Full Life Cover


Rates last update: 26 October 2021

Full life cover provides many people with the peace of mind that their loved ones will not be burdened with financial worries just at the time of bereavement. For most customers setting up a full life cover is not expensive provided you are not seriously ill. Full life cover is also referred to as whole of life cover, which means it lasts until you die whenever that maybe. You cannot outlive a whole of life (or full life) cover life insurance policy, unlike term insurance which only lasts a fixed number of years and then stops.

Here is a table of the most competitive rates for whole of life insurance that runs for your full lifetime. This will provide some ideas of how much the cover could cost and what might be within your budget. It’s always best to compare life cover quotes before buying to check you are getting the best deal.

Full Life Cover – Non-Smokers (which means you haven’t used any tobacco products or e-cigarettes within the last 12 months)
Full Life CoverAge 30 (n/s)Age 35 (n/s)Age 40 (n/s)Age 45 (n/s)Age 50 (n/s)Age 55 (n/s)Age 60 (n/s)Age 65 (n/s)Age 70 (n/s)Age 75 (n/s)
Last Updated: 26 October 2021 (Source: PayingTooMuch.com)

Full Life Cover – Smokers (which means you have used tobacco products or e-cigarettes within the last 12 months)
Full Life CoverAge 30 (s)Age 35 (s)Age 40 (s)Age 45 (s)Age 50 (s)Age 55 (s)Age 60 (s)Age 65 (s)Age 70 (s)Age 75 (s)
Last Updated: 26 October 2021 (Source: PayingTooMuch.com)

Policy Types

Level Term Life Cover

Level term life cover provides a fixed pay-out on death if death occurs within a fixed number of years that you select at outset. For example if you are 35 and you buy a 20 year £50,000 policy, then should you die between the ages of 35 and 55 the life cover will payout £50,000. If you die aged 56 then nothing would be paid as the policy would have expired.

As you become more likely to die with age, the longer the term of the policy, the older you are when the policy finishes, the more likely the insurer might be to pay-out and hence the higher the premium.

Term life cover has a very real chance that it will not pay-out, which means (good news) you’re unlikely to die during the term.

Whole of Life Cover

Whole of life cover means that once the policy starts (at a fixed premium forever), you carry on paying the premiums until either you decide you don’t need the cover any more or you die. The cover can never be withdrawn by the insurance company no matter how old you are.

Interestingly the oldest person yet to have lived died aged 122 years. Had they had a whole of life cover it would then have paid out, (unlike a term life cover).

Uses of Term vs. Whole of Life Cover

Term life cover is usually used to cover shorter term risks which can include loans and mortgages which should be repaid immediately on death. Term cover is also used to protect children who (in theory) become independent adults eventually and less reliant on Mum and Dad for emotional and financial support. In the same way term cover is used to protect maintenance payments to divorced couples where children are being supported.

Whole of life cover is used where the primary motive is to protect a partner for life which includes your wife or husband. Secondary uses of whole of life are for estate protection where there is a possibility of inheritance tax becoming due.

In summary there is no substitute for obtaining a personal cover quote which will be based on your own date of birth and using today’s most up to date rates from a wide panel of the UK’s top insurers.