2. Reduce or Eradicate Alcohol Consumption.

Insurers view you as a lower risk when you drink moderately or completely abstain. That’s because of all the potential life-limited health issues that are connected to excessive alcohol consumption.

3. Maintain a Healthy BMI.

Similarly to alcohol consumption, being significantly overweight is linked to a wide range of serious health problems, including cancer, stroke and cardiovascular disease.

4. Maintain a Healthy Lifestyle.

Getting plenty of exercise and avoiding activities that might harm your health can extend your life expectancy, which is why insurers will often lower their premiums.

5. Don’t Smoke or Vape.

Smoking is linked to a range of cancers and respiratory diseases, all of which are potentially life-limiting. if you quit smoking for 12 or more you can half your monthly premiums.

6. Avoid Dangerous Activities and Dangerous Occupations.

Steer clear of dangerous activities such as skydiving and motor racing. And if possible, avoid occupations that involve the use of dangerous machinery or the possibility of being injured.

Ask the Expert.

Understanding the average cost of life insurance can be a pivotal step in making informed decisions about your financial future. We asked Andy Mellor, Managing Director at The Insurance Surgery, what his tips are to get the best life insurance policy. Here are a few things to keep in mind:

Andy Mellor, Managing Director

Andy
  • Think ahead and plan for your future, this will help to work out how much cover you will need.
  • Compare quotes from multiple insurance providers to find the best value for your desired policy.
  • Your health can significantly impact your life insurance premiums. Quitting smoking, maintaining a healthy weight, and managing existing health conditions can help lower your rates.
  • Life circumstances change, so it’s essential to review your life insurance cover periodically to ensure it still aligns with your needs.

For more information, check out our latest blogs.

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