Menu

Life insurance

To get peace of mind compare life insurance quotes



We’re giving you 12 months’ FREE Bupa Healthy Minds and Wellbeing Cover

We want to help you better protect what’s important – and that includes your mental health.


We’ll give you Healthy Minds and Wellbeing cover provided by Bupa, free for 12 months when you buy life insurance through us.


You’ll be able to access counselling, online support and 24/7 health advice, for the help you need, whenever you need it.



Find out more


* All customers living in the UK and over the age of 18 are eligible. T&Cs and limits apply. 

In providing Bupa Healthy Minds, Bupa may collect your personal information. Please see www.bupa.co.uk/privacy for more information about how Bupa collects, uses and protects your data.

What is life insurance? 

Life Insurance can help with the financial impact that your death could have on your loved ones. If you die or are diagnosed with a terminal illness during the length of the policy, it could pay out a cash sum.

Why do I need it?

  1. If you have dependants or a partner who relies on your income, it’s important to make sure they’re taken care of 
  2. If you have a mortgage, life insurance can help your loved ones meet those financial commitments
  3. You might want to consider a policy that covers funeral expenses, to ease the cost for your family

Life insurance isn’t a legal requirement, but it could give your dependents financial stability when you die.

How does life insurance work?

Life insurance pays out a lump sum when you die. With some policies, a payout is made if you’re diagnosed with a terminal illness with a life expectancy of less than 12 months too. 

You decide how long you want to be covered for, how much you want paid out, and who to, when you take out a policy. 

The amount paid out can change over time. 

If you take out a level term or whole of life policy, the payout is fixed. With a decreasing term policy, the payout decreases over the term of your cover.

What does life insurance cover?

You need to understand what your life insurance covers to give you the peace of mind that your family will have the financial support they need.

Cover varies from one policy to another, but there are some things that are always covered or excluded:

Covered Possibly covered Not covered
Most common causes of death Terminal illness Pre-agreed conditions
Unexpected illness Drug and alcohol abuse
Disease Dangerous activities
Cancer Suicide Critical illness or injury
Heart attack Disabilities or chronic illnesses
Accidental death Undisclosed health issues

What are the typical life insurance exclusions?

If you die because of the following, you typically won’t be covered:

  • Suicide or self-harm within a specified time of the policy start date (typically 12 months, but check your policy documents)
  • Pre-existing medical conditions (if you hadn’t declared them)
  • Dangerous activities
  • Drug or alcohol abuse

If you don’t keep up with payments, your cover will usually be cancelled too. 

Do I need life insurance?

It’s common to decide you need life insurance after a big life moment. Things like getting married, buying a house with a mortgage, or starting a family. 

It can cover any outstanding financial commitments you have - like your mortgage or loan repayments - so your family won’t be left with payments they can’t afford after you’re gone.

You have a few choices to make before you buy a life insurance policy.

For example, do you want the insurer to pay a set balance when you die regardless of how long you’ve held the policy for? Alternatively, would you prefer the insurer to decrease the value of cover as the policy gets older in line with your outstanding debts?

The policy you pick depends very much on your circumstances.

Our life insurance providers

We search for quotes from over 11 life insurance providers including:[3]

  • AIG Life
  • Scottish Widows
  • Liverpool Victoria
  • HSBC Life
  • Canada Life
  • Aegon
  • Royal London
  • Beagle Street

What information do I need to compare life insurance?

If you’re looking for a joint policy, you’ll need the below details for both of you

  1. Health

    Things like any pre-existing medical conditions you might have, and your weight and height

  2. Age and occupation

    Generally, the younger you are the cheaper the policy will be. How risky your job is also plays a part

  3. Lifestyle

    Whether you smoke, drink or exercise

Does life insurance pay out?

98% of life insurance claims were paid out in 2020 - totalling a record £6.2 billion

According to the ABI, May 2021

Types of life insurance

There are two main types of life insurance - choose the one that meets the needs of you and your dependants.

Level term life insurance

Level term life insurance is the simplest type of life insurance. You decide the payout value and duration of the policy.

If you die within the term of the policy, your dependants will receive the payout as a fixed sum. The amount paid out stays the same regardless of when a claim is made.

