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Who is the best life insurance provider in 2022? What is the best life insurance policy in 2022? Both of these questions are difficult to answer, if only because when it comes to life insurance, what is one man’s trash might be another’s treasure, i.e. different policies work better with different people, and at the end of the day it wouldn’t be helpful to broad-brush the life insurance market and say that Insurer X is “the best” life insurance policy on offer today.
At the same time, there are certainly objective aspects of life insurance that you can look at to make an initial judgement on the best provider or product, that might be the right fit for you.
Below, we’ve run several pricing exercises, looked at the reviews from independent industry evaluators, and also considered additional policy incentives to help give you an idea of what the best life insurance for 2022 is.
Contents
What to look for in a life insurance provider
Personal Preference
You will have your own needs when it comes to getting a life insurance policy that’s best for you. Perhaps you are looking for particular coverage benefits, such as whole life terms, endowment life options, or optional critical illness cover.
Eligibility Criteria
Whilst you might have your own personal preference, insurance providers do also! You might not meet certain criteria such as age or medical history – these can be found either on the insurer’s website, via price comparison sites, or upon application.
Maximum Payout Amounts
Your life insurance policy is designed to meet the financial obligations you might have when you’re no longer here. That being the case you need to make sure that the insurance policy you take out is able to satisfy whatever figure that might be. Some insurers will only offer limited payouts, such as £10,000. Others will go right up to tens of millions of pounds, and you will want to make sure you are able to access a lump-sum amount that gives true peace of mind to you and your loved ones.
Payout Rates
Whist life insurance payouts are generally quite high to begin with, some are still higher than others, and this is another benchmark to distinguish the quality of one insurance company from another.
Additional Benefits
Many insurance companies will offer additional benefits with their life policies, such as discounted gym memberships, free legal advice or a complimentary funeral benefit. Check out the ancillary features to make sure you’re not missing out on anything!
How to compare life insurance providers
Now that you know what to look out for in a life insurance provider, you’ll want to know the best way to compare the products on the market. There are a couple ways in which to do this.
Price Comparison Sites
These sites are by far the easiest way to compare the insurance policies available to you. They are quick, simple and free to use. Type in your details, including some (but not extensive) medical history and, as fast as your broadband will provide, you should have a quote in seconds. And not just one quote but all the quotes available to you from the multiple insurers in that website’s database. Results will be sorted according to your own parameters: price, coverage amount, term limits or extra policy features, allowing for quick comparison and making your choice easier.
Life Insurance Broker
If you have unique circumstances or policy needs, then talking to a life insurance broker will help find you the specialist life insurance cover that is the best for you. These insurance specialists will already have their finger on the pulse in terms of knowing what policies are out there and can meet your requirements.
Which is The Best Kind of Life Insurance For Me?
We compare plans from the leading life insurance providers
Just as there are many different life insurance providers for you to choose from, so too are there many different kinds of life insurance policies that will work best for you.
Fixed Term
- Fixed term means your insurance coverage will only last for a set number of years, after which coverage will cease and no payout will be due. This type of policy is good if you are looking to provide coverage for dependents whilst they are still young or until you know they will be able to be financially stable themselves. You might feel like once you turn a certain age, a life insurance payout for your loved ones is no longer necessary as they are no longer financially dependent on you.
Increased Coverage
- Increased coverage looks to provide you with a payout that is protected from the effects of inflation over time. This is well suited for those who are concerned about the true value of their payout when it is due.
Decreasing Term
- Decreasing term life insurance tends to provide a cheaper policy as the payout decreases over time. This usually runs in tandem with the decreasing value of a long-term loan, and useful for those obtaining life insurance in order to cover their mortgage, should they die before it is fully paid off.
Best List of Insurance Providers
Listed below is a selection of insurance providers offering life insurance in the UK market at this time.
British Seniors
British Seniors is a specialist Over 50’s Life Insurance agency, focused on the needs of the over 50’s. British Seniors offers two types of life insurance: Over 50’s Life Insurance with Cash-In Option and the Increased Benefit Option. Their minimum limits are £1,000 and maximum limits £10,000.
Virgin Money
Virgin Money offers a variety of financial products, and in addition to savings, investments, mortgages and pensions products, they also provide insurance in a number of areas including Life. They offer Level Term, Decreasing Term Cover, and Additional Critical Illness Cover.
Nationwide
Nationwide is an established British bank with many product offerings such as home, travel and life insurance. They are a mutual insurance company, which means they are owned by their customers, and as such profits go back into improving their products and services, and not into shareholders’ pockets. They can provide life cover on the basis of fixed premium cover, decreasing term, and critical illness.
Direct Line
Direct Line began life as the country’s first direct car insurance provider and offers protection for customers over a number of products such home, travel and life insurance. Direct Line’s policies come in three forms: Level Term Cover, Decreasing Term Cover, and Critical 3 (Critical Illness Cover).
One Family
A life insurance provider specifically designed for an Over 50’s Life Insurance policy, One Family is focused on the needs of the over 50’s. This is the only type of insurance policy the company offers, and is purely for those aged 50-80 years old.
Aegon
Aego began life almost two hundred years ago in 1831 as Scottish Equitable, and subsequently rebranded as Aegon in 2009. They offer several types of life insurance cover, and also a suite of additional benefits such as a free second medical opinion and health-wellbeing service.
SunLife Insurance
SunLife has been in existence since 1810, and one of the first companies to offer life insurance without the need for a medical. SunLife has a Guaranteed Acceptance Over 50s Policy, which means you are assured coverage, whatever your individual circumstances.
Vitality
Vitality specialises in health and life insurance, offering their products to over a million customers across the United Kingdom. There are four different policies you can choose from: standard life insurance, mortgage protection cover, income protection cover, and serious illness cover.
