How best to compare life insurance quotes [2023]

Life insurance is arguably the most important form of insurance, especially if you have young dependant who rely on you. It can reassure you for the future that your loved ones are protected if the worst were to happen. It pays out a cash lump sum to your loved ones if you pass away during the policy term. 

When looking for the right policy, it is important to know what you are looking for and compare suitable quotes, as costs can vary. By using a broker this can make the process a lot cheaper and more time efficient. 

Below, the UK’s biggest life insurance broker, Reassured – life insurance comparison, provide their top tips when comparing quotes…

Know which policy suits your needs

There are different types of policies available, it will depend on your personal circumstance as to what is best suited for you. Here are some of the most common options:

Level term life insurance

Level term policies provide cover for a specified period and pay out if you pass away during this time. The pay out remains level (stays the same) throughout the policy lifetime. The sum assured can be up to £1,000,000. 

A benefit of this type of policy is that terminal illness cover is included at no extra cost. However, while it’s an affordable option, it’s often more expensive than decreasing term. 

It’s a good choice for those who are looking to help cover a mortgage, other debts and/or family living costs in the event that they passed away.

Decreasing term life insurance

Decreasing term is a similar policy to level term except the pay out decreases throughout the policy lifetime. It is also often the cheapest form of life insurance as your risk to the insurer reduces and is therefore popular with young adults with young families. 

It’s an ideal option for those who want help protecting a repayment mortgage (as the sum assured can reduce at the same rate) to keep loved ones in the family home.

Whole of life insurance 

Whole of life polices provide cover for the rest of your life and a pay out is guaranteed no matter when you pass away. The pay out is level, meaning it remains the same, and can be up to £1,000,000. However, terminal illness cover not included, like with level and decreasing term. 

This option is well suited to helping those who are later in life guarantee an inheritance for loved ones. 

Over 50s life insurance

An ideal policy for those over 50 who want to help cover the cost of their funeral when they pass away. There is guaranteed acceptance to those aged 50 – 85. This policy provides cover for the rest of your life and the pay out is guaranteed no matter when you pass away (the pay out also remains level).

Unlike the other options listed, the sum assured is up to £20,000 (depending on personal circumstances and budget) and there is no medical information required during the application. 

Which policy suits you best will depend on your personal circumstances, your budget and what you are looking to cover. 

Think about what you are looking to cover

It is important to take into account what you want to financially cover when you are no longer around. 

If you are unsure on what you need to cover, here are some examples of what a life insurance pay out could help with: 

  1. Financial debts 
  2. Childcare 
  3. Replacing an income
  4. Mortgage payments 
  5. Funeral costs
  6. An inheritance

Once you have decided what you want to cover, it is also important to know how much cover you will need. 

Everyone’s personal circumstances are different so it can be tricky to work out how much you’ll need, but some helpful methods are; using a life insurance calculator or reaching out to a broker for help. 

Typically, the average costing of a mortgage debt in the UK stands at £142,755 and the average cost of a basic funeral in the UK is £3,953 (according to research by SunLife).

Only compare quotes for the cover amount that you need, securing unnecessary cover could lead to you paying more expensive premiums.

Use a life insurance broker to compare quotes

Enlisting the help of a broker can save you time and money by helping you compare multiple quotes at once. 

It is important to check before using a broker that they are regulated by the FCA (Financial Conduct Authority) for security. 

Reassured are FCA regulated and can help provide a range of quotes from major insurers as well as smaller specialists. For our US audience a great way to compare life insurance quotes is to visit

Compare quotes sooner rather than later to lock in a cheaper premium for the lifetime of your policy.

James Smith

James Smith is an energetic outside lover and an eager camper. He has been investigating the wild and setting up camp in nature for north of twenty years, and his encounters have motivated him to expound on the delights of setting up camp and the magnificence of nature.As a setting up camp lover, he accepts that investing energy in the wild isn't simply a method for getting away from the everyday routine, yet in addition a method for interfacing with nature and gain a more profound appreciation for the regular world.

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