How to help keep the cost of life insurance down

Your life insurance premium might be high for a number of reasons.

Insurers usually look at a number of things such as your health, lifestyle, age, and the type of policy you choose before calculating your premiums. If you have health issues, take part in risky activities, or are older, your premiums are likely to be higher. Also, the more cover you need and the longer the policy term, the more you’ll pay.

If you're ever not sure about the terms of your life insurance policy or why your premiums are high, it's worth talking to your insurance provider. For tailored advice, you should speak to your financial adviser. If you don't have an adviser, MoneyHelper.org.uk provides up-to-date resources to help you find regulated advisers. Advisers may charge for this advice, but there are usually a number of ways to pay.

You can also read more about life insurance policies on the Aviva website.

Several factors influence how much you pay for life insurance:

• Age: Younger people tend to have lower premiums as they're likely to be in better health.
• Health: If you have any medical conditions or family history of them, your premiums might be higher, especially if your policy requires a medical check.
• Lifestyle: Smokers and those with risky hobbies (like skydiving, for example) might have to pay more.
• Type of policy: Whole of life insurance, like Over 50s, is usually more expensive for the amount of cover than term life insurance because it lasts for your entire life.
• Cover amount: Higher cover amount means higher premiums.
• Policy term: Longer terms generally cost more.

Reducing your life insurance premiums can make it more affordable. Here are some practical tips:

Only get the amount of life insurance you need

Calculate how much your loved ones will need to cover expenses if you’re not around. This includes debts, living expenses, and future needs like university tuition.

Avoid over-insuring. Only get the amount of cover necessary to meet your loved ones financial needs.

Consider the length of the policy

If you only need cover for a specific length of time (for example, until your mortgage is paid of), you could think about choosing a shorter term. This could lower your premiums

Think about getting life insurance when you’re younger

For some, getting life insurance when younger could mean lower premiums. However, you could be paying for cover for longer. So, you should think about weighing the possible lower current premiums with the cost of a long-term commitment. 

Consider switching your life insurer

Different insurers offer different rates. It’s a good idea to compare quotes from multiple companies.

You might want to switch your life insurance policy and go with another provider, especially if your health has improved since you first got your policy.