1. Buy sooner rather than later
Age is the single biggest driver of life insurance cost. A 30-year-old might pay £10/month for £200,000 of cover. By 40, the same cover costs £18–£25/month. By 50, it could be £45–£60/month. Every year you delay costs you more.
2. Quit smoking
Smokers pay 50–100% more than non-smokers. Once you've been smoke-free for 12 months (including e-cigarettes and nicotine patches), most insurers classify you as a non-smoker. Quitting can cut your premium in half.
3. Compare the whole market
Premium variation between insurers for identical cover can be 30–40%. Using a whole-of-market comparison tool finds the best price for your specific profile — not just the insurer with the biggest marketing budget.
4. Choose decreasing cover for your mortgage
If the primary purpose of your life insurance is to cover a repayment mortgage, decreasing term cover (where the payout reduces alongside your loan balance) is 20–30% cheaper than level cover for the same initial sum assured.
5. Reduce the term
Longer policy terms cost more. If you only need cover until your children are financially independent or your mortgage is paid off, don't over-extend the term unnecessarily.
6. Improve your health before applying
Even modest health improvements — losing weight, reducing cholesterol, getting blood pressure under control — can result in better underwriting terms. If your health is currently poor, it may be worth waiting a few months before applying.
7. Use a trust to avoid inheritance tax
This doesn't reduce your premium, but it can significantly increase the net value of your policy. Writing it in trust means the payout avoids inheritance tax and probate — potentially saving your beneficiaries tens of thousands of pounds.
8. Review and replace older policies
If you took out a policy 5–10 years ago, compare current market rates. If your health has improved (e.g. you quit smoking), you may be able to get better terms — though be careful not to cancel an old policy until a new one is in place.
Frequently Asked Questions
You can ask your insurer to reduce your cover amount, which lowers the premium. Alternatively, shop around for a new policy — if your health has improved since the original application, you may get better terms.
Potentially yes, if your current BMI falls into a higher-risk category. If losing weight brings your BMI into a standard range, a new application may attract lower premiums.