When should I get life insurance?

It’s not uncommon to put off getting life insurance. Despite the fact that you may own a property or have a partner and family members who depend on you financially, many people manage to find reasons to avoid taking out a policy.

When we surveyed 1,000 parents1 as to why they didn’t have life insurance, the three most common responses we heard were:

  1. It’s too expensive.
  2. It’s too complicated.
  3. I’m too young.

But when you start looking more closely at life insurance, you might find that these are not reasons to delay sorting out financial protection for your loved ones after all.

Simple and straightforward

Our Life Insurance starts from only £6 per month, depending on your circumstances and needs, which is equivalent to around 20p per day.

And getting a quote couldn’t be quicker or easier. All you need is a couple of minutes, some basic information about yourself and access to our online quote system.

As for the argument that you’re too young, if loved ones depend on you financially, you may have a need for life insurance regardless of age. It is also worth considering that life insurance costs can go up as you get older, so if you take out cover in a year’s time rather than now, the cost of your premiums could be higher.

The cost of delaying life insurance

The example below illustrates the difference in premiums as you get older, by comparing the premiums for a 35-year-old and a 45-year-old, taking out a policy on the same day:

£150,000 cover for 20 years Premium
DOB - 2/3/1983 - non-smoker *£8.76
DOB - 2/3/1973 - non smoker *£19.09

*All quotes taken from legalandgeneral.com on 26 March 2019.

Aside from age, factors that could influence your premium include:

  • The cover you need and how long you want the protection to last
  • Your smoker status
  • Your health
  • Your lifestyle
  • Whether you choose to pay your premiums annually rather than monthly

A great way to find out how much cover you might need for your situation is to use our Life Insurance Calculator. You can also get a quote and find out in just a couple of minutes what your premiums could look like.

1Poll conducted in January 2017 with 1,000 parents from around the UK.