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There are three main types of life insurance in the UK. The right one depends on what you're trying to protect.
Pays a fixed lump sum if you die within the policy term. The payout amount stays the same throughout — so a £200,000 policy pays £200,000 whether you die in year 1 or year 20. Ideal for replacing income, paying off debts or leaving a lump sum for dependants.
The payout reduces over the policy term, in line with a repayment mortgage. Because the insurer's risk decreases over time, premiums are lower than level term. The most cost-effective way to ensure your mortgage is paid off if you die.
Covers you for the rest of your life — there's no fixed term. A payout is guaranteed whenever you die. Premiums are significantly higher than term policies but the cover never expires. Often used for inheritance tax planning or to cover funeral costs.
Most life insurance policies can be enhanced with additional protection. Here's what's available.
Pays a tax-free lump sum if you're diagnosed with a serious illness such as cancer, heart attack or stroke. Can be added to a life policy or taken out separately. Covers 30–50+ conditions depending on the insurer.
Replaces a proportion of your income if you're unable to work due to illness or injury. Pays out monthly rather than as a lump sum. Separate to life insurance but often sold alongside it.
Instead of a lump sum, pays a monthly income to your family for the remainder of the policy term if you die. Can be simpler for families to manage than a large one-off payout.
Your premiums are waived if you're unable to work due to serious illness or injury, keeping your cover in place. Usually available as an add-on for a small additional monthly cost.
Writing your policy in trust means the payout goes directly to your beneficiaries, bypassing your estate and avoiding inheritance tax and probate delays. Most insurers offer this free of charge.
Covers two people under one policy — usually cheaper than two separate policies. Pays out on the first death, after which the policy ends. A second policy may be needed for ongoing cover of the surviving partner.
A quick reference guide to help you choose the right type of life insurance.
| Feature | Level Term | Decreasing Term | Whole of Life |
|---|---|---|---|
| Fixed payout amount | ✓ | ✗ Reduces over time | ✓ |
| Fixed monthly premiums | ✓ | ✓ | ✓ |
| Guaranteed payout | ✗ Only if you die in term | ✗ Only if you die in term | ✓ Always |
| Mortgage protection | Can be used | ✓ Ideal | ✗ Not designed for this |
| Cost | Medium | ✓ Lowest | Highest |
| Inheritance tax planning | ✗ | ✗ | ✓ Often used for this |
| Can be written in trust | ✓ | ✓ | ✓ |
| Critical illness add-on | ✓ | ✓ | Limited availability |
We refer you to FCA-authorised UK life insurance providers. Compare premiums and policy features before you buy.
One of the UK's largest life insurers. Competitive premiums, strong critical illness cover and an easy online application process.
Get a quote →Comprehensive life and critical illness policies. Offers a wide range of term lengths and strong customer service track record.
Get a quote →Unique rewards-based model — healthy lifestyle choices can reduce your premium over time. Strong critical illness product.
Get a quote →Compare life insurance quotes from multiple UK providers side by side in one place. Good for quick premium comparison.
Get a quote →Referral fees may apply. The price you pay is unaffected. Always read the full policy before purchasing. Life insurance is a long-term financial product — consider seeking independent financial advice.
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