What is the Cost of Life Insurance?

Article published on 30th May 2012

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What is the Cost of Life Insurance?

What is the Cost of Life Insurance? This is often one of the first questions to come mind when people start to think about protecting themselves or another with a Life Insurance policy. Insurance providers base the monthly premium you need to pay on a wide range of factors and it is not easy to answer this question without knowing a bit about you first.

The Quickest Way

The quickest way to find out how much a Life Insurance policy will cost you is to pop over to our Life Insurance Quote page. On this page all you need to do is fill out the short form asking for some basic information about you, which is needed to give you an accurate Life Insurance Quote. We will then check from a wide range of Insurance providers on the market for you. Within 1 minute you will be presented with a list of the Insurance providers and how much a policy with each one will cost you on a monthly basis.

Or If you would like to know more about the factors the Insurance Companies use? Read on.

Who is the Cover For?

You can take out a Joint Life Insurance policy for yourself and a partner, or just a Single for your self. This will have an effect on the monthly premium you pay. A Joint Life Insurance policy will normally cost a bit less then if you and your partner took out two separate Single Life Insurance Policies.

The Type of Cover you want

You can take out a Level or Decreasing (sometimes refereed to as Mortgage) Life Insurance policy. This will have an effect on the monthly premium you pay. A Level policy will cost you more than a Decreasing policy.

A Level policy is good if you want the amount payable from a claim to remain the same for the duration of the cover. Decreasing (Mortgage) policies on the other hand will payout a decreasing amount from the start of the policy to the end, inline with the outstanding liability of your Mortgage at the time of the claim.

Amount of Cover

The amount of money you would like the policy to payout to you in the case of a claim effects the monthly premiums you must pay. The more you would like to be covered for, means a higher monthly premium.

Length of Cover

How long you would like to be covered for has an effect on the monthly premium payable. The shorter the time period you require cover for, the cheaper the premiums will be. With a Level Life Insurance policy you can choose to be Insured for the Whole of your life but this will incur a higher monthly premium.


As of writing this guide (May 2012) gender does have an effect on your monthly premiums. Females currently pay lower monthly premiums than males of equal age and health. By December 2012 the Gender Discrimination Act will be in force and gender will no long effect the premiums.

So for females it would be worth taking out a Life Insurance policy before the Gender Discrimination Act comes into force, as premiums will be going up in December 2012 to match the male equivalents.

Age and Smoker Status

The age you are effects the monthly premiums of Insurance policies, with the stance that the younger you are the cheaper the premiums will be.

If you are a smoker or have used tobacco products within the last 12 months this will also have an effect on your monthly premium. Smokers pay higher monthly premiums than non-smokers.


There are many factors the Insurance companies look at when working out the monthly premium you must pay. The ones we have talked about in this guide are just the basics required to get a Life Insurance Quotation but the Insurance companies often require some additional information before you can take out the policy with them.

The quickest and easiest way to find out what the cost of Life Insurance will be for you, is to go to to our Life Insurance Quote Page. It only takes a couple of minutes and we will do all the work for you.

Get An Instant Life Insurance Quote Now!

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