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Best Life Insurance Companies UK 2024

In this guide, our life insurance experts will explain which are the best life insurance companies in the UK in 2024. We all want the best life insurance to protect our family and it’s important to get value for money as well.

Our experts are constantly reviewing the top life insurance companies to give you the most up to date information to protect you and your family. This independent expert review explains who the best life insurance companies in the UK for 2024 are and why you should consider them over other insurers.

There are approximately 10 major life insurance companies in the UK currently and roughly a further 10 smaller or more specialist insurers. We’ll look at which are the best life insurance companies in the UK in 2024 based on:

Life insurance is big business and the value of the UK life insurance industry hit a record high in 2022 of £71.4bn. The number of life insurance companies in the UK has also reduced in recent years with several major closures, including Aegon, AIG (merged with Aviva), Canada Life, Old Mutual Wealth and Friends Life.

A picture of a stopwatch

60-Second Summary – Best Life Insurance Companies UK 2024

Life insurance pays out a lump sum (usually tax free) to your family if you die, to help support them financially after the loss of a parent or loved one. The best life insurance companies are based on how well they perform against the other providers and value for money.

Finding the best life insurance companies is clearly down to price, but also includes several other critical factors.

  • The most common way for people to buy life insurance in the UK is via an insurance broker (e.g. iam|INSURED), followed by online through price comparison websites, insurance companies direct, or via your bank.
  • Life insurance is still considered to be the most cost-effective and best way to protect your family against financial difficulty from the loss of a parent. According to recent research, around 1 in 20 children under the age of 18 will lose a parent.
  • The best life insurance companies in the UK in 2024 include some of the top insurance brands, such as Aviva, AIG, Legal & General, LV=, Royal London, Scottish Widows, Vitality, and Zurich.
  • Some of the best life insurance policies to protect your family include additional benefits such as virtual GP services, health schemes, rewards programmes, and bereavement support.

Currently, the top 3 life insurance companies in the UK in 2024 based on the size of the company and the amount of customers are:

  1. Legal & General
  2. Aviva
  3. Vitality

These 3 life insurance companies are widely considered to be the biggest in the UK due to their market share and price levels across all ranges. This doesn’t mean that these are the best life insurance companies in the UK, it just means that these are currently the biggest.

  1. Legal & General
  2. Aviva
  3. Vitality
  4. AIG
  5. LV=
  6. Royal London
  7. Scottish Widows
  8. Zurich
  9. HSBC
  10. Guardian

We’ve listed the top 10 life insurance companies in the UK above, based on the size of their approximate market share and the amount of policies that are sold generally. Each of these life insurance companies has its own strengths and weaknesses, so some might suit certain types of customers better than others.

  1. Beagle Street
  2. The Exeter
  3. Budget
  4. Virgin Money
  5. DeadHappy

Below, we’ll explain more about which are the Top 5 best life insurance companies based on all of the factors that we have considered and which ones our experts rate the most highly.

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Below is a breakdown of the Top 5 best life insurance companies in the UK in 2024 and details about what makes them better or different to other providers. Our panel of insurance experts has decades of experience in working with these companies and we regularly review each of them to understand how well they perform.

Legal & General logo

1) Legal & General

Trustpilot score: 3.9 out of 5.0 Stars
Defaqto rating: 5 Stars

History

Legal & General is one of the oldest and most well-established life insurance and general insurance companies in the UK, as well as globally. It was originally founded in 1836 and the society became a wholly owned by the Legal & General Group in the 1970’s. Currently the business is reported to have approximately 10 million customers in the UK across its savings, retirement and life insurance divisions.

About

Most of us are familiar with the Legal & General brand from its numerous TV and radio advertising campaigns. It’s likely that you will have encountered L&G from searches for car insurance, home insurance, mortgages, and pensions.

Legal & General Life Insurance Advert 2020
Defaqto Logo

Defaqto rating: Expert rated 5 Stars (2023)

As of 2023, Legal & General has been rated as 5 Stars by Defaqto for their life insurance and critical illness insurance policies.

Customer reviews

As of March 2024, Legal & General is rated ‘Great’ by their customers on Trustpilot, with an independent review score of 3.9 out of 5.0 Stars. Legal & General has more than 13,500 reviews, with 45% of reviewers rating Legal & General as 5.0 out of 5.0 Stars.

