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Life Insurance for Women Guide UK 2024

Women’s life insurance policies are fundamentally exactly the same product as men, both pay out a lump sum to your family or partner if you die. The other main thing is that life insurance for women costs the same as it does for men, your gender has no impact on life cover which is an important point.

A life insurance policy will protect your family and support them financially if you were to pass away. Millions of women take out life insurance in the UK every year to give them peace of mind that their family are protected if anything should happen to them  in the future.

In this independent guide, our experts look at everything you need to know about life insurance for women. We’ll give you some basic hints and tips to help you to understand what cover you need, as well as some simple step-by-step guides to help you to save time and money on your life insurance.

Life insurance for women starts from as little as £3.50 and the average life insurance premiums for women in the UK tend to be between £30 and £40 per month. There are lots of different things to think about with getting the right life cover and different ways to save money.

A picture of a stopwatch

60-Second Summary – How to get the best life insurance for women

Life insurance for women provides financial protection and pays out a lump sum to your family if you die for any reason (excluding suicide in the first 12 months). Women’s life insurance can be used for any reason that you want to protect your family, including paying off your mortgage, replacing lost income, or funeral expenses.

Most women take out life insurance to protect their family or their partner against financial difficulties if they pass away.

  • Life insurance costs the same and offers the same level of financial protection for your loved ones, regardless of your gender.
  • Life insurance for women costs the same as it does for men, even though there are obvious genetic differences between men and women.
  • Women take out life insurance to provide financial security to their family or their partner if they were to die. It pays out a lump sum if you die during the term of the policy and this is of any cause, apart from suicide in the first 12 months.
  • Life insurance for women can cover all types of situations and can provide cover for a wide range of different things, depending on your individual circumstances.

The simple answer is, the best life insurance for women is family life insurance (or level term life insurance), followed closely by mortgage life insurance (decreasing life insurance).

Life insurance for women is mainly and most commonly to provide financial protection to your children in the event of your death. This means that your cover would pay out a lump sum to your family to help support them if you were no longer around to support them financially or provide care for them.

While life insurance was most commonly marketed to men in the past (1900s), there has been a major shift over the last 20 or 30 years. Most life insurance companies now feature women prominently in their advertising, such as in this advert from VitalityLife.

VitalityLife TV Advert | Vitality UK

For women who are the main breadwinner in the household, it’s even more important to make sure that your family are protected against financial loss. Also, for women who provide a second income or for those who provide childcare then there would be a significant financial gap to fill and a life insurance policy can provide at least some of this.

There are also several different types of life insurance for women, including:

Each of the main options for life insurance are designed for different things and they can provide different types or levels of financial protection for your family. It is usually best to get proper advice from a life insurance specialist or expert to help you to decide which type of cover is best for you.

The most important factor about life insurance is cost and the biggest question is ‘how much is life insurance for women?’. Another major point here is that life insurance for women costs the same as it does for men.

Life insurance premiums for women are based on several basic factors and that will then determine how much your life insurance will cost. The main things that will influence the cost of life insurance for women are:

  • Your age (Date of Birth)
  • Cover amount (sum assured)
  • Term of policy (how many years you need cover for)
  • Type of life insurance (e.g. family or mortgage cover)
  • Smoker status
  • Health and medical history

The basic cost of life insurance is based on the amount of cover that you need and how long you need to take cover for. You then pay more for life insurance if you have any health issues or any lifestyle related risks (e.g. smoking, alcohol, drug use, etc.).

The examples below are to show the cost of life insurance for women.

How much is £100k of life insurance for women?

Here are several examples of the actual costs of life insurance for women for £100,000 of cover over a 25 year term for a non-smoker, we also wanted to show how much premiums can increase as you get older.

Your AgeFamily Life InsuranceMortgage Life Insurance
25£3.74 (Aviva)£3.09 (HSBC)
35£5.79 (Vitality)£4.65 (AIG)
45£13.20 (Vitality)£8.58 (AIG)
55£34.53 (Zurich)£19.44 (AIG)

How much is £200k of life insurance for women?

This table shows the different costs of life insurance premiums for women for £200,000 of cover over a 25 year term, for a non-smoker for family and mortgage life insurance.

Your AgeFamily Life InsuranceMortgage Life Insurance
25£5.65 (Aviva)£4.61 (HSBC)
35£10.28 (Vitality)£6.73 (AIG)
45£23.70 (L&G)£14.79 (AIG)
55£64.68 (L&G)£35.64 (AIG)

How much is £500k of life insurance for women?

Finally, this table shows the cost of £500,000 of life insurance for women based on different ages and for non-smokers, also for family and mortgage life cover.

Your AgeFamily Life InsuranceMortgage Life Insurance
25£11.14 (Guardian)£7.76 (AIG)
35£21.16 (Guardian)£13.27 (AIG)
45£51.87 (Zurich)£33.59 (AIG)
55£145.16 (Aviva)£94.13 (Zurich)

*premiums shown above have been generated by our team of life insurance experts using our live pricing systems and are accurate at 10/04/2024. These examples are for illustration purposes only and costs can vary significantly depending on your needs and circumstances.

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The average cost of life insurance for women in the UK in 2024 is £9.70 for a single life policy and £16.80 for a joint life policy (for you and your partner). We also know from our own extensive knowledge of the life insurance market in the UK that most households will spend between £30 and £40 per month on life insurance.

As you get older, naturally your monthly premiums for life insurance will increase if you’re applying for life insurance for the first time. If you already have life insurance then your premiums should remain the same until your policy comes to an end.

