Life insurance is worth considering when a death would leave someone with a financial shortfall. A new mortgage, dependent child or change in family circumstances can prompt a review, but age alone does not establish a need.
The main consideration
Consider the practical consequences for dependants, unpaid care and joint borrowing. Retirement does not automatically mean switching from term to whole-of-life cover. Some debts may be settled from an estate rather than passing personally to family members; liability depends on the borrowing and ownership arrangements.
Choose the amount and policy term
Add outstanding borrowing and the family support needed over time, then allow for existing policies, accessible savings and reliable employer benefits. Include the cost of replacing unpaid childcare or caring work. Consider affordability and how long the need will last, rather than assuming a salary multiple suits everyone.
Check the final offer
An initial online quote is subject to underwriting. The insurer may request more information, change the premium or terms, postpone a decision or decline. Answer questions about health, medication, nicotine, occupation and activities accurately, including existing and pending cover when asked. Do not cancel an existing policy until any appropriate replacement is confirmed in force.
Compare with reliable guidance
Use our policy comparison checklist, the cover-amount guide, term guidance and information about our service.
Compare your options
You can compare life insurance quotes online and ask our advisers for help with the next step. Initial quotations are subject to the insurer assessing the application. Cover begins only when the insurer confirms the policy is in force; completing a form or receiving a quote does not start cover.
Updated October 2026. General information, not a personal recommendation or a quotation. Eligibility, exclusions, premiums and tax treatment depend on the policy and individual circumstances. Discount Life Cover is a trading style of My Key Finance Ltd, authorised and regulated by the FCA, FRN 628996.
Further information: MoneyHelper: life insurance.