What is the average cost of life insurance in the UK?

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Why the cost of life insurance matters

Before we dive into pricing trends, let’s start with a warning that cost should never be the “be-all and end-all” when choosing life insurance. However, it’s naturally a key consideration for most people when deciding on a suitable policy and provider. Life insurance is typically a long-term financial commitment, so you need to be confident that you can afford the monthly premiums in the future if you want your cover to remain in place.

This affordability aspect isn’t lost on consumers, with research by the Financial Conduct Authority (FCA) revealing that low premiums are the second most common reason people chose a life insurance provider.

The average cost of life insurance in 2026 ranges from £16.49 a month for decreasing term cover to £181.91 a month for whole of life insurance, based on myTribe's analysis of over 5,700 life insurance quotes. Cost depends heavily on which of the main types of policy you choose - see the full breakdown in the table below.

Whole life insurance is the most expensive reflecting its lifelong cover. This is followed by level term life insurance with critical illness cover (£77.05) and decreasing term life insurance with critical illness (£50.85).

The type of life insurance you choose has a significant impact on the price that you will pay, as each product works slightly differently and carries its own level of risk for the insurer. Generally speaking, policies that offer lifelong cover tend to be more expensive than those with fixed terms or decreasing benefits.

The table below provides a snapshot of the average cost of life insurance for various policy types. Please note that, except for level term life insurance and decreasing term life insurance, including policies with critical illness, the sum assured used to calculate these averages varies by product. Comparisons between policy types should be considered indicative only, as actual premiums will depend on your age, health, lifestyle, and the chosen level and length of cover.

In 2026, the average cost of level term life insurance is £24.38 per month, based on our most commonly requested sum assured of £150,000. This average includes all ages, smoking statuses and policy lengths.

For non-smokers, the average cost of level term life insurance is £14.77 per month, whereas smokers pay significantly more, with an average premium of £33.99 per month, more than double the cost.

Level term life insurance is the most popular type of life insurance in the UK. It can be used to provide financial support for your family’s future by covering living costs, paying off existing debts such as a mortgage, or both. Its main appeal is that it offers a level of certainty about the amount that your beneficiaries will receive, as it pays a fixed lump sum regardless of when you pass away during the policy term.

The table below shows how the average cost of a £150,000 level term life insurance policy with a 25-year term varies by age and smoking status. We’ve used a term of 25 years because 25.6 years is the average term that those looking to obtain life insurance quotes through us select.

The table clearly shows the major influence that both age and smoking status have on the cost of level term life insurance, particularly when smoking is combined with an older age applicant. Some of the key life insurance pricing trends are:

• Premiums increase with age: For both non-smokers and smokers, the monthly level term life insurance premium rises steadily as age increases. A 20-year-old non-smoker pays an average of £4.77 per month, while a 55-year-old would pay £50.50, more than 10 times as much. This increased cost of life insurance reflects the higher mortality risk associated with ageing.
• Smokers pay significantly more: At every age bracket we researched smokers pay substantially more than non-smokers. The health risks associated with smoking often mean paying more than double the non-smoking premium. For example, at age 45, the average smoker premium is £51.63 per month compared to £19.45 for a non-smoker. 
• The smoker cost gap widens sharply with age: The difference in premiums between smokers and non-smokers becomes more pronounced as you get older. At age 20, the difference is relatively minor (£1.60), but by age 55, the difference grows to £83.26 per month, with smokers paying over 160% more than non-smokers for the same policy.

The average cost of decreasing life insurance in 2026 is £16.49 per month, based on a sum assured of £150,000, the most frequently requested amount by those looking to take out cover through our website. This figure encompasses premiums for all age groups, including smokers and non-smokers, and policy terms ranging from 10 to 30 years.

Drilling down into the data reveals that the average monthly decreasing life insurance premium for a non-smoker is £10.43, compared to £22.54 for an equivalent smoker.

Decreasing term life insurance is the cheapest type of life insurance because the amount that will be paid out if you pass away during the policy term reduces over time. This structure makes a decreasing term life insurance well-suited for covering debts that gradually reduce, such as a repayment mortgage. Its affordability makes it a popular choice for many homeowners with limited budgets, which helps explain why decreasing term life insurance is the second most commonly purchased type of life insurance in the UK.

As with level term life insurance, risk factors such as age and smoking play an influential role in the cost of decreasing term life insurance, with smoking more than doubling the cost of cover from the age of 45. It’s also worth pointing out that the difference in the average price between smokers and non-smokers is less marked at younger ages. 