Legal & General life insurance policy options

Legal & General offers a full range of life insurance products to UK customers to help them to protect their families, homes and businesses. Life insurance policies with Legal & General start from as little as £5 per month, but that’s not necessarily what you would pay as it depends on your age, health and the amount or type of cover.

Policy options include:

Legal & General life insurance offers a wide range of personal and business protection policies for customers from 18 years to age 90.

Key facts and Stats for Legal & General life insurance

  • Guaranteed premiums from £5 per month to fix your monthly payments and avoid any future premium increases.
  • Protects more families in the UK than any other insurance company
  • Paid out £509million in life insurance claims in 2022 helping over 12,500 families.
  • Optional critical illness insurance available.

Legal & General life insurance benefits

As a new or existing Legal & General life insurance customer, you will automatically have free access to the following benefits:

  • Wellbeing Support Services through the L&G partner Red Arc Assured Limited, giving you free access to fully qualified registered nurses. You can access these services over the phone or via the app to help with wellbeing, health, fitness, and mental health support.
  • Care Concierge Service gives you free access to a team of Later Life Care experts which is a confidential service for your loved ones, to help them to find out about Later Life Care.

Our iam|INSURED Expert ratings for Legal & General life insurance

Business performance areaiam|INSURED expert rating (out of 5.0 stars)
Value for Money and Price4.8
Customer Service4.5 (based on customer reviews)
Added Value Benefits4.2
Medical underwriting4.6
Claims Handling4.2
Bereavement Support Services4.3
Overall Rating4.5

Summary: Our life insurance experts has rated Legal & General as one of the very best life insurance companies in the UK for 2024. One of the key areas where L&G has consistently performed highly is value for money and underwriting, where it shows flexibility towards pre-existing medical conditions and other high risks.

Aviva logo

2) Aviva

Trustpilot score: 4.0 out of 5.0 Stars
Defaqto rating: 5 Stars

History

Aviva life insurance is a division of Aviva PLC which is considered to be the biggest general insurance company in the UK. You might be more familiar with Aviva for its motor and house insurance policies, which are considered to be market leading because of their price and quality. Aviva’s history dates back as far as 1696 and was formerly known as Norwich Union until it rebranded to Aviva PLC in April 2002.

About

The Aviva brand is one of the world’s most famous financial and insurance brands with an advertising presence across TV and radio. You may also be familiar with some of the old Paul Whitehouse adverts for Aviva life insurance which attracted a lot of attention for its hard-hitting approach to dealing with death in the family.

Aviva Life Insurance Paul Whitehouse
Defaqto Logo

Defaqto rating: Expert rated 5 Stars (2023)

As of 2023, Aviva has been rated as 5 Stars by Defaqto for their life insurance and critical illness insurance policies.

Customer reviews

As of March 2024, Aviva is rated ‘Great’ by their customers on Trustpilot, with an independent review score of 4.0 out of 5.0 Stars. Aviva has more than 33,000 reviews, with 73% of reviewers rating Aviva as 5.0 out of 5.0 Stars.

Aviva life insurance policy options

Aviva life insurance also offers a complete range of personal and business life insurance policies to protect your whole family. Cover starts from as little as £5 per month for most products and are usually some of the lowest premiums for many individuals. The cost of Aviva life insurance can vary depending on your age, health and your cover needs.

Policy options include:

Aviva life insurance has the full range of personal and business life insurance policies for customers to choose from, and it offers flexible cover options for people from 17 years of age to age 90 at the end of the policy term.

Key facts and Stats for Aviva life insurance

  • Fixed premiums from just £5 per month that are guaranteed to stay the same regardless of what happens to you or your health in the future.
  • Paid out over 41,000 life insurance claims in 2022 and a total of £683m at a rate of 97.8% of claims paid.
  • Offers Free Parent Cover to new parents for £15,000 if you die.
  • Cost of living support scheme and payment holidays allows 3 month payment holidays to maintain cover during difficult financial periods.

Aviva life insurance free benefits

New and existing Aviva life insurance customers automatically get access to a whole host of benefits to help improve their lifestyles and get better value for money, including:

  • Aviva Digicare+ is a free app that was introduced by Aviva several years ago to support existing customers with their health or medical questions from a qualified medical professional.
  • Free Parent Cover provides new parents with £15,000 of free life insurance for their new-born child for 12 months up to the child’s 4th birthday. This scheme was introduced several years ago by Aviva and has been a successful part of its benefits to help promote life insurance for new parents in the UK.
  • MyAviva is a customer portal that gives you free online access to your very own customer area on the Aviva website with your policy documents and other useful information about your cover.
  • Free Critical Illness Insurance for children when parents take out critical illness insurance with Aviva (usually chargeable with other life insurance companies).

