Jane Dotson
Life insurance is an important financial product that can provide peace of mind and security for you and your loved ones. When it comes to choosing the best life insurance in the UK, there are several factors to consider, including the type of insurance, the level of cover, and the additional benefits offered. In this article, we will explore the different options available, including term life insurance and whole-of-life insurance, and help you understand which type of cover is most suitable for your needs. We will also look at some of the UK's top life insurance providers, such as Aviva, Legal & General, and Zurich, and discuss the awards and accolades they have received for their products and services. By the end of this article, you should have a clear understanding of the best life insurance options available in the UK and feel confident in making an informed decision about your financial future.
| Characteristics | Values |
|---|---|
| Best Life Insurance Companies UK | Direct Line, Aviva, Legal & General, LV=, Scottish Widows, Zurich, Smart Insurance |
| Awards | 'Best Innovation in Insurance 2021' (The Financial Services Forum), 'Best Preventative Support Service 2021', 'Best Care & Support Experience 2021' (Protection Review Awards), 'Best Life Insurer 2023' (The Times Money Mentor), 'Best Insurer 2024' (Insurance CX Awards), 'Organisation of the Year 2023' (Protection Review Awards), '10 Years of Excellent Award' (Feefo), 'Best Individual Protection Provider 2023' (The UK Health and Protection Awards 2023), '10 Years of Excellence Trusted Service Award', 'Platinum Trusted Service Award' (Feefo, 2024) |
| Payouts | 99% of all life insurance claims were paid out by Direct Line in 2023, 98% of all life insurance claims were paid out by Zurich in 2022 |
| Additional Benefits | Aviva Smart Health, mortgage guarantee, separation benefit, guaranteed insurability, Zurich support service, multi-fracture cover, protection that plants trees |
| Types of Insurance | Term life insurance (level term and decreasing term), critical illness cover, over 50 life insurance, whole-of-life insurance |
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What You'll Learn
Term life insurance
Smart Insurance has won several awards, including the '10 Years of Excellence Trusted Service Award' and the 'Platinum Trusted Service Award' from Feefo in 2024, as well as 'Best Life Insurer 2023' from The Times Money Mentor.
Zurich offers level, decreasing and increasing term life insurance, as well as additional benefits such as a Zurich support service, multi-fracture cover and protection that plants trees. Zurich is rated as 'Great' (4 out of 5 stars) on Trustpilot.
When choosing a term life insurance policy, it is important to consider the provider's reputation, the level of cover offered, the cost of the policy and any additional benefits that may be included. It is also worth checking the claims payout rate, as this can give an indication of how likely it is that your claim will be paid out in the event of your death.
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Critical illness cover
In the UK, there are several highly-rated providers of critical illness cover. Direct Line, for example, offers critical illness cover as part of their life insurance policies. In 2023, they paid out 99% of all life insurance claims, and their policies can include additional benefits such as Aviva Smart Health, mortgage guarantee, and separation benefit. Another top-rated provider is Zurich, who offer critical illness cover as part of their term life insurance policies. In 2022, they paid out 98% of all life insurance claims, and their policies can include additional benefits such as a Zurich support service and multi-fracture cover.
When considering critical illness cover, it's important to shop around and compare multiple quotes to find the best policy for your needs. You may also want to consider using a broker, who can help you navigate the different options and find the most suitable policy for your circumstances.
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Over 50s life insurance
When it comes to life insurance, there are a few options to consider. Term insurance, also known as standard life insurance, is the most popular type of life insurance in the UK. It is cheaper and more flexible than whole-of-life insurance, as you only pay for cover over a set period of time.
There are a number of providers that offer over 50s life insurance, including Direct Line, Aviva, Legal & General, LV=, Scottish Widows and Zurich. Direct Line's over 50 life insurance policy includes additional benefits such as their health and wellbeing support service, 'Smart Health', which won 'Best Innovation in Insurance 2021' at the Financial Services Forum.
When choosing a life insurance provider, it is important to consider the company's reputation, customer experience ratings, and the additional benefits that are included in the policy. For example, Zurich's life insurance policy includes access to their support service, as well as multi-fracture cover and protection that plants trees.
It is also worth noting that some providers, such as Direct Line, only allow policies to be purchased directly through them and not through an intermediary.
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Whole-of-life insurance
One provider of whole-of-life insurance is Zurich. Zurich also offers term, level, decreasing and increasing life insurance, as well as critical illness cover. In 2022, 98% of all life insurance claims made to Zurich were paid out. Zurich is rated as 'Great' (4 out of 5 stars) on Trustpilot.
Another option for whole-of-life insurance is Smart Insurance. Smart Insurance has won several awards, including 'Best Life Insurer 2023' (The Times Money Mentor). This insurer has also topped Fairer Finance's customer experience ratings list.
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Direct Line policies
Direct Line's term life insurance policies offer level or decreasing cover over a set period of time. This type of insurance is the most popular in the UK as it is cheaper and more flexible than whole-of-life insurance. Direct Line's critical illness cover provides financial support in the event of a serious illness, and their over 50s life insurance is designed for older customers.
Direct Line's Aviva Smart Health service offers additional benefits such as a mortgage guarantee, separation benefit and guaranteed insurability. This service won multiple awards in 2021, recognising its innovation and customer support. Direct Line's policies are provided by a trusted and award-winning insurer, with a high percentage of claims paid out.
Direct Line's life insurance policies are a good option for those seeking term life insurance, critical illness cover or over 50s life insurance. Their policies are provided by a reputable company with a strong track record of paying out claims. The additional benefits offered by Aviva Smart Health add further value to Direct Line's policies. However, it is important to compare multiple quotes and consider other providers to find the best life insurance policy for your individual needs.
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Frequently asked questions
Some of the best life insurance companies in the UK include Aviva, Legal & General, LV=, Scottish Widows, Zurich, and Smart Insurance.
Term life insurance, also known as standard life insurance, is the most popular type of life insurance in the UK. It is cheaper and more flexible than whole-of-life insurance, as you only pay for cover over a set period of time.
Additional benefits offered by life insurance companies can include health and wellbeing support services, mortgage guarantee, separation benefit, guaranteed insurability, and critical illness cover.
