How Much Does Life Insurance Cost Per Month?

Purchasing life insurance is something that most of us will consider at some point in our lives. Whether it be to help with the costs of our funeral, or to offer our loved ones some financial security in the event of our passing, a pre-purchased life insurance policy will offer peace of mind when we need it.


The cost of life insurance will depend on the insurance provider and the type of policy that you wish to purchase. Thus, the premiums you can expect to pay during the policy period will vary.

What Is the Average Monthly Cost For Each Life Insurance Policy Type?

The total average monthly cost for each life insurance policy type is dependent on a series of varying factors, such as: health, age, occupation, lifestyle, and the total amount of coverage you may require. The costs outlined below are to be used as a general guideline to aid your life insurance comparison.

Term Life Insurance

Term Life Insurance offers a policy agreement that lasts a specified time period- typically, between 10 to 30 years in total. On average, a Term Life Insurance policy will cost between £10 to £25 per month based on a healthy 35-year-old applicant seeking a coverage amount between £250,000 to £500,000.

Whole Life Insurance

Whole Life Insurance polices are designed to offer an individual coverage for the entirety of their lifetime. Costing between £50 to £200+ per month for a healthy 35-year-old at a coverage amount between £250,000 to £500,000, Whole Life Insurance is a great option for those wanting to provide maximum security to their loved ones.

Over 50s Life Insurance

Marketed at individuals over the age of 50, Over 50s Life Insurance offers a guaranteed pay-out to your loved ones once you pass away to help with funeral and other costs. An average policy costs between £10 to £50 per month for a healthy 55-year-old seeking a coverage amount between £10,000 to £25,000.

Critical Illness Cover

Critical Illness Cover offers an individual cover in the unfortunate event of a serious illness such as cancer, heart attack, or stroke. On average, the policy will cost between £15 to £50 per month for a healthy 35-year-old seeking coverage between £100,000 to £250,000 overall.

What Costs Could A Life Insurance Policy Cover?

Various costs could arise after your death which will ultimately be left for your loved ones to deal with. In order to make it easier, purchasing a life insurance policy could help cover the cost of the following:


  • Final expenses, including funeral costs and burial arrangements.

  • Remaining debts, including unpaid bills and mortgage payments.

  • Childcare and education costs, including university fees.

  • Overall household income, if the deceased was the main breadwinner.

What Affects The Overall Cost Of Life Insurance?

There are multiple factors that can affect the overall cost of life insurance premiums, these include:


  • Your age when you purchase a life insurance policy

  • Your gender

  • Your overall health

  • Your lifestyle, for example, whether you smoke

  • Your occupation

  • Your intended coverage amount

  • Your life insurance term

  • The insurance company you wish to purchase a policy from

What If I am A Smoker?

Smoking or vaping can significantly increase the cost of your life insurance policy, This is because of the detrimental health implications attached to smoking. It has been known that smokers can expect premium prices to almost double as a result of this. For example, a typical policy that costs £10 per month for a healthy 35-year-old adult could cost up to £20 for a smoker.


In order to declare yourself as a non-smoker to a life insurance company, you must be able to demonstrate that you have been nicotine free for a minimum of 12 months prior to applying for a life insurance policy. Whilst it is a factor that will increase the cost, it does not mean that your life insurance policy will be refused.

When Is The Best Time To Purchase Life Insurance?

There is no specific ‘best’ time to purchase a life insurance policy. It simply depends on your personal circumstances. However, there many instances that prompt you to purchase a policy to protect your family in the event of your death. These may include things such as having children, becoming ill, getting married, buying a house, or simply just aging.


Whatever your reason to purchase a life insurance plan, you should consider each factor carefully to ensure that you are purchasing the best policy to suit your personal needs, as well as those of your chosen beneficiaries.

How To Reduce The Cost Of Life Insurance?

Keeping the cost of life insurance down may be a necessity to some in order to keep life insurance accessible to as many potential policy holders as possible. Below are some ways in which you could attempt to keep the cost of life insurance polices down:


  • Shop around using price comparison sites to explore different policy providers and find the best deals currently on the market.

  • Work on ways to improve your health- it goes without saying that being healthy will reduce your chances of a lower priced policy. If you have a serious illness or ill health, it will increase the overall cost of your premiums.

  • Consider an annual policy payment- a number of policy providers will offer a discount of payments made annual rather than on a monthly basis.

  • Choose a term policy- a term policy, for example, over 20 years, will allow a cheaper alternative to a whole life policy.

Why Choose Life Expert To Purchase Life Insurance?

Life Expert can offer industry leading assistance in purchasing a life insurance policy. We understand that purchasing a policy to protect your family is huge, therefore, we always do right by our customers to ensure they get the very best insurance policy available.


You can use our easy-to-use website to apply for a free quote and find life insurance that meets your personal needs and is within your budget. Talk to us today and receive exceptional customer service from our dedicated insurance agents.