Our iam|INSURED Expert ratings for Aviva life insurance

Business performance areaiam|INSURED expert rating (out of 5.0 stars)
Value for Money and Price4.7
Customer Service4.3 (based on customer revciews)
Added Value Benefits4.7
Medical underwriting4.1
Claims Handling4.2
Bereavement Support Services4.0
Overall Rating4.3

Summary: Our panel of life insurance experts has rated Aviva life insurance as the second best life insurance company in the UK in 2024. It continues to provide good value for money and benefits to new or existing customers in the UK. Unfortunately, Aviva life insurance does fall down slightly when we look at underwriting philosophy and pre-existing medical conditions.

Vitality logo

3) Vitality

Trustpilot score: 4.2 out of 5.0 Stars
Defaqto rating: 5 Stars

History

Vitality life insurance is one of the newest companies in the industry when it began under the PruProtect brand in early 2000’s. The company re branded under the name Vitality Life and Vitality Health in 2018, which is now one of the most well-known life insurance brands in the UK. Vitality life insurance is considered to be one of the most innovative and forward thinking life insurance companies and the country, thanks to its rewards and shared health proposition.

About

Vitality now is one of the most well-known and familiar life insurance and health insurance brands in the UK, mainly thanks to its high profile sports partners and ambassadors. You may be familiar with the Vitality brand from its football, rugby, cricket or netball partnerships. It’s ambassadors include Jonny Wilkinson, Jessica Ennis-Hill, Joe Root, Ellie Simmonds and Seb Coe.

You might also have seen its mascot, Stanley the dog.

Move forward with Vitality | Vitality UK
Defaqto Logo

Defaqto rating: Expert rated 5 Stars (2023)

As of 2023, Vitality has been rated as 5 Stars by Defaqto for their life insurance and critical illness insurance policies.

Customer reviews

As of March 2024, Vitality is rated ‘Great’ by their customers on Trustpilot, with an independent review score of 4.2 out of 5.0 Stars. Aviva has almost 38,000 reviews, with 68% of reviewers rating Vitality as 5.0 out of 5.0 Stars.

Vitality life insurance policy options

vitality life insurance has the full range of personal life insurance (excluding Over 50s Life Insurance) and business life insurance policies to protect your family, home, or business needs. Premiums for vitality life insurance start from £5 per month or £8 per month, depending on which type of cover you are looking for. The Vitality shared health proposition offers arrange of common High Street discounts and rewards for those who engage in its healthy rewards activity programme.

Policy options include:

Vitality life insurance products are similar to other life insurance companies in the UK with some slight differences and a unique approach to personal protection insurance. Vitality’s own brand of life insurance products sets it apart from other competitors at the top of the industry in the UK.

Key facts and Stats for Vitality life insurance

  • Get up to 40% off your life insurance premiums with healthier rewards by recording your activity every month.
  • Discounts and rewards on major High Street brand names such as Apple Watch, Expedia, Garmin, Pure Gym, Caffe Nero, Vue and Odeon cinemas, American Express, and many more.
  • Vitality life insurance paid out 99.7% of all protection insurance claims to a total of £60m and the most common cause for claims was cancer, followed by heart conditions.
  • Vitality now has over 1,000,000 members in the United Kingdom taking part in the Vitality rewards programme.

Vitality life insurance free benefits

New and existing Aviva life insurance customers automatically get access to a whole host of benefits to help improve their lifestyles and get better value for money, including:

  • Vitality Discounts and Rewards offers a range of healthy rewards partners with several major brands including Apple, Expedia and Amazon. Healthy rewards offer discounts for regular exercise and activity that keeps members healthy which also reduces their risks of making a claim.
  • Vitality GP gives you 24/7 access to a medical professional that can help you with all types of health, medical and nutritional questions for you and your family.

Discounts & Rewards Partners

Our iam|INSURED Expert ratings for Vitality life insurance

Business performance areaiam|INSURED expert rating (out of 5.0 stars)
Value for Money and Price4.4 (based on low to moderate activity)
Customer Service4.2
Added Value Benefits4.9
Medical underwriting4.0
Claims Handling4.5
Bereavement Support Services3.8
Overall Rating4.3

Summary: We know from many years of experience that the Vitality life insurance proposition is unique and extremely good value, but only for the right type of customer. This is not for everyone and that’s why we’ve given the expert rating that we have done for this insurance provider. You should fully understand how the Vitality rewards programme works before you take the leap and get cover with them, that being said, this is an outstanding and innovative way to stay healthy and get life insurance.

