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Life Insurance, in a nutshell

Life insurance is one of the most selfless things you’ll ever buy and is designed to pay out a sum of money to your loved ones in the event you pass away. This is to ensure that basics such as your mortgage, child care costs and any other expenses, are taken care of when you're not around.

The peace of mind it provides means you can get on and enjoy life without worrying, and it doesn’t have to break the bank.

Red Squirrel makes it easy to compare life insurance, whether you want to check out your options online, or speak to an expert.

How we can help

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From £3 a month*

Life insurance policies with cover starting from just £3 per month

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Live Underwriting

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*Figures based on an 18 year old, non-smoker with £40,000 decreasing term policy over 15 years. Prices at September 15 from Beagle Street.

Life Insurance

Life Insurance

Life insurance is designed to pay out a sum of money to your loved ones in the event you pass away and can also provide immediate cash at death. Its designed to provide peace of mind that your family are left financially secure when you’re no longer around. If your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, you should probably consider life insurance. Policies can be for a fixed term, up to a preferred age or for whole of life.

Critical Illness

Critical Illness

Critical illness cover pays a tax-free lump sum if you're diagnosed with a defined critical illness during the policy term. Critical illness insurance can offer a degree of financial security, to cover you in the event of becoming seriously ill. If you have children, you may want to ensure your family is provided for if you can’t work due to ill health. Recovering from a critical illness can also mean extra costs for you and your family for example; making changes to your home or car.

Income Protection

Income Protection

Income protection is a long-term insurance policy that provides regular income if you're unable to work due to injury or illness. The money can be used to pay your bills, mortgage or medical costs. It doesn’t matter if you have children or other dependants – when you suffer illness or injury the last thing you should worry about is how you’ll pay your bills, if you believe illness could affect your ability to work and subsequent income then you should consider taking out income protection.

Over 50's

Over 50's

Over-50s life insurance plans are one way of ensuring family members have some financial support when you pass away. Those who take out such a plan do so to help family members with immediate costs, such as paying for a funeral and to provide a small financial cushion so that family members are looked after. Unlike traditional life insurance policies, there are no medical questions. Anyone aged between 50 and 85 can take out a policy and will be accepted regardless of previous medical history.

Why Red Squirrel?

Red Squirrel have developed our instant quote software to give our customers the best online experience when searching for a life insurance policy.

We give our customers the opportunity to compare the UK's leading providers instantly to help you find the type of life insurance cover that's right for you. It works by simply filling out your life insurance preferences, along with a few personal details, and our system will search the market to give you a list of the most competitive quotes. Pre-existing medical conditions? No problem, our system offers Live underwriting to give you a decision on your application there and then.

Unlike most comparison websites Red Squirrel have made buying life insurance simple, you can apply and be covered online in under 10 minutes. So, why not give it a go, get a quote now and if you get stuck or confused at any point we have experts on hand to help answer any questions you may have, providing free, impartial advice about choosing the right life insurance product tailored to your individual circumstances.

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Do I need Life Insurance?

Why get life insurance?

We know it's not a cheerful thing to think about, but life insurance can give you peace of mind. It can help to reduce the risk of leaving loved ones and dependents without the money to cover debts or bills, should you pass away. Money can’t replace a family member, but it can certainly help knowing that your family is left financially secure.

When should I get it?

People typically only really think about life insurance during a big life event, such as buying a home, getting married, having a baby or starting a new job. But it may be worth considering one sooner, when you’re young and healthy, as the premiums could be lower.

What affects my premium?

Various factors may affect your premium. Your age, your health, how long you want to be covered for, the amount of cover you need and whether you smoke. So be sure to compare to find the right policy for you.

What do my loved ones need?

Deciding which type of life insurance is right for you and your family depends on your needs. There are two main types of policies to consider.

1. Level term life insurance - is one of the most common types of life insurance available. As its name suggests, the amount of cover provided by this kind of policy does not change over time. This type of policy also has a set term, which you choose at the outset, and the premiums won’t change during this period either. If you don’t die during the term of the policy, it simply finishes, and you will need to consider taking out a new policy if you still want to be covered.

2. Decreasing term insurance - is often bought to clear a specific debt (normally a repayment mortgage) that is itself reducing over time, with the policy paying out in the event of the death of the borrower or his or her partner. The term is usually selected to align with the associated debt. Not all decreasing term insurance is taken out to cover mortgages, though. Some people also choose this type of life cover because they do not feel such a big pay-out will be necessary if they die in, say, 20 years rather than within the next 10.

Notably, a decreasing term policy can be cheaper than level term insurance because the sum insured goes down rather than staying the same throughout, reducing the risk of the insurer having to make a big pay-out.

Do I need critical illness cover?

Once you've decided on the policy you need, there are few types to consider, depending on your circumstances. Critical illness covers pays a tax-free sum of money to cover the costs of certain serious illnesses e.g. to help with things like a mortgage payment if you’re unable to work. All critical illness policies cover cancer, heart attacks and strokes.

Should I consider a joint life policy?

Joint life policies are designed for couples who share financial commitments. They can sometimes be cheaper than two separate policies, but it is worth knowing that Joint polices will only pay out once upon death of the 1st policy holder, so if you wanted to continue the cover after it’s paid out, you would need to consider taking out a new policy.

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Life Insurance Calculator

We will help you work out how much cover you might need.

Breakdown of your cover

Make changes

Below is a breakdown of you income and outgoings which have helped us to estimate how much cover you might need.

You can add or remove parts of the cover by making changes to the figures you have entered.

Mortgage: £

Childcare: £

Debt: £

Lump Sum:£

Existing Policies: £

Total: £

Our calculator can help you:

  • Calculate how much cover you need
  • If you have loved ones, it considers how much money they may need to get by without you.
  • If you have debts or a mortgage, it considers how much might be needed to pay them off.

It doesn't:

  • Help you decide how long you need cover for one or the type of cover required
  • Provide you with a specific personal recommendation and so should not be taken as advice. We explain our calculations so you can adjust the figures for your personal circumstances.
  • Take account of any changes in your cover requirements over time - things like inflation and mortgage repayment may impact the amount of cover you might need.

Life insurance can provide a one off lump sum of money if you die during the policy term. Please remember, most life insurance policies have no cash in value at any time.
The assumptions used to provide the estimate cover amount are based upon information available in 2017.

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