Advantages

  • You’ll know how much the payout will be – it doesn’t decrease over time
  • Premiums stay the same throughout the term of your policy – they won’t be reviewed and increased

Disadvantages

  • Usually more expensive than decreasing term
  • Inflation could mean your policy’s worth less than you intended in real terms when you die
  • No payout if you die outside of the policy term

Read more >


Decreasing term life insurance

Also known as mortgage life insurance, it’s designed to cover debts that decrease over time - like your mortgage.

So, the amount paid out by the policy reduces with time. If you were to die near the start of the policy term, your dependents would receive more than near the end, when there’s less mortgage to pay off.

This can be a cheaper life insurance option than level term. But if your circumstances change, and you increase your borrowing, you might find the amount isn’t enough.

Advantages

  • Usually cheaper than level-term cover
  • Can cover your mortgage so your partner or loved ones won’t be faced with losing their home if you die

Disadvantages

  • Payout value decreases over time
  • It might only cover your mortgage and not extend to other bills and expenses for your family

Read more >

Life insurance calculator

Use our calculator to get an idea of how much life insurance might be right for you

Try our calculator now >

Critical illness cover

Whether you take out critical illness cover with life insurance or on its own, this type of protection can help you financially if you’re diagnosed with a serious illness during the term of your policy. It’ll help you financially if you’re unable to work, for example.

You’ll be insured for a fixed amount. It’s either paid out as a lump sum, so you can pay off any outstanding debts, or monthly payments.

Critical illness cover is usually sold alongside a life insurance policy, but you can buy it on its own if you like.

If you buy a critical illness policy alongside your life insurance through us, it’ll pay out while you’re alive if you become critically ill. If you don’t claim a pay out for a critical illness while you’re alive, it’ll pay out in the event of your death, alongside your life insurance policy.

Key points

  • Can pay a monthly or fixed sum if you’re diagnosed with a critical illness
  • You can choose to include critical illness cover with your life insurance
  • Alternatively, you can buy critical illness cover separately to your life insurance 

How much does life insurance cost?

The cost of your life insurance policy depends on quite a few things. But it’s possible to find cover from £5/month, depending on your circumstances and the type of policy you choose.[2]

How old you are, if you’re generally in good health or not, your lifestyle, and whether you smoke and/or drink all play a part. It’ll also depend on how much cover you need, and whether you choose a level term or decreasing policy.

Below are some examples of the monthly cost of level-term life insurance, based on age and term length. 

Sum assured
Age Term <£100K 100-200K 200-300K 300k+
20s 20-29 years £2.57 £6.50 £7.17 £9.53
30s 20-29 years £4.76 £8.70 £11.83 £18.27
40s 20-29 years £9.48 £17.96 £24.77 £38.68
50s 10-19 years £15.56 £25.24 £43.88 £61.22
60s Up to 10 years £20.74 £77.88 - -
Data based on level term life insurance policies purchased on GoCompare website between 25th August 2020 and 2nd December 2020. Based on single-policy, non-smoker. 


Decreasing term life insurance (also called mortgage life cover) tends to cost less than level term for example, because the pay out from the policy decreases with time.

Here are some examples of the monthly cost of decreasing-term insurance, based on age and term length.

Sum assured
Age Term <£100K 100-200K 200-300K 300k+
20s 20-29 years £1.99 £5.16 £5.28 -
30s 20-29 years £4.43 £6.56 £8.37 £17.01
40s 20-29 years £7.04 £13.71 £21.09 £20.73
50s 10-19 years £9.09 £20.09 £25.85 -
60s Up to 10 years - - - -
Data based on decreasing term life insurance policies purchased on GoCompare website between 25th August 2020 and 2nd December 2020. Based on single-policy, non-smoker. 


It’s also worth comparing premiums with and without critical illness cover as this can also influence the cost of your premiums. You can't compare and buy critical illness cover through us as a standalone policy. But you can compare life insurance with critical illness cover included.

When should I get life insurance cover?

As soon as you have people who rely on your income, like a partner or children, things change. Ask yourself if they could cover the cost of the mortgage, any other debts, or everyday living without your income. If the answer is no, think about getting life insurance.