Case Studies
Here we have several premium tables looking at the selections on offer, and at what monthly premium. We have also included how many add-ons are available, such as a second medical opinion, able to put a policy in a trust, legal advice and if cover is available during the application process. Usually legal advice and putting a policy in a trust are given, then comes cover available during the application process, and next a second medical opinion. Obviously these are case studies only, and prices, insurance providers and add-ons are subject to change.
A 30 Year Old Non-Smoker
| Age Group | Monthly Premium Cost | Amount of Cover | Length | Details | Brand | Number of Add-Ons Available |
| 30 year old | £6.17 | £130,000 | 20 year term | Non-smoker | HSBC | 2 |
| 30 year old | £6.34 | £130,000 | 20 year term | Non-smoker | Virgin Money | 3 |
| 30 year old | £6.49 | £130,000 | 20 year term | Non-smoker | Beagle | 4 |
| 30 year old | £6.55 | £130,000 | 20 year term | Non-smoker | Budget | 4 |
| 30 year old | £6.70 | £130,000 | 20 year term | Non-smoker | Scottish Widows | 3 |
| 30 year old | £6.71 | £130,000 | 20 year term | Non-smoker | Churchill | 3 |
| 30 year old | £6.86 | £130,000 | 20 year term | Non-smoker | Canada Life | 4 |
| 30 year old | £6.90 | £130,000 | 20 year term | Non-smoker | LV | 4 |
| 30 year old | £7.10 | £130,000 | 20 year term | Non-smoker | Post Office | 3 |
| 30 year old | £7.29 | £130,000 | 20 year term | Non-smoker | Royal London | 4 |
A 50 Year Old Smoker
| Age Group | Monthly Premium Cost | Amount of Cover | Length | Details | Brand | Number of Add-Ons Available |
| 50 year old | £49.54 | £130,000 | 20 year term | Smoker | LV | 3 |
| 50 year old | £50.33 | £130,000 | 20 year term | Smoker | HSBC | 2 |
| 50 year old | £51.75 | £130,000 | 20 year term | Smoker | Aegon | 4 |
| 50 year old | £52.01 | £130,000 | 20 year term | Smoker | Post Office | 3 |
| 50 year old | £54.33 | £130,000 | 20 year term | Smoker | Canada Life | 4 |
| 50 year old | £54.72 | £130,000 | 20 year term | Smoker | Churchill | 3 |
| 50 year old | £55.03 | £130,000 | 20 year term | Smoker | Scottish Widows | 3 |
| 50 year old | £58.65 | £130,000 | 20 year term | Smoker | AIG | 3 |
| 50 year old | £64.49 | £130,000 | 20 year term | Smoker | Royal London | 4 |
| 50 year old | £65.65 | £130,000 | 20 year term | Smoker | Virgin Money | 3 |
| 50 year old | £67.04 | £130,000 | 20 year term | Smoker | Beagle | 4 |
A 70 Year Old Non-Smoker (less coverage and a shorter term)
| Age Group | Monthly Premium Cost | Amount of Cover | Length | Details | Brand | Number of Add-Ons Available |
| 70 Year Old | £38.57 | £50,000 | 5 Year term | Non-smoker | Legal and General | 4 |
| 70 Year Old | £39.99 | £50,000 | 5 Year term | Non-smoker | Aegon | 3 |
| 70 Year Old | £40.59 | £50,000 | 5 Year term | Non-smoker | AIG | 4 |
| 70 Year Old | £40.95 | £50,000 | 5 Year term | Non-smoker | Vitality | 2 |
| 70 Year Old | £53.63 | £50,000 | 5 Year term | Non-smoker | Aviva | 4 |
| 70 Year Old | £57.35 | £50,000 | 5 Year term | Non-smoker | Zurich | 2 |
Defaqto Ratings for Life Insurance Protection 2022
Defaqto’s star ratings have always been a decent benchmark on what kind of quality one can expect from particular financial products. Whilst this doesn’t necessarily look at price or other parameters individual’s might find important, it looks at customer service, quality of coverage amongst other elements for a rating that could be helpful for potential customers looking for a more objective rating system.
Defaqto Star Rating matrix:
5 Stars – An excellent product with a comprehensive range of features and benefits
4 Stars – A product with a good level of features and benefits.
3 Stars – A standard product providing an average level of features and benefits.
There were no products reviewed that came under 3 stars.
[The list is presented alphabetically]
5 Star rated
- AIG Life: YourLife Plan Term Assurance
- Aviva Life & Pensions UK Limited: Life Insurance Plan
- Churchill: Life Insurance With Optional Critical 3
- Direct Line: Life Insurance With Optional Critical 3
- Legal & General: Level Term Assurance
- NatWest: AIG Life Insurance
- Royal Bank of Scotland: AIG Life Insurance
- Santander: Life Insurance Plan
- Ulster Bank (NI): AIG Life Insurance
- Yorkshire Building Society: AIG Life Insurance
- Zurich: Life Protection
4 Star rated
- LV=: Combined Life & Critical Illness Gteed Premiums
- LV=: Flexible Protection Plan
- LV=: Life Protection
- Smart Insurance: Smart Family Life Insurance With Optional Covers
3 Star rated
- Bank of Scotland:Scottish Widows Plan & Protect Life & Body Cover
- Bank of Scotland:Scottish Widows Plan & Protect Life Cover
- Halifax: Scottish Widows Plan & Protect Life & Body Cover
- Halifax: Scottish Widows Plan & Protect Life Cover
- Lloyds Bank: Scottish Widows Plan & Protect Life & Body Cover
- Lloyds Bank: Scottish Widows Plan & Protect Life Cover