Martin Lewis Life Insurance Guide 2026: What does he say about life cover?

Does Martin Lewis recommend life insurance?

Martin Lewis has previously shared his thoughts on life insurance and has suggested that it is certainly something that consumers should consider, especially if they have financial dependants or shared debts (e.g. mortgages, secured loans, etc.). He has previously talked about thinking about what would happen to your family and your children if they lost your income and how they would continue to repay the mortgage, rent, and other major household outgoings. Mr Lewis also warns about the potential financial risks to your family of not having life cover if a parent dies. For the latest advice, always check the MoneySavingExpert.com life insurance guides.

When does Martin Lewis say you need life insurance?

Martin Lewis focuses heavily on parents and partners who have financial dependants, especially families with young children with little or no savings in place. Most families rely on one or both parents to provide an income to support the household for mortgage repayments, rent, bills, food, and other typical outgoings. Life insurance pays out a lump sum to your family to help them to continue to cope financially if one or both parents die.

Some potential reasons why you might not need life insurance are having a good death-in-service scheme with your employer, having significant savings, or having no financial dependants. It’s always worth checking with your employer to see what cover you have with them to see whether your family would receive a death-in-service payout if you passed away.

What type of life insurance does Martin Lewis suggest?

Martin Lewis mainly talks about term life insurance (e.g. family life insurance and mortgage life insurance) when he recommends different types of policies to protect households. There are also several other types of life insurance that he mentions on MoneySavingExpert, such as Whole of Life Insurance and Over 50s Life Insurance. Term life insurance is the most common, the simplest, and generally the cheapest type of life insurance for parents.

If you need advice about a specific type of life insurance, then you should seek advice or help from a life insurance broker to help you to find the right cover for your situation. Martin Lewis also recommends that it’s often best to seek help from an FCA-authorised life insurance broker to save time and money.

How to find cheaper life insurance Martin Lewis

There are several key things to remember when buying life insurance to help you to save money on your monthly premiums, which can add up to a lot of money over the term of your cover. One of the main points that Martin Lewis offers is to compare quotes from a discount broker and to make sure that you get several quotes before you commit to buying a new policy.

How much life insurance does Martin Lewis recommend?

The simple rule that Martin Lewis applies to life insurance is ‘ten times the main breadwinner’s salary‘ which he talked about when he appeared on This Morning in 2016. The ten times income rule can be a simple place to start to help parents to find a quick figure to get them started. Generally, there are several options for choosing the right amount of cover and the right term of policy for life insurance.

• Mortgage life insurance: think about the mortgage balance to repay your mortgage and the term remaining on your loan.
• Family life insurance: think about the age when your children will no longer be financially dependent on you (e.g. 18 to 25 years depending on education). Also, consider the annual cost of raising your children and any potential educational costs for them.

You can also use our free Life Insurance Calculator to break down the household income and expenditure to quickly calculate how much life insurance you might need to protect your children.

MoneySavingExpert.com Martin Lewis life insurance guides

• Life insurance – Types of cover to help protect your family’s finances
• Mortgage life insurance – Save £100’s on your cover
• Beware over-50’s life insurance (Martin Lewis life insurance Over 50)

What does Martin Lewis say about life insurance?

Martin Lewis has previously appeared on ITV’s This morning, talking to parents and families about the benefits of having life insurance and the risks of not having life cover to protect their children. This interview provides a useful insight into what Mr Lewis thinks about the topic of life insurance and some of his views on when these policies can be useful for your family.

Below is a link to the full interview on YouTube where you can see exactly what Martin Lewis says about life insurance and why he feels it’s so important. We think it’s important for parents to watch this short video to help them to understand what life insurance does and how it works.

The interview begins by talking about the common views of many parents, with Holly Willoughby saying, “Many people find it uncomfortable to talk about, and that is life insurance.” Martin Lewis responds by saying, “Let’s just get over your sensitivities and deal with it.” He also says that nobody likes to talk about it, but this is very important.

