Best £200,000 Life Insurance Cover 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 10th March 2024

200 000 life insurance

A £200,000 life insurance policy can help to provide your family with the financial support it needs if you, the primary breadwinner, should pass away.

There are several different types of life insurance policies to help cover any situation.

Term life insurance coverage that lasts between 20 and 50 years is the perfect solution for those looking to insure a fixed liability such as a mortgage. Whole of life assurance is a great way to provide for loved ones who may be left behind.

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Why You Should Consider Life Insurance

Life insurance is not a requirement for any individual, and the truth is that not everyone thinks he or she needs life insurance at every stage of life.

The sad truth, however, is that many of those individuals who do not think they need life insurance coverage or have not put a policy in place are the ones who need them the most.

When considering obtaining a life insurance policy, many factors should be considered, especially for those with a family that depends on their income.

Many believe, “This will never happen to my family and me.” While unexpected deaths in a family are rare, there is always a chance that something can happen to you, and your family will be left without the financial support of your income.

Suppose your family relies heavily on the money you bring to pay bills and cover living expenses.

In that case, seeking a life insurance policy may be beneficial to provide them with the financial support they need when you have passed on.

Individuals who purchase a life insurance policy early on in life find that it gives them peace of mind that their family will be financially protected.

This is also true for those who purchase life insurance and then develop a chronic disease or condition that further puts their life at risk.

Although life insurance does come with a cost factor, some policies are more expensive than others.

These situations help to justify the value of a life insurance policy to those who need or want financial protection.

The average cost of life insurance in the UK

The average cost of life insurance varies depending on factors such as age, gender, smoking status, and the type of policy you choose.

For example, whole life insurance policies tend to be more expensive than term life insurance policies. You can use our detailed online guide to estimate how much your life insurance policy will cost.

How much does a 200 000 life insurance policy cost?

The cost of a life insurance policy in the way of monthly premium payments varies from one policy type to the next and from one company to the next.

Some of the main driving factors behind the price of life insurance are the type of policy desired, how much coverage is provided through a lump sum payout, the policyholder’s smoking status, and overall health and lifestyle.

Most individuals are accepted at standard rates, but those proposed higher premiums can deny the insurance coverage and seek other life insurance options.

The good news is that the premiums payments and cost of life insurance policies have been steadily dropping over the last few years.

Because of this, it is important to research different options to find the best rates available.

Insurance Hero has compiled a selection of different premium rates for £200,000 life insurance coverage for terms varying from 20 to 50 years.

The premiums were updated recently and are calculated for both smoking and non-smoking individuals.

Age Of IndividualCost Of Cover For A Smoker Cost Of Cover For A Non-Smoker
cost of life insurance

Getting a life insurance policy in the UK is an excellent way to protect your family and ensure they will be taken care of in the event of your death.

With life insurance, you can rest assured that your loved ones will be financially secure even if they can no longer support themselves.

Additionally, UK life insurance policies often offer a range of other benefits, including coverage for critical illness or disability.

Whether you’re looking to purchase life insurance for the first time or shopping around for a new policy, there are many advantages to getting life insurance in the UK.

So why not explore your options today? With a little research, you can find the right life insurance policy to meet your needs and provide peace of mind for you and your family.

How to Find the Best Life Insurance Quote

To find the best rate and policy to meet your needs, you should consult a life insurance specialist, such as the professionals at Insurance Hero.

Our knowledgeable advisors can help you compare different insurance company rates side by side in an easy-to-understand format to help make it possible for you to make a true comparison and find the best value to meet your needs. 

We can provide you with information on all types of life insurance policies with all levels of coverage.