How much does life insurance cost to cover a mortgage?

The average cost of life insurance to protect a mortgage is £9.14 per month for mortgage life insurance and £12.14 for level term life insurance. This is based on the average outstanding UK mortgage debt of £161,152 (source Bank of England) and an average age of first-time buyers of 34 (source gov.uk).

The average cost of term life insurance with critical illness is £63.95 based on a sum assured of £150,000 across all the ages and terms we surveyed. This average applies to a combined life and critical illness policy, which pays out once, either upon death or diagnosis of a critical illness, whichever occurs first.

The type of policy structure you choose (level term or decreasing term) also affects the cost. For level term life insurance with critical illness, the average premium is £77.05, with non-smokers paying £58.70 and smokers paying £95.39. The average cost of decreasing term life insurance with critical illness is lower at £50.85, with an average premium of £39.49 for non-smokers and £62.22 for smokers.

How does critical illness cover affect life insurance premiums?

Adding critical illness cover to a term life insurance increases the premium by an average of 212%. This significant increase reflects the additional risk being covered, as you're not only protecting against the risk of death but also against the financial impact of being diagnosed with a serious illness.

You can, of course, opt for a standalone critical illness policy, which means that it will be separate from your life cover and therefore provide you with two payout opportunities, but this will cost more than a combined policy. 

Whole of life insurance costs an average of £181.91 per month, according to data analysed from Swiss Re Term and Health Watch 2026, based on an average sum assured of £194,431 across customers of all ages and medical histories.

Since whole of life insurance provides cover for the rest of your lifetime rather than a specific period, it costs significantly more than term life insurance. People typically use it to help cover inheritance tax or ensure their family has financial support, regardless of when they pass away.

Affordability is an important consideration for all types of life insurance, and this is especially true with whole of life insurance as there is no time limit as to how long you will need to pay your monthly premiums. You could be paying for cover well into your retirement and later years. It means that the exact lifetime cost of the policy can’t be known upfront.

The average cost of over 50s life insurance is £31.66 per month, based on a sum assured of £5,140, which is the average amount for a simple attended funeral and the average send-off spend (source: SunLife Cost of Dying 2026 Report). We have used this figure because most people tend to take out an over 50s life plan to cover funeral costs.

The average cost of over 50 life insurance is lower for non-smokers (£27.53) than for smokers (£36.88) and increases significantly with age.

Over 50s life plans can be relatively expensive, especially when you consider that the payouts are usually modest. However, the higher cost associated with over 50s life insurance reflects the fact that the payout is guaranteed as long as you keep up with your premiums and the lack of medical underwriting. Because insurers accept applicants regardless of any pre-existing medical conditions, they take on more risk, resulting in higher premiums.

The older you are when you take out an over 50s life plan, the more you’ll pay each month. At age 50, the average premium is £20.54, but this increases to £55.26 by age 75, nearly three times as much. Smoking will typically add between 39% and 63% to the cost of an over 50s life insurance plan, depending on your age.

A key aspect to understand about over 50s life insurance is that, over time, many policyholders may end up paying more in premiums than the policy will pay out, especially if they live for many years after taking out the plan. It means it’s essential to consider the long-term value of an over-50s life policy before buying one. 

What is the average price of family income benefit?

The average cost of family income benefit is £21.66 per month, based on analysis of data from Swiss Re Term & Health Watch 2026. The average is based on a family income benefit policy that pays out £23,003 per year.

Unlike other term life insurance products, family income benefit pays out a regular monthly income rather than a one-off lump sum if you pass away during the term. It's designed to replace your income, allowing your family to meet financial commitments such as a mortgage or loan and cover everyday living costs.

Family income benefit usually offers affordable life insurance, as the total amount that the insurer may need to payout reduces each year the policy is in place.

How does term length affect the average cost of life cover?

When it comes to the cost of a term life insurance policy one of the most important factors that will influence price is the length of term that you select. The longer the policy term, the more you will pay, as there will be a higher likelihood of making a claim.

The table below shows how the average cost of life insurance varies according to term length for both a level term and a decreasing term policy, for an individual aged 40 with a sum assured of £150,000.

There is a consistent rise in premiums across all categories as the term length increases, which reflects the insurer’s exposure to higher risk over a longer period. For a 40-year-old non-smoker, the average level term life insurance premium increases from £8.91 for a short 10-year period to £14.58 for longer cover over a 30-year term, a 63.6% cost increase.