Martin Lewis goes on to explain that “life insurance is an insurance policy that pays out if somebody dies”, which is absolutely true, but it can also pay out if you become seriously ill with critical illness insurance, which is also a life insurance policy.

Martin also says that “if you look at a typical school class, one of those children will lose a parent before they are 18, one in twenty-nine.” This is the important part of the interview for him because, as he says, “I was one of them, which is why I’m so passionate about this.”

Martin Lewis then talks about the hard-hitting reality for life insurance when he says, “If a parent dies, there’s going to be grief; there’s going to be misery; and it’s going to be incredibly difficult to deal with.” The purpose of life insurance is to cover “what the financial consequences would be on your family”. He explains, “On top of all that grief, if suddenly you can’t pay your bills, it compounds the problems.”

This interview is a great example of what Martin Lewis says about life insurance and why he feels so strongly about the subject. Many financial professionals are scared to talk about the harsh reality of life insurance, so it’s refreshing when someone as influential as Martin Lewis is so outspoken on the subject.

It’s important for parents to think sensibly about life insurance and the potential implications of not having cover. Almost 50% of UK adults with a mortgage currently don’t have life insurance, which is an alarming number.

What does MoneySavingExpert.com say about life insurance?

MoneySavingExpert (MSE) is Martin Lewis’s own personal finance website, now owned by MoneySupermarket Group. There are several pages of free life insurance content on the site to explain how it works and how much it costs.

As suggested in the Martin Lewis life insurance section of MSE, if you provide for someone or if your family would suffer financially without your income, then this can be a very cheap ‘financial lifeline’.

Martin Lewis life insurance guides from MoneySavingExpert.com

• Do people with no dependants need life insurance?: Life insurance is designed to protect your family and dependants if you die, and so if you don’t have any, then you don’t really need cover. Having someone that is financially dependent on you and your income is the main purpose for these policies.
• Have you got life cover from your employer? Another area that is covered by Martin Lewis life insurance is employer benefits or protection, such as ‘Death in Service’. Death in Service is a common benefit for most public sector jobs and some senior roles in corporate jobs, but it’s not the same as life insurance, and you should be very careful about using this as a standalone cover for your family.
• Buy cover as soon as possible: Another key suggestion from Martin Lewis’s life insurance guidance is to take out cover sooner than later. We’ve covered this topic several times on iaminsured.co.uk and try to make people aware that life insurance is more expensive as you get older.

What is the Martin Lewis Life Insurance formula?

One of the most common questions about life cover is ‘How much life insurance do I need?’ This might seem simple to some people, but it’s actually quite complicated because there are so many things to think about.

Check out ‘How much cover do I need?’ on MSE for a full explanation.

The Martin Lewis life insurance The Ten Times rule is a good place to start, and it does really simplify something that can be quite confusing. This is something that Martin has created himself to give parents and families a quick point of reference to get them going.

The ‘TEN TIMES annual income’ rule…

If you’re looking for level term life insurance, then Martin suggests that you start by looking for ‘10 times the main breadwinner’s salary’. This means that if the main earner in the household dies, then you’ll at least have a safe amount of cover.

You might think that this is a high number, but when you think about it, you would want to make sure that your family is financially stable if you die. There are lots of things to think about, such as your mortgage, debts, school fees, cost of living and even things like holidays, which are important.

Life insurance Calculators

There are lots of different ways to think about life insurance to calculate how much cover you need to protect your family. The Martin Lewis life insurance formula can help to get you started, but as we’ve said, this isn’t going to work for everyone, and life insurance can be quite complex if you’ve got complicated financial circumstances.

Try our free life insurance calculator

What are the Martin Lewis mortgage life insurance need-to-knows?

MoneySavingExpert also has some really useful and interesting points in the Need-to-know section for mortgage life insurance, which applies to all types of life cover.

