When should I buy life insurance?
If you’re over 18 and you have people who rely on your income, the best time to get life insurance is usually as soon as you can comfortably afford it. Premiums are typically cheaper when you are younger and in good health, and delaying getting cover often means paying more for the same amount of protection later on. Many people choose to take out life insurance when they buy a home, start a family or commit to long-term financial responsibilities with a partner. These all tend to happen later in life, and people are starting families much later than they did in the 90s or early 2000s.
Is there an ideal age to get life insurance?
There is no single perfect age, but the cost of life insurance generally rises with every year you get older, so arranging cover earlier can keep premiums lower over the full term of the policy. Life insurance premiums start from †£5 per month and will automatically increase on your birthday, and premiums are typically far lower for people in their 20s and 30s.
Does my age affect how much I pay for life cover?
Yes, age is one of the main factors insurance underwriters use when pricing your premium, alongside your health, lifestyle, smoker status and the amount and length of cover you choose. Premiums increase more steeply for people applying for life cover in their 40s and 50s.
What is the maximum age for life insurance?
Most UK life insurance companies will typically allow you to apply for standard term life insurance up to your mid to late 70s, depending on underwriting. Many term life insurance policies can run up to as long as your 90th birthday, or you could consider whole-of-life insurance if it is affordable.
When do most people take out life cover?
Most people first think about life insurance when they have financial dependents and major life events, such as getting married, buying a home, or starting a family. The average age for buying a home in the UK is now 34 years old compared to 29 in the mid-90s, and the average age for having your first child is now just over 29 years of age.
Key Points: When should you get life insurance?
- There is no single best age for life insurance, but premiums are usually cheaper the younger and healthier you are when you apply.
- Age, health, lifestyle, smoking status, the level of cover and the policy length all affect how much you pay.
- Delaying life insurance can make cover more expensive, and in some cases you may miss out if your health changes.
- Many people take out cover when they have dependants or a mortgage, to help protect their family’s standard of living if they die.
- In the UK you can normally apply for life insurance from age 18, with maximum ages often in the 70s, depending on the insurer and product.
- Working with a life insurance broker or using online comparison tools can help you find low cost cover that fits your budget.
Will my age affect the cost of life insurance?
Age is a key factor in how insurers work out the price of your life insurance premium. As we get older, the statistical risk of dying increases, so from an insurer’s point of view, the likelihood of a claim rises with age. To balance this extra risk, premiums tend to be higher for older applicants than for younger ones buying the same type and level of cover.
Below are some illustrations to show examples of how much life insurance premiums increase as you get older and what it can mean for some of the most common variations (e.g. family life insurance, mortgage life insurance, and smokers).
Life insurance premiums for £200,000 over 25 years (family vs mortgage)
| Your Age | Monthly premiums (family life cover) | Monthly premiums (mortgage cover) |
|---|---|---|
| 25 | £5.80 | £4.95 |
| 35 | £10.28 | £7.23 |
| 45 | £24.39 | £16.66 |
| 55 | £64.68 | £41.10 |
Life insurance premiums £200,000 over 25 years (smoker vs non-smoker)
| Age of applicant | Monthly premiums (non-smoker) | Monthly premiums (smoker) |
|---|---|---|
| 25 | £5.80 | £9.22 |
| 35 | £10.28 | £20.22 |
| 45 | £24.39 | £57.75 |
| 55 | £64.68 | £134.41 |
Even if you are older, you can still often get competitive life insurance by tailoring the level and length of cover to your real needs, rather than guessing. An experienced broker can help you compare quotes from multiple insurers and structure a plan that fits both your budget and your priorities.
Other things that affect the cost of life insurance
There are also several other key factors that will have an effect on how much you might pay for life insurance in the UK, especially as you get older.
- Health and lifestyle: if you suffer from a pre-existing medical condition, smoke, drink, or have a high BMI, then your life insurance premiums can also increase significantly.
- Occupational risks: people who have a hazardous or high-risk occupation, such as working at heights, offshore workers, and people who work overseas, may also have higher premiums.
