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Top 10 Best Life Insurance Companies In the UK - Cheapest Quotes
Best Life Insurance Companies In the UK

The best life insurance company for you will vary depending on your needs, but with so many options available, we sympathize with how difficult it can be to narrow down your search. We have aggregated the results of numerous studies attempting to determine the best life insurance company.

How to choose the best life insurance for your needs

Not all life insurance policies with the lowest premiums are the best. Different companies in the UK offer different types of life insurance, so it's important to shop around and find a policy that works for you.

Determine where you stand financially by assessing your debts, your family's necessities, and their standard of living. Determine the amount and duration of life insurance coverage you require with this guide. After making your choice, you can begin shopping around for life insurance policies by comparing quotes online.

Choosing the amount and length of cover

The sum insured should be sufficient to pay off your mortgage in the event of a loss.

The remainder should make it easier for your loved ones to pay for other costs after you're gone.

Contemplate very carefully how things might develop if you weren't there. What would your partner do if you suddenly couldn't be there for your family? If you work part-time so you can take care of your kids, for instance. They may have to fork over cash for child care or reduce their hours. It would have an effect on their budget either way.

Your mortgage term should be at least as long as the duration of your life insurance policy. This will guarantee that the payout is sufficient to pay off your mortgage in full.

Top 10 Best Life Insurance Companies In The UK

1. VitalityLife - Comprehensive Cover

Top 10 Best Life Insurance Companies In The UK
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Life insurance is Vitality Life's main business, and the company was founded in 2007 (as PruProtect) in the United Kingdom before changing its name to VitalityLife in 2014. Vitality Health, its sibling company, focuses on the private medical insurance market. They are both owned by Discovery Limited, a South African financial services provider. Our goal at Vitality Life is to improve people's health and safety.

Vitality life insurance policy features

Vitality provides both life and health insurance, but there are key distinctions between the two that policyholders should be aware of.

Private health insurance with vitality

Health insurance, also known as private medical insurance or PMI, from Vitality covers medical expenses incurred by the insured either in a private hospital or as a private patient at a public hospital that participates in the National Health Service. While it is possible to obtain health insurance with a preexisting condition, the coverage may be limited. In most cases, patients are referred by their primary care physician to receive prompt care outside of the NHS. The typical payment schedule for premiums is every 30 days.

Protecting what really matters in life with life insurance

In the event of the insured's death during the plan's term, benefits are provided by the vitality life insurance policy. In the event that the lives insured do not perish within the policy's term, the policy will expire without benefit. Another option is to purchase a whole life insurance policy, which will pay out in the event of your death no matter when it occurs. Both types of life insurance require monthly premium payments.

2. Scottish Widows - Protect Personal

Top 10 Best Life Insurance Companies In The UK
Photo: ourlifeplan

Scottish Widows, which was founded in 1815 as a general fund to aid female widows, has been assisting people in securing their financial futures ever since. Once demutualized in 2000, the company became a subsidiary of the Lloyds TSB Marketing Group and, as of 2009, a subsidiary of the Lloyds Banking Group. There are currently around 6 million users.

Below, we detail some of the additional perks that come standard on Scottish Widows' life insurance policies. This benefit is considered "non-contractual," meaning it has nothing to do with the terms of your actual policy. Although it is available to anyone who wants it, most people must go through a broker to get it.

The majority of life insurance claims were settled by Scottish Widows in 2020, at 99 percent. The most common reasons for a claim not being paid are misrepresentation (giving false information on the application) and the claim not meeting the definition specified in the policy.

3. Liverpool Victoria - Flexible Protection Plans

Top 10 Best Life Insurance Companies In The UK
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Liverpool Victoria, or LV as it is more commonly known, is one of the largest financial institutions in the United Kingdom, serving more than 5.8 million clients. They serve customers in the individual insurance market by providing policies for things like cars, homes, and vacations. Life insurance is another service that LV provides, and we at Reassured are happy to help you find a policy from them.

LV policy types

LV offers two types of life insurance; level term and decreasing term.

In the event of your untimely death during the policy term, your loved ones will receive a lump sum payment from either type of policy.

The amount of money you'll receive as a payout is the main distinction between level and decreasing policies.

With level term cover, your loved ones will receive the same amount whether you pass away two years into the policy or twenty years into the policy.

However, the sum assured decreases over time with decreasing term life insurance. That is, the payout to your family will decrease the later in the policy's term you pass away.

This is the more cost-effective choice and is meant to pay off the remaining balance of a mortgage loan that requires monthly payments.