Here are just a few quick tips and pointers from the Martin Lewis mortgage life insurance guide that you might want to think about. When you take out life insurance, there are lots of options and things for you to understand, including:

1. Guaranteed premiums are the best option to fix your monthly premiums

Most life insurance premiums are quoted on a ‘guaranteed’ basis these days unless you specifically request reviewable premiums. Guaranteed premiums mean that your life insurance premiums are fixed every month and will not change, regardless of what happens in the future to your health or any medical issues.

2. Disclose all your health and medical history when you apply for life insurance

It is extremely important when you apply for life insurance to be honest about your medical history and disclose everything that you are asked about. You don’t need to worry about disclosing things that aren’t on the life insurance application, as these aren’t considered to be important.

If you fail to disclose information or withhold information on purpose, then your life insurance policy is unlikely to pay out in the event of a claim.

Note: Over 50s life insurance and guaranteed acceptance life insurance do not require medical underwriting and will not ask about any pre-existing medical conditions or health issues.

3. Joint life policies will only pay out once so consider two single policies

A joint life policy will always be cheaper because it covers both people on the same policy and will only pay out when the first person dies. If you’re only able to afford a joint life policy, then this is certainly still a good option; however, two single life policies can work out as more cost-effective overall.

4. Writing your policy into Trust is usually free and avoids paying unnecessary tax

Any life insurance that you have in place if you die will automatically form part of your estate unless it is written into Trust. Most good life insurance brokers will offer to write your life insurance policy into trust for free when you take out cover with them.

This simple process can help your family avoid waiting unnecessarily for probate to be dealt with and prevent them from paying up to 40% inheritance tax on your life insurance benefit.

5. You can cancel or switch your life insurance policy at any time without penalty

Life insurance is a monthly renewable insurance contract, which means that it can be cancelled at any time without penalty. There are quite a few things to consider before you cancel any life insurance policy, most importantly that you will lose that cover.

It is worth reviewing your life insurance policy every few years or so to make sure that you’re on the best rates and that your cover is still suitable.

How to find cheaper Life Insurance

One of the best ways to save money and get cheaper life insurance is to use a discount life insurance broker, which is exactly what Martin Lewis recommends. Some of the other things to think about here are the term of cover and depending on how long your policy lasts, because shorter terms are cheaper based on how long you live. Also, the level of cover is a major factor in how much you’ll pay for life cover.

Finding a good discount life insurance broker can sometimes be difficult, and there are lots of them that just want to sell you a policy rather than take the time to help you properly. You should look at the customer reviews and get recommendations from your friends and family.

Top tips to find cheaper life insurance:

• Have you purchased life insurance via your bank or building society? – If you bought a life insurance policy in the past via a bank, a building society or directly with a life insurance company, then you could be paying more than you need to.
• Change in lifestyle or improved health – If you took out life insurance in the past and you have since improved your lifestyle or your health is improved, then you might now be able to get life insurance for a cheaper price.
• Quit smoking or reduce alcohol consumption – If you were classed as a smoker or an excessive drinker when you took out life insurance originally, then you can reduce your premiums if you’ve quit smoking or drinking.

Note: Any properly qualified insurance broker will be authorised and regulated by the Financial Conduct Authority (FCA), and information about this should be displayed clearly on their website.

Can I buy MoneySupermarket life insurance from Martin Lewis?

You may be surprised to learn that price comparison websites like MoneySupermarket are some of the most expensive places to buy life insurance.

Even though Martin Lewis sold MoneySavingExpert.com to MSM in 2012, it was tied to adhering to certain editorial rules and its ‘editorial code‘ about its financial guidance. In fairness to the Martin Lewis life insurance guidance, it doesn’t seem to recommend MoneySupermarket life insurance or any other price comparison website.

What are the different types of life insurance that Martin Lewis talks about?

Martin Lewis only really talks about the very basics of life insurance and how to protect your family if you or your partner dies. There are several main types of life insurance which are covered in a bit more detail on MoneySavingExpert.com:

• Family life insurance (level term) which pays out a level lump sum if you die during the term of the policy (MSE says that level term cover usually runs to a maximum age of 80, which is no longer the case, and most insurers will offer cover up to age 90).