- Extreme sports and dangerous hobbies: dangerous hobbies and extreme sports such as rock climbing, sky diving, and sailing, can also mean you can pay more for your life insurance.
- Type of cover: you can also select the cover that you need based on what your cover is for, and you might pay more for family life insurance (level term) and whole-of-life insurance.
- Amount and term of cover: you can also pay more for longer-term life insurance policies, and the amount of cover you take will typically increase your premiums.
What is the best age to get life insurance?
Once you are 18 or over, there is no single ideal age to buy life insurance, because everyone’s financial situation and family responsibilities are different. That said, life insurance is usually cheaper if you take it out in your twenties or thirties compared with starting a similar policy in your forties or fifties. Each year that passes, the risk of a claim in the future rises slightly, and premiums tend to move in the same direction.
A more practical way to think about the best age is to look at your life stage rather than the number on your birthday cake. Many people first buy life cover when one or more of the following applies:
If you already have dependants or a large financial commitment, waiting for a specific “best age” can leave your family exposed. Securing cover sooner rather than later can lock in lower premiums for the whole term of the policy, which often makes it easier to keep the cover running long term.
For younger adults who feel that budgets are tight, it can help to start with a modest level of protection that you can afford comfortably and then review it as your salary and responsibilities grow. Life insurance in the UK can start from just a few pounds a month for basic cover, so it is often more affordable than people expect.
What is the maximum age for life insurance?
The maximum age for applying for life insurance in the UK varies from insurer to insurer and between different product types. For many level term policies, you can usually apply into your mid or late seventies, while decreasing term policies that are often used alongside a repayment mortgage might have a slightly lower maximum entry age.
On top of the age at which you can buy the policy, there is usually a separate rule about the age by which the policy must end. For example, many standard term life insurance plans have to end before a set birthday, such as 90. Where critical illness cover is added to life insurance, the maximum age to buy is typically lower, and the policy might need to finish earlier than a straightforward life-only policy.
Other eligibility criteria usually apply, which can include residency in the UK, minimum and maximum policy lengths, and underwriting based on your medical and lifestyle information. It is important to read the policy summary and policy booklet from your chosen insurer carefully so you understand any age-related rules before you commit.
If you are older and struggling to find standard term cover, there are also specialist over 50s life insurance plans that guarantee acceptance within certain age brackets. These policies work differently from traditional underwritten life insurance, so it is wise to compare features, costs and waiting periods, and if in doubt, speak to an independent adviser.
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Why life insurance matters at any age
Although premiums are cheaper when you are younger, life insurance can be important at virtually any adult age, as long as someone would be affected financially if you died. The purpose of life insurance is to provide a lump sum that can help your loved ones cope with the financial shock of losing your income or contribution to the household.
It is not just the age of the policyholder that matters here, but also the ages of the dependants. Young children and teenagers may need financial support for many years if a parent dies. Even adult dependants, such as a partner who works part-time or an elderly relative you support, can be thrown into difficulty without a financial safety net.
Having a straightforward conversation about life insurance with your partner or family can feel awkward at first, but it often brings peace of mind once decisions are made. If the worst were to happen during the term of the policy, knowing that there is at least some financial protection in place can make a very difficult time a little bit easier to manage.
How to choose the right life insurance for you
If you are in reasonable health and meet the eligibility rules, age should not be a barrier to getting life insurance that fits your needs. The key is to focus on what you want the policy to do for your loved ones, and then work backwards to find a type and level of cover that achieves that within your budget.
1. Decide what you want to protect.
Start by listing the specific things you would like your life insurance to cover. For example, do you mainly want to clear the mortgage, replace your income for a number of years, or provide a lump sum that can support your children through school and university? Being clear on your goals makes it much easier to decide on the amount and length of cover.
2. Choose a policy type.
The four main types of life insurance in the UK are family life insurance (level term), mortgage life insurance (decreasing term), family income benefit, and whole-of-life insurance. Mortgage life insurance and family income benefit are typically cheaper because cover levels reduce over the term of your policy and whole-of-life insurance is the most expensive.