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4. Zurich Insurance – Life Protection

Top 10 Best Life Insurance Companies In The UK
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The Zurich Insurance Group, of which Zurich Life is a part, provides comprehensive coverage. The company has its global headquarters in Zurich, Switzerland, and it provides services to consumers in more than 170 nations around the world. You can get life insurance along with other types of insurance from them, such as protection for your car, home, and other property, as well as retirement plans, savings plans, and investment options. "Doing the right thing, the right way, for the right reason" is their motto.

Zurich life insurance policy

Term insurance at the level of Zurich

If you purchase a level-term life insurance policy, your beneficiaries will receive a set amount of money if you die within the policy's specified time frame. In exchange for a set premium payment for as long as the policy is in effect, beneficiaries will receive a death benefit if you die before the policy matures. This payout is great for covering fixed expenses, like an interest-only mortgage or providing an inheritance, because its value does not fluctuate over the life of the policy.

Zurich is raising rates for term life insurance.

Increasing the payout amount on your term life insurance policy protects your loved ones from the ravages of inflation. You have the option of setting a yearly increase in your payout of 3%, 5%, or the rate of inflation (Retail Prices Index). Your monthly premiums will increase to account for this change. Making preparations for your family's financial security so that they can continue living as they have been if something were to happen to you.

Zurich reducing term life insurance

If you buy decreasing term life insurance and die during the policy's term, your beneficiaries will receive a lump sum payment. In contrast to level term coverage, however, the value of a payout decreases with time. It's the most budget-friendly option for paying off a mortgage and works particularly well for repayment plans. You can adjust your Zurich life insurance policy so that it accrues a fixed rate of interest anywhere from 2% to 18% annually.

5. Aviva - Life Insurance

Top 10 Best Life Insurance Companies In The UK
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Aviva was founded in 1696 and is the oldest insurance company in the United Kingdom. From its humble beginnings as "Hand in Hand," to its rebranding as "Norwich Union" in 1797, to its current incarnation as "Aviva" in 2002. Since its founding in 1890, Aviva has grown to become not only the largest insurance provider in the United Kingdom, but also one of the largest in all of Europe. They have a global reach, with operations in more than 16 countries. The insurance policies offered by Aviva are among the company's most recognizable offerings.

Consistently low premiums for a fixed term policy from Aviva

Similar to other types of level term insurance, this one functions in the same way. Your beneficiaries will receive a predetermined sum of money (the "sum assured") if you pass away during the policy's term. Protection is guaranteed for a set period of time (typically between one and fifty years) at a fixed sum insured. Your beneficiaries will receive the full life insurance benefit if you pass away before the policy's term ends.

This type of cover is commonly used to cover:

  • Mortgage repayments
  • Outstanding debt
  • Day-to-day living costs of your family
  • Your children’s financial future

6. Legal & General - Level or Decreasing Term Assurance

Top 10 Best Life Insurance Companies In The UK
Photo: reuters

Established in 1836, Legal & General made its first life insurance payout in 1939. Customers can now get pension plans, investments, and insurance from this company no matter where they live in the world. To their credit, they won the Moneyfacts Award for "Best Life Insurance Provider" in 2021.

If something were to happen to you, your loved ones would be protected financially by your Legal & General life insurance policy. If you purchase a life insurance policy and die while the policy is active, your beneficiaries will receive a payout.

Legal & General life insurance policy

Legal & General offer three types of life insurance:

  • Level term cover
  • Decreasing term cover
  • Over 50s life insurance

All policies come with fixed premiums and the amount of cover you can secure is unlimited, (depending on your personal circumstances). Life insurance with Legal & General starts from as little as £5 a month.

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7. Aegon - Whole of Life Plans

Top 10 Best Life Insurance Companies In The UK
Photo: aegonlife

Aegon's roots can be traced back to Edinburgh, where it was founded in 1831 under the name Scottish Equitable. They've perfected the brand over time, fusing the company's global strength with the brand's original vigor stemming from the United Kingdom.

Aegon's life insurance policy is all-encompassing, and it's possible to tailor it to your needs by selecting different options from the company's Personal Protection Solutions menu. These policies give you a lot of leeway in customizing the level of protection you receive by letting you pick and choose between different types of coverage, such as critical illness, life, and disability.

Aegon Life includes life cover and terminal illness cover: Critical Illness Cover can be added at an additional cost

Policyholders' age: You can take out a policy between 18 and 89 years of age (85 if it includes Critical Illness).

Types of cover available: Aegon offers Level Term Cover, Decreasing Term Cover, or Family Income Benefit.

Accidental Death Benefit Aegon's policy automatically includes accidental death benefits. You are covered for accidental death for up to 60 days whilst applying for the policy.