AIG logo

4) AIG

Trustpilot score: 3.0 out of 5.0 Stars
Defaqto rating: 4 Stars

History

AIG life insurance is part of American International Group which is one of the world’s biggest insurance companies with thousands of offices in more than 80 countries. The company has been helping UK families and businesses with its insurance needs for more than 70 years with millions of customers or policyholders. According to its own figures, the business employs more than 25,000 people around the world which makes it one of the biggest employers in the insurance industry.

Defaqto Logo

Defaqto rating: Expert rated 4 Stars (2023)

As of 2023, AIG has been rated as 4 Stars by Defaqto for their life insurance and critical illness insurance policies.

Customer reviews

4As of March 2024, AIG Life Limited has an independent review score of 3.0 out of 5.0 Stars on Trustpilot, with 52% of reviewers rating AIG as 5.0 out of 5.0 Stars.

AIG life insurance policy options

AIG offers one of the most comprehensive ranges of policy options for life insurance, with products ranging from low-cost personal protection up to group life insurance policies. You will have no-doubt come across AIG life insurance in some form or another through its advertising or sponsorship partners, including Manchester United.

Policy options include:

AIG life insurance policy options are slightly more comprehensive than some of the other top insurance companies in the UK. You can also get life insurance cheaper using its ‘Low Start’ option where premiums increase by 3.5% every year, or quicker with its ‘Instant Life Insurance’ option which has fewer medical questions.

Key facts and Stats for AIG life insurance

AIG paid out on 95% of life insurance claims in 2021, paying out more than £306million across personal, business, and group life insurance policies.

AIG life insurance free benefits

New and existing Aviva life insurance customers automatically get access to a whole host of benefits to help improve their lifestyles and get better value for money, including:

  • Smart Health new and existing policyholders get free access to the exclusive AIG health and wellbeing app on your smartphone or tablet. Smart Health gives gives you 24/7 access to a registered GP or medical professional for you and your family to discuss any health or medical complaints.
  • Winstons Wish is considered to be the UK’s leading bereavement support service to help children to cope with the loss of a parent or sibling.
  • Claims Support Fund (critical illness) pays up to £300 for claimants to help towards expenses such as travel and even wigs for after cancer treatments.
  • Funeral Pledge Payments pays out up to £10,000 from your life insurance claim for funeral expenses and other associated costs while your full claim is processed.

Our iam|INSURED Expert ratings for Aviva life insurance

Business performance areaiam|INSURED expert rating (out of 5.0 stars)
Value for Money and Price4.3
Customer Service3.8 (based on customer reviews)
Added Value Benefits4.2
Medical underwriting4.1
Claims Handling4.5
Bereavement Support Services4.6
Overall Rating4.2

Summary: AIG life insurance has been given a rating of 4.2 by our panel of insurance experts based on its customer benefits and bereavement support. Our experts suggested that the insurer was relatively good value for money and tended to be better value for younger people than older lives. Its medical underwriting philosophy was just above average as it was prepared to offer cover for a range of medical conditions.

Note: Aviva has announced in September 2023 that it is to acquire AIG Life UK for £460m, subject to FCA approval. At this time, we are not sure what will happen to the AIG life insurance brand in the UK and whether it will keep trading under this brand or become part of Aviva life insurance.

AIG logo

5) LV= (Liverpool Victoria)

Trustpilot score: 4.4 out of 5.0 Stars
Defaqto rating: 4 Stars

History

LV= is more commonly known as Liverpool Victoria and its origins go all the way back to 1843 as a ‘penny policy’ life insurance company in the city of Liverpool. Back in the 19th century, door-to-door sales agents would collect premiums to help policyholders to pay for funeral costs. In 2007, Liverpool Victoria Financial Services Limited rebranded its life insurance and general insurance sections of the business to LV=, which is how it is known today.

Defaqto Logo

Defaqto rating: Expert rated 5 Stars (2023)

As of 2023, LV= has been rated as 5 Stars by Defaqto for their life insurance and critical illness insurance policies.