For a smoker, premiums rise more sharply, from £16.40 for 10 years of cover to £31.46 for a 30-year term, an increase of 91.8%. The pricing trend is similar with decreasing term life insurance.

How does the amount of cover affect the cost of life insurance?

The amount of life cover that you choose (also known as the sum assured) will have a major impact on the cost of your life insurance premium. The higher the potential payout, the more you’ll pay in premiums, regardless of the type of life policy or whether you smoke.

The table below shows how the average cost of life insurance increases with the sum assured for a 25-year level term life insurance policy for a 40-year-old. 

Although the cost of life insurance rises with the sum assured, the increase isn’t linear: doubling your cover doesn’t double your premium. For instance, increasing your cover from £100,000 to £200,000 results in a 67% increase in the average cost for non-smokers and a 76% increase for smokers. Meanwhile, moving from a sum assured of £500,000 to £1million increases premiums by 86% for non-smokers and 95% for smokers.

The average monthly cost of a joint life term insurance policy is £35.56, based on a sum assured of £150,000. This figure has been calculated across a range of ages, smoker statuses and term lengths for both level term and decreasing term life insurance. For ease of comparison, we have assumed that the joint life couple are the same age.

myTribe’s pricing survey shows that the average life insurance monthly cost for a joint policy for a non-smoker is £21.84, and £49.34 for a smoker.

However, it is worth looking at how joint life insurance premiums vary depending on the type of term insurance you select. The average cost of a joint life level term insurance policy is £43.54 per month, with non-smokers paying an average of £26.62 and smokers paying £60.56. By contrast, the average cost of a joint life decreasing term insurance policy is much lower at £27.54, with a non-smoker paying an average of £17.02 and a smoker £38.09.

When you take out life insurance you’ll need to decide whether you want a single life policy taken out in just your name or a joint life policy which will cover you and your partner. A joint policy will always cost more than a single life policy, but it will be cheaper than two equivalent single life policies. However, keep in mind that you will receive less financial protection as a joint life policy will only pay out once, and will usually end when the first person on the policy passes away. A joint life policy also offers less flexibility.

How much cheaper is a joint life policy than two single life policies?

Overall, the average cost saving of a joint life policy compared to two single life policies is around 12%. The table below shows the potential savings offered by a joint life policy at different ages for non-smokers and smokers based on level term life insurance.

The cost savings of a joint life policy generally decline with age, with the largest savings for younger age groups. For instance, a joint life level term insurance policy for non-smokers aged 20 is 22.7% cheaper than two single life policies, compared with just a 6% saving for a couple aged 50.

For many, the decision between a joint life policy and two separate policies will ultimately come down to what they consider best value for their needs.

The average cost of life insurance for a smoker is £28.28 per month, based on all the different types of term life insurance that we surveyed for a £150,000 sum assured. The quotes assumed someone was smoking 10 cigarettes a day, which is the average number for a UK smoker according to data from the Office for National Statistics.

Overall, on average smokers pay 124% more for their life insurance than non-smokers (£12.60). The amount that smokers will pay will depend on the type of term life insurance they opt for. For a level term life insurance the average smoker premium is £33.99, while for a decreasing term life insurance policy the average is much lower at £22.54.

Smokers consistently pay significantly more than non-smokers to reflect the higher health risk they pose to insurers. You will generally be classed as a smoker if you have smoked or used any tobacco-related products (this includes nicotine patches or vaping) within the last 12 months. Insurers will typically ask you how much you smoke, with heavier smokers paying a higher premium.

When it comes to life insurance, smoker status becomes more financially penalising with age. At age 20, smokers typically pay between 22% and 33.5% more than non-smokers for the same cover, depending on the type of term life policy, but by the age of 40 they may be paying double (between 91.1% and 108.5%). By age 55, smokers can expect to pay over 150% more than non-smokers, which is more than 2.5x the cost, illustrating how smoking becomes an increasingly costly risk factor as applicants age.

While the table shows how smoking affects the cost of term life insurance, it will also be a significant pricing factor for other forms of life insurance, such as whole of life and over 50s life plans.

