Cheap life insurance quotes from 20p-a-day^†

When you should get life insurance will be a personal decision, but usually people secure financial protection after a major life event, such as:

• Obtaining a mortgage
• Having children
• Getting married

While these are good reasons to get life insurance, it’s also important to bear in mind that premiums are more expensive as you get older.

Therefore, taking out a policy as soon as you can, while you’re younger and healthier, could be the best time as premiums may be cheaper.

This depends on the policy you choose, and which costs you’d like your policy to cover. There are several factors that may influence how long your life insurance should last for:

• Your mortgage. If you’re taking out life insurance to help cover your mortgage, then your policy term should match your mortgage term. Whether that’s 15, 25 or 35 years, your policy could last until the mortgage is paid off and your loved ones aren’t at risk of losing their home if you passed away
• The age of your children. If one of your main concerns is protecting your family while your children are still young and financially dependent on you, then you could choose a policy term that lasts until your children are grown up and financially independent (such as 18 or 21 years old)
• Your age. Your specific age when taking out life insurance could determine the length of your policy, as term-based policies have a maximum age limit (usually 90) for when they must end
• Your budget. One of the main factors when deciding how long your life insurance should last for is how much you’re able to spend each month. The longer the policy term, the higher your premiums will be

Term life insurance has a maximum term length of 40 years through Reassured. With whole of life insurance and over 50s plans, the cover lasts for life, so you don’t need to choose a policy term.

The average life insurance cost is £34.43 a month^**, according to internal research carried out by Reassured.

This is calculated from 119,244 term life insurance policies, sold between 01/01/23 - 31/12/23 with an average cover amount of £162,038.

However, the actual cost of your policy will depend on your personal circumstances and the specific policy you choose.

As mentioned, it’s possible to secure life insurance from just £5 a month through Reassured.

If you outlive your term-based life insurance policy, then your premium payments will stop and the cover will no longer be in place.

There’s no cash lump sum payment at the end of the term.

If your policy expires and you still need financial protection, then depending on your age and health you could secure a new term-based policy.

Alternatively, you may consider over 50s or whole of life insurance, which provide cover for the remainder of your life.

It’s possible to have multiple life insurance policies if you require.

For example, you could take out a decreasing term policy to help cover your mortgage and a level term policy to help cover family living costs.

While there’s no legal limit to the number of policies you can have, it’s unlikely that you’ll be able to secure more cover than what’s deemed necessary for your circumstances.

Yes, you can cancel your life insurance policy.

If you cancel your policy within the 30 day cooling off period, then you’ll receive a refund of any premiums you’ve paid.

If you cancel your policy after the cooling off period, then you won’t receive a refund of the premiums you’ve paid.

With some insurers it’s possible to reduce your cover amount or reduce the term of your policy in exchange for a lower premium.

This may be something worth considering before cancelling your policy and losing the money you’ve already paid in.

Life insurance typically refers to a term-based policy that will only pay out if you pass away during a specified term.

Life assurance typically refers to a whole of life or over 50s policy which assures to pay out when you pass away.

We have a complete life insurance vs life assurance guide for a more detailed comparison of both polices.