How much does life insurance cost at 18?
For a healthy non-smoking 18-year-old, £200,000 of level term life insurance typically costs around £4–£9 per month. Premiums vary based on health, smoking status, sum assured, and policy term.
How much life insurance do 18-year-olds need?
The right amount depends on your financial commitments — mortgage balance, dependants, and income. A common starting point is 10 times annual salary, or enough to clear your mortgage plus provide income replacement for your dependants. At 18, consider how your needs might grow in the coming years.
What type of life insurance is best at 18?
- Level term: Fixed payout throughout the term — best for income replacement
- Decreasing term: Payout reduces over time, mirroring a repayment mortgage — cheaper than level term
- Whole of life: No fixed term — covers you for life. More expensive but useful for estate planning
Should 18-year-olds also consider income protection?
Yes — at 18, you are statistically far more likely to be unable to work due to illness than to die. Income protection replaces your income if you cannot work, while life insurance protects your dependants if you die. Both are important parts of a complete protection plan.
Frequently Asked Questions
Yes — life insurance is very affordable at 18, as premiums are based primarily on age and health. Locking in a rate now means you benefit from low premiums for the entire policy term.
Choose a term that runs until your mortgage is paid off and your children are financially independent — typically 20–30 years for younger applicants.