Life insurance for project managers
Project managers are high earners across construction, IT, finance, and many other sectors. Protecting that income for your family is essential. Life insurance ensures your mortgage, dependants, and lifestyle are financially safeguarded. Contractors and freelance project managers should prioritise personal cover without employer benefits.
How much does life insurance cost for project managers?
Premiums are based primarily on age, health, and smoking status — not occupation for most standard roles. Project managers are classed as preferred risk by most UK life insurers. A healthy non-smoking 35-year-old project manager can typically get £200,000 of level term cover for £12–£22/month.
How much life insurance do project managers need?
A common starting point is 10 times annual salary, plus enough to cover your outstanding mortgage. Consider:
- Your mortgage balance
- Number of dependants and how long they'd need financial support
- Any outstanding debts
- Whether a partner works and what their income would cover
Should project managers also get income protection?
Yes — life insurance only pays on death. Income protection covers you if illness or injury prevents you from working while you're alive. For many project managers, income protection is arguably just as important, as you're far more likely to be unable to work than to die during your working years.
Writing your policy in trust
Always consider writing your life insurance in trust. This ensures the payout reaches your beneficiaries quickly, without going through probate, and outside your estate (which can help avoid inheritance tax). It's free to set up and takes around 30 minutes.
Frequently Asked Questions
Project managers are classed as preferred risk by most UK life insurers. For most project managers, occupation has limited impact on life insurance premiums, which are primarily driven by age, health, and smoking status.
Yes — always disclose your occupation accurately. Certain manual or high-risk roles may affect premiums or policy exclusions.
Most people choose a term that lasts until their mortgage is paid off and their children are financially independent — typically 20–30 years.