Life insurance is a crucial investment that can provide your loved ones peace of mind and financial security during your unexpected death. Financial protection helps ensure your family’s financial future is secure even if you can no longer provide for them. The cost of life insurance in the UK varies depending on age, health, occupation, and lifestyle choices. In this blog post, we will delve deep into the UK’s average life insurance cost per month and the factors that affect it.
Factors that Affect the Cost of Life Insurance-
Age: Age is a crucial factor affecting life insurance costs. The younger you are when you buy life insurance, the cheaper your monthly premiums will be. This is because younger people are statistically less likely to die, so the risk of the insurer having to pay out is lower.
Health: Your health is another significant factor affecting life insurance costs. If you have pre-existing medical conditions, you may have to pay higher premiums because of the increased risk of death. Similarly, you may be charged higher premiums if you have a smoking, drinking, or drug use history.
Occupation: Your occupation can also impact the cost of life insurance. You may be charged higher premiums if you work in a high-risk profession such as construction or mining. This is because there is a higher likelihood of accidents or injuries that could lead to death.
Lifestyle: Your lifestyle choices, such as hobbies, travel, and extreme sports, can also affect the cost of life insurance. You may be charged higher premiums if you regularly participate in dangerous activities such as skydiving or bungee jumping.
Average Life Insurance Cost UK-
The UK’s average cost of life insurance varies depending on the above factors. According to a survey conducted by Money Super Market, the average cost of life insurance in the UK is £15 per month for a 30-year-old non-smoker. However, this figure can vary widely depending on individual circumstances.
For instance, a 40-year-old non-smoker with pre-existing medical conditions may have to pay significantly more than a 30-year-old non-smoker without. Similarly, a smoker may have to pay almost double the amount of a non-smoker.
The cost of life insurance also varies depending on the type of policy you choose. The UK has two main life insurance policies: term and whole life insurance.
Term life insurance covers a specific period, typically 10-25 years. The premiums for term life insurance are typically lower than those for whole life insurance. The average cost of term life insurance in the UK is around £10-£15 per month for a 30-year-old non-smoker.
As the name suggests, whole life insurance covers your entire life. The premiums for whole life insurance are typically higher than those for term life insurance. The average cost of life insurance in the UK is around £50-£100 per month for a 30-year-old non-smoker.
Conclusion-
In conclusion, the cost of life insurance in the UK varies depending on age, health, occupation, and lifestyle choices. The average price of life insurance in the UK is around £15 per month for a 30-year-old non-smoker. However, this figure can vary widely depending on individual circumstances. Researching and shopping around is essential to find the best policy that suits your needs and budget. Life insurance is a crucial investment that can provide financial security and peace of mind to you and your loved ones.