• Mortgage life insurance (decreasing term) is specifically for people who want to protect their mortgage if they die and make sure that their family home is protected. Mortgage life insurance is not designed for people who want to leave a lump sum for their family, as is suggested on the MSE Martin Lewis Life Insurance guide.

• Family income benefit is a less common type of life insurance but can also be very useful because it can work out cheaper than level or decreasing cover.

• Over 50s life insurance is a guaranteed acceptance policy that will provide your family with a lump sum on death to pay for funeral expenses and other related costs. There are several Martin Lewis life insurance warnings about this type of policy, which suggest that you should check carefully if this is the right option.

• Whole-of-life insurance is usually used for protecting inheritance tax liabilities and is not designed for most typical consumers. The Martin Lewis Life Insurance guide suggests that these policies are ‘often (but not always) investment-linked’, which is no longer the case. Most of these policies are now completely insurance-based and have no investment elements.

Several other types of cover are not specifically mentioned in the Martin Lewis Life Insurance guide, such as guaranteed life insurance, business life insurance, and personal accident insurance.

What does Martin Lewis say about life insurance for smokers?

Martin Lewis suggested that smokers will pay more for life insurance, and premiums can be as much as double non-smoker rates. This is because the risk of someone dying in the term of the policy is higher due to the health risks linked with smoking.

Another point made in this Martin Lewis life insurance interview is that ‘to be classed as a non-smoker, you need to be nicotine-free for between one and five years. ‘ This isn’t correct, and almost all life insurance providers will class you as a non-smoker after 12 months of quitting smoking.

Life insurance and Inheritance tax guidance from Martin Lewis

Another one of the points that is raised in this interview which is very relevant is the issue around inheritance tax and life insurance.

Life insurance payouts are potentially liable for inheritance tax if they are above the lifetime allowance threshold or if the policy isn’t in trust. As Martin Lewis suggests, most life insurance policies will allow you to write a Trust deed as part of the normal process.

This is usually free to do, and most good life insurance brokers will offer this service as part of taking a policy with them. A trust deed is a legal document that assigns a trustee and a beneficiary to your policy, which helps to avoid probate and inheritance tax.

Some of the main recommendations for this will cover off things like Martin Lewis’s best life insurance for over 60s with products such as whole-of-life insurance for inheritance tax planning.

How can I complain about life insurance?

We know from experience that Martin Lewis is clear about helping to protect consumers against financial loss and bad experiences. In the Martin Lewis life insurance guide, you’ll see information about how to complain if you have a problem with your life cover and things to look out for.

If you bought life insurance through a broker, then you have several options if you’ve been mis-sold or badly advised about cover.

You might have several issues when you take out life insurance, and that’s why brokers and insurers all should have a clear complaints process. You can easily request a copy of their complaints procedure by contacting them or checking their website.

Making a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an impartial and free service for financial services customers in the UK. This service can be used to settle any disputes between life insurance companies and their customers in the United Kingdom. If they feel that you have suffered any financial loss as a result of your life insurance policy, then they may rule for compensation to be awarded.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500

Email – complaint.info@financial-ombudsman.org.uk

What to do if you can’t find life insurance

There are certain options and support mechanisms that are available to you if you’re struggling to find life insurance. One of the bodies to support consumers with life insurance is the British Insurance Brokers Association (BIBA) which covers all insurance services in the United Kingdom.

BIBA provides a Find Insurance service that allows you to search for a recommended member who might be able to help you.

Telephone (Insurance Help)- 0370 950 1790

Telephone (General Enquiries) – 0344 7700 266

Email – enquiries@biba.org.uk

Note: You should always speak to your insurance company or broker first to give them a chance to satisfy your complaint before you refer to the Financial Ombudsman Service (FOS).

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