How much does life insurance cost?

Following on from our previous guide detailing the different types of life insurance policy, here we will take some time to look into how much life insurance costs and what factors may influence the cost of your life insurance premiums.

Bob says: before purchasing a life insurance policy it is vital that you consider how much cover you will need for all your financial commitments and potential future expenditures e.g. children’s education, remaining mortgage, any outstanding credit agreements, funeral costs and other expenses.


Calculating the cost of life insurance

To help you with estimating the potential cost of life insurance, the experts here at have built a special life insurance calculator. To use it, follow the link below and simply enter in your age and how long you want the policy to run for. It will then return an estimated monthly premium cost* based on £100,000 of cover.

Life Insurance Calculator

Bob’s tip: once you’ve got your premium estimation use the ‘Buy life insurance’ button to get a free quote…


What factors influence the cost of life insurance?

There are many factors that can impact the cost of your life insurance premiums, with perhaps the most significant being your lifestyle.

Generally speaking, any lifestyle activities that result in a higher mortality rate will result in additional costs for your life insurance cover – so this can include: your weight, your drinking habits, the taking of illegal drugs and, of course, smoking…

In addition to coughing up £7-9 for a pack of cigarettes, smokers generally pay twice as much for life insurance compared to non-smokers. Also, whether you’re a 40-a-day smoker or just consider yourself a ‘social smoker’, most insurers will put you in the same category: Smoker, and apply the same additional premium costs.

Other factors that affect life insurance premiums can include your:

  • Age
  • Gender
  • Occupation
  • Medical history
  • Dangerous pastimes

Bob’s tip: always be honest when applying for a life insurance policy – it may seem tempting not to declare that you are a smoker, or that you go potholing at weekends, but your policy could be void if, after your death, it is discovered that you didn’t declare everything.


*Terms and conditions apply