Customer reviews

As of March 2024, LV= is rated ‘Excellent’ by their customers on Trustpilot, with an independent review score of 4.4 out of 5.0 Stars. LV= has over 70,000 reviews, with 80% of reviewers rating LV= as 5.0 out of 5.0 Stars.

LV life insurance policy options


LV= offers one of the most comprehensive ranges of policy options for life insurance, with products ranging from low-cost personal protection up to group life insurance policies. You will have no-doubt come across LV life insurance in some form or another through its advertising or sponsorship partner.

Policy options include:

LV life insurance has a slightly more limited range of product options which is fairly common for this type of insurance company. Another key thing to remember here is that LV life insurance is most commonly known for its extensive range of income protection insurance products, which is one of the biggest sections of the business.

Key facts and Stats for LV life insurance

  • LV life insurance offers guaranteed premiums that are fixed for the full term of the policy regardless of any changes to your health, from only £8 per month.
  • Claims paid out in 2022 hit a record £127m for over 8,000 individual protection customers at a rate of 95% of claims paid out.
  • LV= currently has nearly 7 million insurance customers in the UK and life insurance is one of the most popular areas of the business.
  • Customers also get access to a range of other LV insurance services and discounts for car insurance, home insurance and more.

LV life insurance free benefits

As an LV life insurance customer, you would automatically get free access to a range of health and wellbeing benefits, as well as some exclusive product features:

  • LV= Doctors Services offers 24hr access to a medial professional to get advice or a second opinion about health or medical problems. LV= customers can also get a 25% discount on health MOT services by a qualified medical professional.
  • Children’s Critical illness insurance is added automatically for free when parents take out critical illness insurance with LV.

Our iam|INSURED Expert ratings for LV life insurance

Business performance areaiam|INSURED expert rating (out of 5.0 stars)
Value for Money and Price4.2
Customer Service4.4 (based on customer reviews)
Added Value Benefits3.8
Medical underwriting3.9
Claims Handling4.4
Bereavement Support Services4.2
Overall Rating4.1

Summary: Our panel of insurance experts has given LV life insurance the rating above based on its overall performance scores and our extensive knowledge of the products. LV life insurance is one of the best income protection insurance companies in the UK currently and it offers a good range of life insurance products. We also know that LV= is rated highly by its customers on Trustpilot.

Life Insurance provider reviews

Our experts understand how important your opinion is when we’re compiling these guides to the best life insurance companies in the UK in 2024. Personal experience and feedback from genuine customers is one of the most important factors for people deciding who they should deal with.

Below is a list of the top 10 best life insurance companies in the UK for 2024 based on their Trustpilot review scores and Defaqto rating. Most of the top insurance companies in the UK uses Trustpilot as an independent feedback service to gather and report their customer review scores.

RankingInsurance company  Trustpilot Score and RatingDefaqto Rating
1st LV logo4.4 (all products) – Rated Excellent
70,226 reviews
5 Star
2nd Vitality logo4.2 (Health & Life) – Rated Great
37,926 reviews
5 Star
3rd Royal London logo4.1 (Life only) – Rated Great
1,826 reviews
5 Star
4th Aviva logo4.0 (all products) – Rated Great
33,188 reviews
5 Star
5th Zurich logo4.0 (all products) – Rated Great
2,534 reviews
5 Star
6th Legal & General logo3.8 (all products) – Rated Great
13,567 reviews
5 Star
7th Scottish Widows logo3.7 (all products) – Rated Average
2,166 reviews
5 Star
8th AIG logo3.0 (Life only) – Rated Average
154 reviews
4 Star
9th HSBC logo1.6 (all products) – Rated Bad
8,537 reviews
4 Star
10th Guardian logoN/A  5 Star

The scores and ratings in the table above were taken on 20/03/24 and are accurate as at that date. Our team of life insurance experts regularly review scores and ratings to assess each providers performance.

Note: Not all of the scores and ratings taken from Trustpilot are just relevant to life insurance as many companies combine other areas of their business, such as general insurance, pensions and investments.

Based on its reviews, performance scores, and our own extensive personal experience of dealing with all of the best life insurance companies, our experts have rated Legal & General as the Best Life Insurance company UK 2024.

Legal & General has consistently performed well over the past 12 months and provides affordable life insurance solutions for families and businesses in the UK.

Another key area where Legal & General life insurance has performed better than most is its medical underwriting philosophy, which offers life cover to more than most other insurance companies. Life insurance for pre-existing medical conditions is an extremely important part of our judging criteria, as we feel this should be fair and value for money.

