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5 practical ways to narrow down your life insurance choices

5 practical ways to narrow down your life insurance choices

Apr 14, 2023

Life insurance gives you the peace of mind that your loved ones will receive financial support when you’re no longer around.

It can ensure they can remain in the family home, maintain their standard of living, and meet all their regular commitments.

When it comes to putting the right protection in place for you and your family, you’re faced with many choices. With lots of different types of policy, all with different names, offered by dozens of providers, how do you find the right option for you?

Narrowing down your search for life insurance can help you find the policy that meets your needs and budget. So, to help you to find cover you need, read on to discover five ways to narrow down your search for life insurance.

Determine how much cover you need

The first step in narrowing down your search for life insurance is to determine how much cover you need.

You’ll need to consider things like:

  • Your current and future financial obligations, including your mortgage and outstanding debts. What would you like your family to be able to repay when you die?
  • Your income – will your family need to replace the income you brought into the household? And, if so, for how long?
  • Any future expenses you may have been planning, such as school or university fees for your children
  • Any one-off costs, for example your funeral.

The amount of cover you need will be one of the factors that determines how much your life insurance costs. So, it’s important you think carefully about exactly how much you might want to cover yourself for.

If you’re not sure where to start, our life insurance calculator can help you to work out the amount of protection you may need.

Think about how long you will need the cover for

When you have an idea of how much life insurance you need, you’ll then need to think about how long you will need the cover for.

Term life insurance policies typically offer coverage for anywhere between 5 and 30 years or more.

If you’re covering debts such as a mortgage, it may make sense to align the term with the term of your mortgage. So, if you have a mortgage with 20 years left to run, you might want to take your life insurance out over the same term.

If you have young children, you may want to consider a longer term length to ensure that they are covered until they become financially independent. This may be until age 18 or 25, depending on the ambitions you have for them.

Think about the type of policy you might need

The next step is to decide on the type of policy that is best for you. There are four main types of life insurance:

  • Level term insurance – this provides a fixed amount of cover over a fixed term. For example, you might take out £200,000 of cover over 20 years. If you die within the 20 years, the policy will pay out the sum assured.
  • Decreasing term insurance – the amount of protection decreases over the term of the policy. For example, you might take out £200,000 of decreasing cover over 20 years. The sum assured starts at £200,000 and will reduce every year. It is often used to cover a repayment mortgage.
  • Family income benefit – instead of paying out a lump sum, this type of policy pays a regular income from the date of death to the end of the policy term. It can be a cost-effective way of replacing your income, particularly if you have younger children.
  • Whole of life insurance – the policy pays out the sum assured whenever you die.

Term life insurance and family income benefit are typically less expensive than whole of life insurance, making them a popular choice for many people. However, you need to remember that if you don’t die within the policy term, your cover will lapse, and you don’t receive anything.

Think about what your protection needs are, and which would be the most appropriate type of cover for your needs.

Compare life insurance quotes online

Once you have determined your coverage needs and the type of policy that is best for you, it’s time to start comparing life insurance quotes from different providers.

The simplest way to do this is to use an online life insurance comparison service, like I’m Insured.

Simply enter your details into our quotation system, including your personal details, the amount of cover you want and the term, and the type of policy you are looking for and we can do the rest.

It’s important to make sure you complete your quotation form accurately. Many insurers will offer cheaper terms if you’re a healthy, non-smoker and so you may be able to secure better terms.

You’ll also need to disclose any medical conditions and symptoms, as well as answer questions about your work and lifestyle – for example, if you participate in any high-risk sports.

We will scour the market for you and compare the costs of insurance from dozens of the UK’s leading life insurance providers, including Royal London, Legal & General, Aviva, Scottish Widows and LV.

One of the reasons we work with these major providers is because of their financial strength. This is because it’s important that they will be able to pay out your claim if needed.

Work with an expert

Working with an independent expert, like I’m Insured, can help you narrow down your search for life insurance.

As well as working with multiple insurance companies, allowing you to access quotes from different providers, we can also help you navigate the different types of policies and coverage options available. This makes it easier for you to make an informed decision.

As well as helping you find the best price for the cover you need, we can also help you to save money on your life insurance. We take a lower than standard commission from insurers, which we can pass on to you in the form of lower premiums.

Working with us can also help you through the application process. We can support you and liaise with the provider on your behalf – for example, if they need further medical information or underwriting.

We can also help you to put your policy in trust. This can ensure that your protection passes to your chosen beneficiaries quickly and without fuss.

We can help you to find the right life insurance

Narrowing down your search for life insurance requires some research and it needs you to think carefully about your individual needs.

  • Work out how much life insurance you need (our life insurance calculator can help)
  • Think about how long you want to protect yourself for
  • Consider the various different types of life insurance to establish which is the right sort of policy for you
  • Compare life insurance quotes online to ensure you get the best price for the cover you need
  • Work with an expert for help with the application and underwriting process, and for putting your policy in trust.

Going through these five steps can help you to find the right cover for your needs, at the right price.

We’ve been rated 5-star on Feefo, so are well-placed to help you with your search. So, if you want to protect you and your family, get in touch with one of our experts today, or get a life insurance quote online in just a couple of minutes.


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