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Why you could pay less per month for life insurance when you’re younger

Thu 03 Sep 2020


You might assume life cover is something only older people take out. But that’s not always the case. Many people start thinking about it when they first get a mortgage (in fact some mortgage providers make it a condition of the mortgage application). You might also be considering getting covered if you’ve recently started a family, or if you have a partner or family member who relies on your income. Whatever your motivation, the younger you are when you take out the policy, the lower your monthly premiums are likely to be.

Life cover gets more expensive the older you get

There are a number of factors that determine how much you pay for life cover. These include the amount of money you want to cover, how long the policy will be in place for and then factors like your age, health and lifestyle, and whether you smoke. As you get older, you’re seen as being more likely to develop a health problem, or to die. So, the monthly premiums you need to pay to take out cover tend to get more expensive the older you get.

Maybe you’re unclear on how much it costs to take out cover to protect your loved ones while you’re young. It could well cost less than you might think.

Our Life and Protection Advice service offers free advice on different types of life cover, including Life Insurance, Critical Illness Cover and Income Protection. By getting in touch with one of our advisors, you can get a better understanding of how much or how little you could pay to protect yourself and those you love.

3 types of cover to consider

1. Life Insurance

Life Insurance is there to pay a lump sum to your family, to help cover some of the financial costs of losing you, if you were to die. So, if your partner and your children rely on your income, the question you should ask yourself is, what will happen to their quality of life if you were to die? Could your partner manage on their own, pick up the bills and continue to pay the mortgage, for example? If the answer’s no, taking out Life Insurance could give both you and your family some valuable peace of mind.


2. Critical Illness Cover

Critical Illness Cover could help cushion the financial blow on you and your family if you become seriously ill from a condition specified by the policy. Conditions could include things like stroke, heart attack, or certain types of cancer. Typically, the policy pays out a lump sum, which can help towards things like childcare costs and household bills, or simply allowing you to recover from the illness without having to worry about money.

It's important you know which conditions are covered and how serious the condition has to be for you to make a claim. So, if you’re thinking about taking out this kind of cover, it’s worth getting some free advice from our Life and Protection advisors.


3. Income Protection

If you were to fall ill, or suffer an injury, which meant you weren’t able to work, could you survive on your savings or the sick pay you receive? If not, you’d need to find some way of covering your day-to-day living expenses. Income Protection is designed to provide you with an income in the form of a monthly payout. It could cover the mortgage and household expenses, or simply provide a financial safety net, allowing you to concentrate on recovering without stressing about money.

What if I’m already covered?

You may well have some form of life cover through your Federation. But are you confident you have enough cover in place? For example, does the cover protect you against critical illness – is it enough? Keep in mind too that your circumstances change as you get older. So, it’s always worth reviewing any cover you have on a regular basis, to make sure it still meets your needs.

If you’re not sure whether you have enough cover, our FREE Life and Protection Advice service can advise you.

To book your FREE appointment

Call 01543 441 630
Lines are open: Mon-Fri 8.30am-5.30pm, or request a call-back at

Mortgage Excellence Plc, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 03527577. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS. For your security, all telephone calls are recorded and may be monitored.

Type of article: Articles
Category: Protecting my family

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