8. Royal London - Pegasus Whole of Life Plan

Top 10 Best Life Insurance Companies In The UK
Photo: ftadviser

The Royal London Group, of which Royal London Life Insurance is a part, also provides other financial services, including retirement and disability planning, income protection, and investment management, among many others. Their life insurance policies are obtainable directly from Royal London, through an independent financial advisor, or through an FCA-regulated broker. Insurance quotes from Royal London are not available through Reassured. However, we can compare a number of other market leaders to ensure you secure the best deal.

A life insurance policy from Royal London

You can take out any life cover policy from Royal London if you’re a UK resident aged 18 - 70 and are not a member of the armed forces or reserves. With Royal London, your policy can be as short as 5 years or it can cover you for up to 50 years, however, the cover must end by the time you are 80. Royal London Life Insurance provides coverage amounts up to £500,000 per insured individual or £500,000 in aggregate across all policies.

Royal London offers a range of cover options including:

  • Level term life insurance
  • Decreasing term life insurance
  • The whole of life insurance
  • Over 50s plan
  • Family income benefit
  • Diabetes life insurance
  • Funeral plans

9. AIG Life - Whole of Life Insurance or Care Coverage

Top 10 Best Life Insurance Companies In The UK
Photo: aiglife

The citizens of the United Kingdom, the Channel Islands, the Isle of Man, and Gibraltar can purchase financial products from AIG Life Limited. AIG does not accept direct applications for life insurance. You must instead work with a broker who is regulated by the Financial Conduct Authority (FCA), such as Reassured.

If you purchase term life insurance and die within the policy's term, your beneficiaries will receive a lump sum payment. Therefore, no payment will be made if you outlive your policy. AIG contracts have a term length of 2–70 years, but they must expire before the client reaches age 90. Individuals between the ages of 17 and 86 are eligible to apply for a term life insurance policy through AIG. There are three different sum assured options available when purchasing the policy (payout amount).

Anyone between the ages of 17 and 84 is eligible to apply for whole life insurance through AIG. In a rare move, AIG provides whole life insurance with the option of either level or rising coverage. A level policy's sum insured does not change during the term of the policy. In addition, the sum assured would rise each year by an amount equal to the increase in the RPI (Retail Price Index), capped at 10%.

AIG care cover the whole of life

AIG offers the option to add care cover to your whole of life policy.

With care cover, you can make an early claim of 75% of the sum assured, up to £300,000, if you have an accident or an illness and require life-long care.

If you have care cover and a claim is not made, 100% of the sum assured will be paid out on your passing.

If you choose to have care covered with the whole of life insurance, the maximum sum assured is £400,000, with an additional £300,000 for care cover.

Only one of these sums will be paid out, whether you make a claim on death or a terminal illness, or for care cover.

10. Old Mutual - Protect Guaranteed Whole Of Life Plans

Top 10 Best Life Insurance Companies In The UK
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Old Mutual Life Insurance was founded in South Africa in 1845 as the Mutual Life Assurance Society of the Cape of Good Hope by John Fairbairn, who in addition to his insurance pursuits was instrumental in establishing the education system in present-day South Africa. Originally based in Cape Town, the company has since relocated its world headquarters to London.

Old Mutual Life cover

Your loved ones can continue to live in comfort after your passing with the help of Old Mutual Life insurance. The policy safeguards your loved ones' financial future after you're gone, allowing them to continue the work you started.

Insurance policies from Old Mutual Life can protect you for up to R3,000,000. It takes very little time and effort to get a quote. There is no paperwork involved in the application process, and you can get a quote in under a minute after submitting your information online.

The benefit of life insurance is that claims that are validated are paid out within 48 hours. In terms of life insurance, this is an incredibly brief time frame. There are no in-depth physical examinations required when applying for a life insurance policy, making the application process quick, simple, and hassle-free.

Here are the benefits of the Old Mutual Life cover:

  • There is no premium increase for the first 23 months of the policy. Thereafter, there will be a 5% annual increase in premiums.
  • Comes with a free HIV test nationwide. You can choose from a standard HIV blood test or a rapid HIV test.
  • There is no extensive physical medical examination.
  • You can load as many beneficiaries on the policy.
  • The cover amount is flexible according to your cover needs.
  • You can choose a cover amount between R150,000.00 and R3 Million.

Why Is Life Insurance Important?

It's important to make sure it's a good idea to ask which is the best Life Insurance before doing so. Leaving behind financial obligations or loved ones is what makes life insurance worthwhile.

Many of us have families who would be put in a difficult financial position or have mortgages that would need to be repaid. Life insurance is there to provide financial security in the event of the unthinkable.

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