You can also choose to add critical illness cover with some insurers, which pays out a lump sum if you are diagnosed with a specified serious illness during the policy term. This increases the cost but can be valuable if you are particularly worried about the financial impact of serious illness.
3. Work out how much cover you need.
To size your life insurance, think about the debts you would like to be cleared and the ongoing income your family might need. As a starting point, many people aim for a total cover amount of between 5 and 10 times their annual income, plus any outstanding mortgage balance. Online life insurance calculators can be a helpful guide and give you a sense of how changing the amount of cover or the policy length affects the price.
4. Compare quotes and get advice if needed.
Once you have a rough idea of the type and level of cover you want, it is worth comparing quotes from several UK insurers. You can do this through an independent broker, a comparison website or by going directly to providers. A good broker will help you understand the differences between policies, explain the small print and highlight any exclusions that could matter to you. This can be especially useful if you have existing medical conditions or a more complex situation.
When to get life insurance FAQs
Do I need life insurance if I am single and do not have children?
You might still benefit from life insurance even if you are single and do not have children. The key question is whether anyone would be affected financially if you died. For example, you may have a joint mortgage with a partner or friend, parents who have guaranteed a loan, or relatives who would struggle to pay for your funeral and other final expenses. If no one relies on your income and you have no significant debts, life insurance may be less urgent, but it is still sensible to review your situation regularly as your circumstances can change quickly.
Should I get life insurance before or after taking out a mortgage?
It is usually wise to explore life insurance at the same time as arranging a mortgage, or even just before. If you died without cover in place, your partner or family could be left trying to meet the mortgage repayments on their own, or might have to sell the property. Taking out life insurance at the point you commit to a large debt means the policy can be tailored to match the size and length of your mortgage, which helps to protect your home from being lost if the worst happens. Many people choose a decreasing term policy alongside a repayment mortgage, so that the cover is designed to fall roughly in line with the balance owed.
Is it worth having life insurance if I am older and my children are grown up?
Life insurance can still be useful later in life, even when children have become financially independent. You may want to make sure a surviving partner can clear any remaining mortgage or debts, cover everyday living costs, or pay for care and support in later years. Some people also use life insurance to leave a modest legacy or to help with potential inheritance tax planning. While premiums are higher for older applicants, arranging an appropriate level of cover for a shorter term, or considering a specialist over 50s plan, can still provide valuable peace of mind if someone would be worse off financially without you.
What happens to my life insurance as I get older during the policy term?
For most term life insurance policies in the UK, your monthly premium is fixed at the outset and does not increase automatically just because you are getting older, as long as you keep up the payments. The insurer has already priced the policy based on your age and health when you applied, together with the amount and length of cover. If you later decide you want a higher level of protection or a longer term, you would normally need to apply for new cover, and that application would be priced using your age and health at that time, which is likely to be more expensive.
How can I keep life insurance premiums affordable if I am on a tight budget?
If money is tight, there are several ways to keep life insurance premiums manageable without abandoning cover altogether. You can start with a smaller amount of protection and increase it later as your income grows, or choose a shorter term that focuses on the most important years, such as while your children are young or your mortgage balance is highest. Decreasing term cover is often cheaper than level term for people with repayment mortgages, because the benefit is designed to reduce over time. Comparing quotes from several UK insurers and, if needed, speaking to an independent broker can also help you find a policy that balances cost with the level of protection your family needs.
How to keep your life insurance premiums low
Affordability is a major concern for many people in the UK who are already juggling rising living costs, mortgages and daily expenses. The good news is that there are several practical ways to keep life insurance premiums manageable without leaving your family unprotected.
If you are wondering whether now is the right time to get life insurance, a useful rule of thumb is this: if someone would struggle financially without you, it is worth getting a quote. You do not have to commit straightaway, but by checking prices based on your current age, health and needs, you can see how affordable protection could be and avoid the higher costs that often come with waiting.
Whether you use an online calculator, speak to a life insurance broker or go directly to a UK insurer, taking a few minutes now to explore your options could save you money and provide valuable peace of mind for the people who matter most to you.
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