Martin Lewis and MoneySavingExpert have long encouraged people to consider life insurance when someone depends on their income. The central question is not which insurer has the best advert, but what financial difficulties your family could face if you died and what protection would help.
This is an independent summary of topics covered by MoneySavingExpert’s life insurance guide, updated on 2 October 2026, together with practical observations from our UK protection advice team. It is not written, approved or endorsed by Martin Lewis or MoneySavingExpert.
Martin Lewis and life insurance: the key points
- Consider cover if people rely on your income. A partner, children or other dependants could face ongoing costs if you were no longer there to contribute.
- Start with the purpose of the cover. You may be protecting household expenditure, childcare, a mortgage or a combination.
- Compare suitable policies on the same basis. The amount insured, duration, medical disclosures and policy conditions all matter alongside the premium.
- Decide whether you want regulated advice. A straightforward policy might be bought without personal advice; more complicated circumstances may benefit from an adviser.
- Check who receives the proceeds. Policy ownership, beneficiaries and a suitable trust arrangement may matter as much as the headline quotation.
Is term life insurance a good starting point?
For someone protecting their family for a defined period, level term life insurance is often a sensible starting point. It pays a fixed amount if a valid claim is made during the policy term, and the cover generally ends with no cash value when that term expires.
For example, parents might choose a term lasting until their children are likely to be financially independent. That does not automatically make level term cover right for everyone: the amount needed may change over time, and alternatives such as family income benefit deserve consideration.
What about life insurance for a mortgage?
If you have a repayment mortgage, decreasing term life insurance is worth considering. The amount insured reduces during the term, usually according to a formula intended to broadly reflect a repayment mortgage balance.
The policy’s reduction schedule may not track your actual mortgage exactly, particularly if you make overpayments, change the mortgage term or experience different interest rates. If the mortgage is interest-only, level cover may be a better starting point. Read our mortgage life insurance guide before choosing.
Should you change life insurance every year to get a cheaper price?
Not automatically. Comparing new quotations can be worthwhile, but do not cancel existing protection simply because a new price appears lower. You will be older when you apply again, and your health or circumstances may have changed. A new policy might be more expensive, have different restrictions or be declined.
Compare the full policy terms and make sure any replacement cover is in force before cancelling an existing policy. If you are unsure, seek advice before making changes.
Is life insurance cheaper when you are younger?
Age is one of the factors insurers consider when pricing a new policy, alongside health, nicotine use, occupation, hobbies, benefit amount and policy duration. In general, the younger you are when arranging a fixed-premium term policy, the less you may pay than someone taking out equivalent new cover at an older age, all else equal.
However, being young does not always mean you need life insurance. The decision should reflect who depends on you financially and what you can afford. Read our guide to working out how much cover you need.
Should you rely on death-in-service cover from work?
Employer-provided death-in-service cover can be valuable, but it commonly depends on continued eligibility under your employer’s scheme. Leaving that employer may mean losing the benefit. Consider it when calculating your total existing protection, but check the scheme documents before assuming it replaces personally owned cover.
What should couples know about joint life insurance?
A joint first-death term policy typically pays on the first insured death and then ends. Two separate single-life policies may provide more flexibility or the potential for separate payments, depending on the cover and circumstances. The cheapest-looking arrangement is not necessarily the most suitable: compare the options and total cost rather than assuming one is always better.
Do you need critical illness cover as well?
Critical illness insurance is different from life insurance. It generally pays an agreed benefit on diagnosis of a serious condition that meets the specific policy definition. Cover and conditions vary significantly by insurer; it should not be described as covering every cancer, stroke or other illness. Our critical illness cover guide explains the main considerations.
How do you compare the cost of life insurance?
Compare like with like. Ask whether two illustrations show the same amount, type and term of cover, guaranteed or reviewable premiums, and equivalent policy features. Health disclosures must be complete and accurate. An initial price may change following underwriting.
A broker offering regulated advice can help explain those differences. An execution-only service may suit somebody who already knows exactly what they want. Neither route is universally better; check the service and costs rather than choosing based on a headline price alone. Our 2026 UK life insurance comparison guide explores policy types and insurers in more detail.
Should life insurance be placed in trust?
Some policies may benefit from an appropriate trust or ownership arrangement, particularly where you want to clarify who should receive the payout. Whether that is suitable, and the possible inheritance-tax consequences, depends on personal circumstances and the policy. Read our guide to life insurance trusts and obtain individual guidance before assuming a particular tax result.
What about life insurance for over-50s?
Do not assume a guaranteed-acceptance over-50s plan is the same as an underwritten term life policy. Guaranteed-acceptance plans can have smaller payouts, different restrictions and a risk that total premiums paid eventually exceed the benefit. If you are eligible for conventional cover, compare the alternatives carefully; see our over-50s insurance guide.
Our view: focus on suitable protection, not celebrity recommendations
MoneySavingExpert is a useful independent consumer-information resource, but a public article cannot assess your circumstances or recommend an individual policy. At Discount Life Cover, the advice is provided through My Key Finance Ltd, an FCA-authorised broker (FRN 628996), working with a wide panel of UK insurers.
Request a personal life insurance quotation by answering a few questions about your requirements. We’ll review the details before arranging a quotation. You can also learn about our team on the About Us page.
Sources and context: MoneySavingExpert: Cheap life insurance (updated 2 October 2026), with independent explanatory commentary from Discount Life Cover. No endorsement or affiliation with Martin Lewis or MoneySavingExpert is implied. This is general information, not personal financial advice.