The following summary details how myTribe researched and calculated the life insurance premium figures in this guide:

• Over 5,700 life insurance premium quotes gathered from the UK’s leading insurers
• Level term, decreasing term and life insurance with critical illness premiums assume cover of £150,000 (the most commonly requested amount)
• Term life premiums are based on ages 20, 25, 30, 35, 40, 45, 50 and 55
• Term life insurance quotes calculated on different policy lengths of 10, 15, 20, 25 and 30 years
• The sum assured for Over 50s life insurance was £5,140 (the average simple attended funeral and send-off cost in 2026)
• Premiums are based on ages 50, 55, 60, 65, 70 and 75 for Over 50s life insurance
• Pricing researched for a non-smoker and smoker
• All premiums assume the individual or couple are in good health
• Average premiums for whole of life insurance and family income benefit are drawn from Swiss Re Term & Health Watch 2026

What affects the cost of life insurance?

The average cost of life insurance can be useful to give you a ballpark figure, but what you will actually pay will depend on your unique personal situation and the choices you make when setting up your policy. Premiums will vary from person to person, depending on a variety of different factors. These include:

• Your personal circumstances: such as your age, health, occupation and lifestyle. This includes whether you smoke, drink alcohol or have any high-risk hobbies.
• Who’s covered by the policy: whether it’s a single or joint life policy.
• The amount of cover: the higher the sum assured, the more expensive the premium.
• The length of the policy term: longer terms usually mean a greater likelihood of a payout, leading to a higher cost to you.
• The type of life insurance: for example, your monthly payments for level term, decreasing term, over 50s life insurance and whole of life cover will all be priced differently to reflect their relative risks.
• Optional add-ons: such as critical illness cover or waiver of premium, can increase the cost of life insurance.
  

Good to know: Life insurers can’t price based on your gender

While there are many factors that insurers can price on, gender isn’t one of them. It's often wrongly assumed that your sex will influence the cost of your life insurance premium, but this hasn’t been the case since December 2012, when a European Court of Justice ruling came into effect banning insurers from using gender to help calculate premiums.

The introduction of “gender neutral pricing" means that an equivalent male and female should pay an identical premium for the same life insurance policy from the same provider. Previously, men paid higher life insurance premiums due to their shorter life expectancies.

How to reduce the cost of your life insurance

Now that you have an idea of how much life cover costs, here are some ways to make sure that you get the most competitive premium for your protection needs:

1. Apply when you’re younger

Premiums are much lower when you're young and in good health, as insurers will assess your risk based on your age and medical history, among other things. The younger and healthier you are, the lower the risk you represent, and the greater the opportunity you will have to lock in a more affordable premium for the duration of the policy. By contrast, waiting until later in life, or until health issues arise, can mean substantially higher costs or even difficulty obtaining life cover.

2. Maintain a healthy lifestyle

Smokers can pay more than twice as much as non-smokers for the same life insurance. Quitting smoking, drinking less alcohol, maintaining a healthy weight, and managing medical conditions like high blood pressure or high cholesterol can reduce your risk profile and mean you will pay less. Life insurers may also ask you about any recreational drug use.

3. Choose the right life insurance policy and term

The type of life insurance you select will have a big impact on how much you pay. If your priority is to simply cover a repayment mortgage, a decreasing term life insurance policy can be far more cost-effective than a level term life policy. Also, avoid choosing a longer term than you actually need by matching your policy duration with your protection goals. Our guide on how long you should get life insurance for can help clarify your options.

4. Don’t overestimate the cover you need

A larger life cover amount will come at a higher price. Calculate the amount of life cover based on your actual financial responsibilities such as your mortgage, outstanding debts, dependants’ needs, and future family living expenses, so that you don’t over-insure and pay for unnecessary cover. If you’re unsure how much life insurance you need you can use our life insurance calculator to do the heavy-lifting for you.

5. Consider a joint life policy

For couples, a joint life insurance policy will be cheaper than taking out two separate single life policies. However, it’s essential to understand the trade-off: since the joint policy pays out only once, it provides less overall protection than two separate single-life plans. A joint life policy may be a good fit for those with shared financial commitments that would be settled on the first death, but it won’t be suitable for couples who require ongoing cover for both individuals.

Find out the cost of life insurance for you

myTribe’s latest pricing research reinforces the importance of shopping around and comparing life insurance quotes to find the best value cover for your needs. It's also a strong case for working with a life insurance broker or financial adviser, who can help you identify the most competitive premium based on your unique circumstances.

To get personalised life insurance quotes or to speak with a life insurance expert, please complete our form.