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Price and value for money are extremely important when it comes to protecting your family with life insurance. The table below shows some examples of premiums from the best life insurance companies from this review.

In these examples, we’ll compare the cost of life insurance for different ages of applicants for £200,000 of life cover over a 25 year term. The quotes are also based on a non-smoker looking for family life insurance (level term) with no pre-existing medical conditions.

The life insurance quotes provided in the table below were true and accurate using our live pricing system on 21/03/24.

Insurance companyPolicy cost (by age)Average policy cost (£s)
Legal & General logoAge 25 – £6.00*

Age 30 – £7.46

Age 35 – £10.18

Age 40 –  £15.09

Age 45 – £23.07

Age 50 – £37.37
£16.56 per month
Aviva logoAge 25 – £5.58

Age 30 – £7.28

Age 35 – £10.33

Age 40 –  £15.09

Age 45 – £25.21

Age 50 – £42.65
£17.69 per month
Vitality logoAge 25 – £6.58

Age 30 – £8.18

Age 35 – £11.27

Age 40 –  £17.59

Age 45 – £27.35

Age 50 – £49.23
£20.03 per month
AIG logoAge 25 – £7.39

Age 30 – £7.94

Age 35 – £11.09

Age 40 –  £15.64

Age 45 – £23.05

Age 50 – £36.57
£16.95 per month
LV logoAge 25 – £8.00*

Age 30 – £8.79

Age 35 – £10.97

Age 40 –  £16.98

Age 45 – £26.26

Age 50 – £41.40
£18.73 per month

*is where the life insurance minimum premium applies for the insurance company.

From our latest research by our team of insurance experts, we can clearly see that the best overall value life insurance companies are:

  1. Legal & General
  2. AIG
  3. Aviva

These life insurance companies consistently provide customers with lower premiums for their cover to protect their families.

Five Stars

Rated "Excellent" 5 out of 5

"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."

by Elizabeth Turner-Long - 9th August 2023

Life insurance companies now offer a whole range of free benefits and rewards with most of their policies, as well as some that can be added for a charge.

In our latest independent review, our panel of experts has considered which are the best life insurance company rewards schemes and benefits. Below is our summary of the top 3 life insurance companies with rewards that are either included or can be added.

Top 3 life insurance companies with rewards 2024:

Guardian logo

1) Guardian

Trustpilot score: 3.9 out of 5.0 Stars
Defaqto rating: 5 Stars

Our panel of insurance experts has rated Guardian as the best life insurance company rewards scheme 2024. Guardian offers several benefits for free that other life insurance companies would charge for, including ‘Waiver of Premium’ that pays your life insurance premiums if you’re not able to work.

Guardian life insurance customers also get access to a virtual GP service that gives you 24/7 access to a medical professional via your smartphone or tablet. Other Guardian benefits include its unique ‘Lifestyle Promise’ which allows you to automatically reduce your premiums if you improve your health or lifestyle during the policy term.

Vitality logo

2) Vitality

Trustpilot score: 4.2 out of 5.0 Stars
Defaqto rating: 5 Stars

Vitality has a long history of innovation with its exclusive healthy rewards and benefits for members and policyholders. With these rewards, you can earn exclusive discounts with the Vitality reward partners, including:

  • Apple Watch and Garmin
  • Expedia
  • Pure Gym and Virgin Active
  • Amazon
  • Vue and Odeon cinemas
  • Champney’s Health Spa’s

Healthy rewards gives you the incentive to live a more active and healthier lifestyle by engaging in the activity programme.

Note: Vitality healthy rewards is a very good scheme to help policyholders to engage in the activity programme which incentivises healthier lifestyles. This is extremely useful for people who are active or want to improve their healthy behaviour.

If you do not take part in regular activity or you do not want to wear a smart watch or wearable device, then this is not for you.

Aviva logo

3) Aviva

Trustpilot score: 4.0 out of 5.0 Stars
Defaqto rating: 5 Stars

Our latest research shows that Aviva life insurance offers a range of free benefits that provide extremely useful health and wellbeing services to its customers. As an Aviva life insurance policyholder, you can also access other products and services via the MyAviva app on your smartphone.

Aviva has also helped to contribute towards the cost of life insurance for new parents with its exclusive ‘Free Parent Cover’. This provides £15,000 of free life insurance for new parents to help them during the period where finances are typically tighter.

