Everything you need to know about choosing the right life insurance coverage for your family.
Important
All information is for guidance only. Consider seeking independent financial advice for your specific circumstances.
Essential steps to get the right coverage
Determine how much coverage your family requires
Select between term, whole life, or specialized policies
Get quotes from multiple insurers to find the best value
Complete your application and start protecting your family
Different approaches to calculating your coverage needs
Multiply your annual income by 10. Simple but may not account for all your family's needs.
Debts + Income replacement + Mortgage + Education costs
Calculate exact costs for income replacement, debts, final expenses, and future goals.
Understanding your options
Temporary coverage for a specific period (10-30 years). Most affordable option with high coverage amounts.
Decreasing term insurance designed to pay off your mortgage. Coverage reduces as your mortgage balance decreases.
One policy covering two lives. Can be "first death" (pays when first person dies) or "second death" policies.
Pays a monthly income instead of lump sum. Provides steady income stream to replace your earnings.
Permanent coverage with cash value component. Higher premiums but provides lifelong protection.
Pays out if you're diagnosed with specified serious illnesses. Can be standalone or added to life insurance.
Key factors to consider when selecting life insurance
Young adults (20s-30s): Term life insurance, focus on affordability
Growing families: Higher coverage amounts, term or family income benefit
Established families: Mix of term and permanent insurance
Pre-retirement: Consider permanent insurance for estate planning
Tight budget: Term life insurance for maximum coverage
Stable income: Consider longer-term policies
High earners: Whole life or universal life for tax benefits
Business owners: Key person insurance, buy-sell agreements
Temporary needs: Term insurance (mortgage, children's education)
Permanent needs: Whole life or universal life
Mixed needs: Combination of term and permanent insurance
You have young children and a mortgage
Consider: Term life insurance or mortgage protection
You're married with combined finances
Consider: Joint life insurance for cost savings
You want steady income for your family
Consider: Family income benefit policy
You need lifelong coverage
Consider: Whole life or universal life insurance
Learn from others' experiences
Many people underestimate their family's financial needs, leaving loved ones without adequate protection.
Premiums increase with age and health issues. The best time to buy is when you're young and healthy.
Employer-provided life insurance is often limited and may not transfer if you change jobs.
Life changes like marriage, children, or home purchases require coverage adjustments.
Use our tools to calculate your needs and compare quotes from trusted UK insurers.