When it comes to affordable life insurance policies in the UK, there are many options available.
Here are some recommendations for affordable life insurance policies in the UK:
- Level term life insurance: Provides you with a fixed payout if you die during the term of the policy. It’s often the cheapest type of policy, and you can choose the length of the term to suit your needs.
- Decreasing term life insurance: Similar to level term, but the payout decreases over time. It’s often used to cover the outstanding balance of a mortgage.
- Whole of life insurance: Provides cover for the rest of your life, rather than a set term. It’s more expensive, but can be a good option if you want to ensure your loved ones receive a payout whenever you die.
- Family income benefit: Provides a regular income to your loved ones, rather than a lump sum payout.
In terms of statistics, according to the Association of British Insurers (ABI), in 2019, insurers paid out £2.8 billion in life insurance claims, providing support to 33,500 families and individuals across the UK.
Additionally, a recent survey by YouGov found that 42% of UK adults don’t have life insurance. Of those without cover, 24% said they didn’t know what type of policy to get, and 19% said their finances wouldn’t allow them to get a policy.
Overall, it’s important to choose a life insurance policy that meets your needs and fits within your budget. Shopping around and comparing policies can help you find the most affordable option for you.
- According to a survey by Finder UK, the average monthly cost of life insurance in the UK is £27.29.
- The same Finder UK survey found that 29% of those with life insurance have had to change their policy due to financial difficulties.
- The average life insurance payout in the UK is £75,000, but this can vary depending on the policy and the insurer.
- According to research by British Seniors Insurance Agency, the average over 50s life insurance policy in the UK provides a payout of £5,838, while the average cost of the policy is £26.64 per month.
- The most common reasons for taking out life insurance in the UK are to provide for family members in case of death (58%) and to cover mortgage payments (21%), according to a survey by Royal London.
- In 2019, cancer was the main reason for life insurance claims, accounting for 26% of all payouts, according to the ABI.
- According to the same ABI report, the average payout for a life insurance claim due to terminal illness was £67,500.
These statistics highlight the importance of having life insurance in the UK, as it can provide financial support for loved ones in case of unforeseen events. It’s important to carefully consider your needs and budget when choosing a policy that suits you.
- Age: The younger you are when you take out a policy, the cheaper it tends to be. This is because you’re generally considered lower risk.
- Health: Your health can impact the cost of your life insurance policy. If you have pre-existing medical conditions, you may find it harder to get cover or may need to pay higher premiums.
- Smoking status: If you’re a smoker, you’re considered higher risk and may have to pay more for your policy.
- Lifestyle: Certain lifestyle factors, such as alcohol consumption and occupation, can also impact the cost of your policy.
- Cover amount: The amount of cover you need can impact the cost of your policy. It’s important to choose a cover amount that meets your needs and fits within your budget.
- Policy length: The length of your policy can impact the cost. A shorter policy tends to cost less than a longer one.
- Compare policies: It’s important to shop around and compare policies from different insurers to find the most affordable option for your needs.