Summary: Cheapest doesn’t always mean best and you can get better value for money by checking the policy details to see whether there are any benefits that might add to the value of your cover.

Below is a list of the main life insurance companies in the UK who offer life insurance policies for individuals and businesses.

*Offers Life Insurance or Over 50’s Life Insurance via an insurance underwriter or another life insurance company, therefore not an insurance company themselves.

Buying life insurance to protect your family or your business is an extremely important financial decision that can have a significant impact on your loved ones future. It’s important to get proper advice from a life insurance expert to understand which is the best life insurance for you to protect the most important things in your life.

You can get proper advice from a qualified life insurance expert by CLICKING HERE or calling 0800 009 6559.

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Is it worth paying for life insurance?

Yes, if you’ve got children or financial dependents then you should have life insurance to protect them if you die. Martin Lewis and the Financial Conduct Authority recommend that you take out life insurance to protect your family and your home. Generally, life insurance premiums start from as little as £5 per month and will be cheaper for younger adults.

Common myths about life insurance:

  • Life insurance won’t pay out (pays out 98% of claims)
  • People with medical conditions can’t have life insurance
  • Life insurance is expensive
  • Savings can be just as effective as life insurance
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Is life insurance worth it? - iam|INSURED

What is the average cost of life insurance per month?

Based on recent research carried out, the average cost of life insurance is approximately £38 per month and the average level of cover is £152,000. Life insurance premiums also vary dramatically from one insurance provider to another and you can reduce your monthly premiums by shopping around.

Fundamentally, life insurance premiums vary depending on your age, health and the amount of cover that you need, starting from as little as £5 per month. You can also get life insurance to protect your family and your home against financial loss if you die.

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iaminsured.co.uk

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Average cost of life insurance - iam|INSURED

What does life insurance cover you for?

Life insurance is a monthly renewable ‘term insurance’ contract that pays out a cash lump sum or regular payments on death to your family or beneficiaries. Policies are most commonly used for family protection or mortgage protection for your loved ones if you die and your household income reduces, plus the additional issues of losing a parent or carer.

Traditional life insurance will not exclude any pre-existing medical conditions and will cover suicide after 12 or 24 months. You can also use life insurance for business protection purposes as well as tax-efficient business life insurance for directors or key people.

What are the disadvantages of life insurance?

The biggest and most common problem that consumers have with life insurance is the cost and the monthly premiums. This is the top reason for policy cancellations and why more people don’t take out life insurance to protect their family.

Another key disadvantage with life insurance is that it holds no investment value, nor can you cash it in. Life insurance works like any other traditional general insurance policy (e.g. car insurance, house insurance, pet insurance etc.), you pay a monthly premium and it will pay out in the event of a claim. Some people decide to use savings instead of taking out life insurance but you need to make sure that you have sufficient savings to cover the costs of death for your family.

Why do I need life insurance?

The fact is that nobody actually ‘needs’ life insurance, but it is strongly recommended that families and couples have cover to protect their loved ones in the event of death. Martin Lewis recommends life insurance and says “this is something that every parent, partner, or person with any other type of dependent needs to consider”.

Life insurance financially protects your loved ones if you die and pays out a cash lump sum to repay your mortgage, pay for school fees, replace lost income, and pay for regular outgoings. Mortgage life insurance is not linked to your mortgage debt so you can use it to pay off some or all of your mortgage.

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Martin Lewis Life Insurance

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Our Mission

At iaminsured.co.uk, we believe in much more than just insurance policies; we believe that everyone is unique and should be treated with the fairness that they deserve. We also believe in providing the very best financial protection, and giving you peace of mind to continue with your busy life without the stress or worry of what might happen.

We are dedicated to providing the best outcomes that we can and access to the best insurance solutions in the way that our customers want or need. We understand that everyone is totally unique in how they want things done and their own individual circumstances, which is where our totally unique approach to financial protection is driven from.

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With nearly three decades of expertise and established with a commitment to excellence in everything that we do. We have been a trusted partner for thousands of families, individuals and businesses, all with one common goal of looking for the best protection solutions.

Our Mission: To provide easy access to fair pricing, affordable protection and the very best financial security to families and individuals. We are dedicated to offering comprehensive insurance solutions that safeguard the well-being of our policyholders. Guided by integrity, transparency, and a commitment to excellence, we strive to empower consumers and families to face the future with confidence. Our mission is not just about policies; it's about protecting dreams, ensuring legacies, and being a trusted partner on life's journey.

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