How much does life insurance cost?

14 July 2021

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Question by Christina

Answered by Holly Mackay

The cost of life insurance depends on a number of variables: your age, general health and the amount you need. As a rough guide, a 40-year old non-smoker would need to pay around £15 a month to give themselves protection of £250,000. However, life insurance can start from as little as £7 a month.

Some groups provide discounted gym membership and various other perks. Equally, if you are in good health, it can be worth picking a provider that gives you better rates for filling in a detailed questionnaire on your medical history. As a rule, it is better to do something rather than nothing, so even if you can only afford £7 a month, at least it will give your family something to fall back on.

You can get a quote online from many of the price comparison sites in less than 10 minutes. Having kids is the prompt many of us need to take this out – have a look at our Tired Parents tribe pages for more details on this and which life insurance providers we think are any good.

Answered by

Holly Mackay

Founder and CEO of Boring Money

I’ve worked in investment markets for over 20 years. I started out at Merrill Lynch Investment Management and worked at a few big names before setting up my first business in 2008.