Even though most life insurance policies are the same and insurance companies are very similar, there are some insurers that offer specific benefits for women. Some of the most popular and newest benefits includes things like Menopause support.

Based on our extensive research, our Top 5 life insurance companies for women are:

Legal & General logo

1) Legal & General

AIG logo

2) AIG Life

Vitality logo

3) Vitality

Scottish Widows logo

4) Scottish Widows

Zurich logo

5) Zurich

Each life insurance provider has its own set of underwriting rules and will price its cover differently depending on your circumstances. It’s important to compare the top insurance companies to find out which one is best for you.

Life Insurance provider reviews

There are lots of tools that are available to help you to calculate how much life insurance might be suitable for your circumstances. As a starting point, Martin Lewis recommends that you should think about an amount of cover which is equal to 10 x the main breadwinners salary in the household.

You can also look at our own iam|INSURED life insurance calculator to enter your own financial details to see how much cover you should be thinking about.

Of course, one of the most important things to remember when you’re looking for life insurance is to make sure that the premiums are affordable. Lots of women take out life insurance based on how much they’re told that they need but don’t consider if that is affordable.

If you can’t afford your life insurance premiums then you might end up cancelling your cover altogether, and then it would cost more to take out cover later in life.

Things to think about with the amount of life insurance you might need:

  • Mortgage balance (how much is your mortgage balance and how many years are left to pay).
  • Income and expenditure (how much do you earn or contribute towards the household bills and how much do you spend each month).
  • Leaving money for your children (finally and most important, how much would you like for your children to have if you weren’t around).

There are loads of different ways to calculate how much life insurance you might want or need, and ultimately there’s no right or wrong answer for this.

Life insurance for women is pretty straight forward and there are really only a few points when it’s worth thinking about taking out cover, or reviewing any existing cover. You should ideally keep track of how much life cover you’ve got and make sure that you know which insurer your policy is with.

Main events to think about life insurance for women:

  • Birth of a new child
  • Child leaving home or no longer dependent

In each of these events there may be a need for more life insurance or even to review and reduce the level of cover that you have.

Relationships can change and there are many reasons why you might be a single mum, which can also increase the need for life insurance. If you’re on your own, then your child might also be completely reliant on you for money and for care.

Another key point to consider here is that you might have a joint life insurance policy with your previous partner that you now need to change. There are also options for you to remove a partner from an existing life insurance policy and you can even stipulate that you don’t want your ex-partner to benefit financially from your cover if you die.

There are loads of complicated things to think about with separations and life insurance is sometimes one of those things that is forgotten about.

Life insurance is available for pregnant women and you should make sure that your insurer treats you fairly in this period. Life insurance companies have very strict rules around making sure that they offer cover for pregnant women and that it is fair.

One of the most important things to consider with pregnancy is your weight which will clearly be different. All insurers will as for your pre-pregnancy weight which you can provide us a rough average before you were pregnant.

If you’ve had any pregnancy-related complications then you will need to disclose those if you are asked.

Some of the most common pregnancy complications:

During pregnancy is often a point where people tend to think about life insurance with a baby on the way. Many young mums want to make sure that they have the right cover in place before giving birth.

Will life insurance exclude pregnancy-related issues?

No, if you take out life insurance then you’ll be covered for anything that happens during your pregnancy.

Pregnancy can have complications so it’s comforting to know that you will be covered if anything happens. The best time to get life insurance is at the very early stages of pregnancy or ideally even before becoming pregnant.

You can also get other policies such as income protection and critical illness cover that will provide you with cover for other sicknesses or illnesses.

Another type of policy that can be very useful for sickness and hospitalisation is ‘Personal Accident and Sickness Insurance’.

Do I need to tell my life insurance provider that I am pregnant?

No you don’t need to tell your life insurance provider that you are pregnant on an existing life cover policy. You may want to seek guidance for reassurance, so it’s sometimes worth speaking to your insurer just for clarification if you need it.

You can make sometimes changes to your policy if you need to on events such as having a new child, moving house, or changing jobs.

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You should understand that life insurance is exactly the same for women and men, so your gender is not a factor when it comes to life cover.

Life insurance for women covers all of the same events and medical conditions that are covered with men’s life insurance. There are obviously some genetic differences between men and women that will be also be included, such as:

Women may have specific health conditions that would also be covered as well as other issues relating to female organs and how the female body is built.

Yes and this is exactly the same for men and women, if your household depends on you either financially or if you provide care for your dependents, then you need life insurance.

Your household might be reliant on your support which can be emotional and practical as well as financial. If you were no longer able to provide that support to your family then how would that impact your household?

Some questions to ask yourself:

  • Would my husband or partner be able to continue work?
  • What would you need to be able to continue to support your children?
  • How much would it cost to replace what I do?
  • Why does your family need you?

These can be difficult questions to answer but it’s important that you ask yourself some of these to understand what you need.

Speaking to a life insurance specialist or broker will give you the information that you need to decide which cover is best and help you to find the cheapest options. Most discount life insurance brokers will compare the best and most suitable cover for you to present you with several different options.

It should be then up to you to decide which cover is the best suited for your needs and your budget. Ultimately you’ll need to make sure that you’re happy with the cover options that have been presented to you.

You can speak to one of our friendly team of life insurance experts to find out what the best options are for you and then make an informed decision. To get your discount life insurance quote you can CLICK HERE or call 0800 009 6659.

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