If your current life insurance premiums are too high or your circumstances have changed so you need to research the current life insurance costs; the best life insurance UK should be your goal.
The review tables below show the results of Chimat’s research into the top providers based on the type of cover required and the circumstances of the people who need it.
They clearly show that no one solution fits all.
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Top 10 Life Insurance Companies UK
These top 10 insurers are suitable for people without health problems, dangerous occupations, or smoking in the last year.
How much does life insurance cost? Is a common question. Another key question is how much cover do I need?
The approximate answer is around £10 per month for £100,000 of cover.
Based on this approximate rule, this is how the top ten insurers were evaluated.
| Insurance Company | Review Stars | Payout Percentage | Value Score |
|---|---|---|---|
| 1 Liverpool Victoria | ★★★★☆ | 99.3% | 9.5 |
| 2 Aviva | ★★★★★ | 98.9% | 9.0 |
| 3 Royal London | ★★★★☆ | 97.8% | 8.7 |
| 4 VitalityLife | ★★★☆☆ | 95.9% | 7.8 |
| 5 Legal and General | ★★★★★ | 99.4% | 9.1 |
| 6 Zurich | ★★★★☆ | 96% | 8.4 |
| 7 AIG | ★★★☆☆ | 94% | 7.7 |
| 8 Scottish Widows | ★★★★☆ | 97% | 8.2 |
| 9 Aegon | ★★★☆☆ | 93% | 7.5 |
| 10 Nationwide | ★★★★★ | 98% | 8.9 |
A more specialist insurer will likely offer you better value if you have more complex needs.
Best Life Insurance Provider for Level Term Life Insurance
| Insurance Company | Review Stars | Payout Percentage | Value Score |
|---|---|---|---|
| Legal & General | ★★★★★ | 99% | 9.1 |
| Zurich | ★★★★☆ | 96% | 8.4 |
| Vitality Life | ★★★☆☆ | 95% | 7.8 |
| Liverpool Victoria | ★★★★☆ | 99% | 8.5 |
| Royal London | ★★★★☆ | 97% | 8.3 |
| AIG | ★★★☆☆ | 94% | 7.7 |
| Scottish Widows | ★★★★☆ | 97% | 8.2 |
| Aviva | ★★★★★ | 98% | 9.0 |
| Aegon | ★★★☆☆ | 93% | 7.5 |
| Nationwide | ★★★★★ | 98% | 8.9 |
Top 5 Life Insurance Companies UK
Best prices for smokers and people with existing health conditions
| Insurance Company | Review Stars | Payout Percentage | Value Score |
|---|---|---|---|
| Liverpool Victoria | ★★★★☆ | 99% | 8.5 |
| Aviva | ★★★★★ | 98% | 9.0 |
| Royal London | ★★★★☆ | 97% | 8.3 |
| Zurich | ★★★★☆ | 96% | 8.4 |
| Aegon | ★★★☆☆ | 93% | 7.5 |
The Best Life Insurance Providers UK that bundles affordable critical illness cover
Many people commonly overlook critical illness cover. Depending on your occupation or personal circumstances, this insurance can offer the best value for your family.
Many financial advisors suggest you add critical illness cover as a “bolt-on,” but the Chimat team thinks that this type of protection is just as relevant as life insurance to most people.
Click To Compare QuotesOur research has shown that Aviva is the best insurer for both life cover and income protection for people who can access standard terms cover.
British Friendly Society and LV follow. For slightly more challenging cases, the Wesleyan Assurance Society also offers excellent value.
Best Life Insurance Policy UK For Term Life Insurance
Term life insurance is much cheaper and arguably better value for money than whole-of-life cover. The three insurers that consistently stand out are LV=, Royal London, and Zurich.
Top Life Insurance Companies UK for decreasing term life insurance
The best insurance policy for decreasing term is Aviva or Vitality for people with conventional circumstances.
Both insurers have thousands of trust pilot reviews with an average rating of over four stars.
Click To Compare QuotesDecreasing term life cover is ideal for the value-conscious buyer as it is cheap and accounts for the debt on your home going down over time.
If you have a repayment mortgage, a decreasing term policy may be more relevant to you than if you rent your family’s home or have an interest-only mortgage.
Best UK Life Insurance for Joint Life Insurance Cover
As long as one partner doesn’t have a high risk occupation or significant health issues, a joint life insurance policy can offer you fantastic value compared with two separate level term insurance policies.
Lump sum financial protection with decreasing term cover
A lump sum is beneficial for a family that has a large mortgage balance or a rented family home. If you have a small mortgage, a monthly payment from a life insurance provider could be a better option.
Axa Insurance Reviews for people with a difficult medical history
For people over 50 with some pre existing medical conditions, the cheapest option is likely Axa Over 50 Life Insurance as they can quantify the risk of heart attack and stroke far more accurately than other guaranteed acceptance medical conditions over 50s life insurance providers.
Saga Life Insurance Over 70 for Easy Life Insurance claims
A common company awarded the best life insurance provider is Saga Life Insurance Over 60 and has been discussed on Which Life Insurance.
Best Life Insurance UK for Whole of Life Policies
The best person to help you with how much life insurance you need and if you need term insurance or a whole of life policy is a regulated insurance broker or financial adviser providing life insurance.
The best whole of life insurers are Aviva, LV, Royal London, Vitality and Zurich. Still, if you have specific needs or health conditions, more niche providers may be able to offer you a better price or, indeed, any cover at all. Tesco Bank also offers policies for people of all ages, so it might be worth considering.
What do the best life insurance companies have in common?
Life insurance policies work by having insurance companies collect monthly or annual premiums and invest the money in a portfolio of income-generating assets like stocks and bonds.
The portfolio of the life insurers’ assets is strongly biased toward large-cap and high-quality bonds and gilts.
The income from premiums and these assets is used for the lump sum payout based on the details of the policy documents.