You don’t have to have a partner or children though. It can be an important part of estate planning too. Mortgage cover could be helpful if you have a family member you plan to leave your estate to, for example.

Buying a house or starting a family? If your circumstances change, you might want to consider getting life insurance

Get quotes

How much life insurance do I need and for how long?

Deciding how much life insurance you need and how long to make the policy last for can be a difficult decision.

Generally, the advice is to take a policy worth 10 times the highest earner’s annual salary. But the higher the amount you’re insured for, the higher your premiums.

We’ve put together some pointers to help. When you get a quote with us there’s a calculator to help you work all this out.

  1. What do you need cover for?

    It’ll help work out how long you need cover for too. If it’s for your mortgage, take out life insurance to cover your remaining mortgage term. If it’s to see your children through their education, make sure it covers you until your youngest finishes their education.

  2. What type of cover do you want?

    You’ll have to decide whether to take out level or decreasing term cover and whether you want critical illness included or not. The more extensive your cover, the more it'll cost.

  3. Make sure you’ve covered everything you need to

    It doesn’t just have to be about your mortgage, you can factor in other debts and monthly outgoings too. Things like personal loans and credit cards. Consider future costs as well. If you have children, would they need help through university? And funeral costs can be a big expense at a difficult time.

  4. Consider Inflation

    The amount you choose might be worth less in real terms in a few decades’ time because of inflation.

When should I review my life insurance policy?

It’s a good idea to review your life insurance yearly. Your circumstances could’ve changed, and your life insurance might not meet your needs anymore. 

It’s rarely a good idea to cancel an existing life insurance policy. But you should consider amending your policy or taking out a second policy if your circumstances have changed.

Times when you might need to amend or take out more cover include: 

  • Changes to health or lifestyle
  • Divorce or separation
  • New job or redundancy
  • More debt, or an increased mortgage
  • Changes to beneficiaries

Compare life insurance quotes and find the right cover for you

Get quotes

Healthy Minds and Wellbeing cover provided by Bupa  

Life’s daily stresses can put a strain on your wellbeing. Our Healthy Minds and Wellbeing cover is free for 12 months to customers who buy life insurance through us.

It’s completely free. All you need to do is:

  1. Compare life insurance with us
  2. Select ‘Yes I would like the free 12 months cover’
  3. Purchase your life insurance and Bupa will email you cover details

What’s covered:

  • 24/7 counselling support line
  • Up to five contracted telephone counselling sessions
  • Telephone assessment
  • Access to up to five face to face counselling sessions
  • Online cognitive behavioural therapy (CBT) courses (available for 12 months from date of sign up)
  • 24/7 legal support 
  • Financial guidance 
  • Family care services – child and elder care
  • 24/7 healthline where you can speak with a nurse 

What’s not covered:

  • Private medical insurance. The Healthy Minds and Wellbeing cover provided by Bupa is not a private health insurance policy. It doesn’t entitle you to any medical treatment under a health insurance policy.
  • Terms and conditions apply 

How to access your free Healthy Minds and Wellbeing cover

Customers can access the cover by calling 0345 266 9210

This is a confidential 24/7 line and calls will be answered by a counsellor in the team. The call charge is the same as the national call rate to 02 or 01 numbers. 

Tell the counsellor that you purchased life insurance through GoCompare. They’ll ask for some details to check you’re eligible for the free Healthy Minds and Wellbeing cover.

You’ll find the online resources and self-assessment tools here

More information on our Healthy Minds and Wellbeing cover can be found here.

Get 12 months’ FREE Bupa Healthy Minds and Wellbeing Cover when you buy life insurance with us

[1]For comparing quotes online, Gocompare.com introduces customers to Neilson. Which is a trading name of Neilson Financial Services Limited who are authorised and regulated by the Financial Conduct Authority no. 594926. Gocompare.com's relationship with Neilson Financial Services Limited is limited to that of a business partnership, no common ownership or control exist between us.

[2]Your cover will depend on your individual needs, circumstances and the premium you choose to pay

[3]As of July 2021, there are 11 life insurers on the panel.

Page last reviewed: 15 September 2021

Next review due: 15 December 2021

GoCompare uses cookies. By using the website you agree with our use of cookies.
Continue