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Most people find out they needed life insurance about six months too late to buy it. That is not a scare line. It is simply how underwriting works. You cannot insure against an event after it has already happened.
42% of UK adults currently have no life insurance at all, according to Compare the Market’s 2025/26 household survey. Of households with at least one dependant, 57% do not hold enough cover to replace what would be lost if the worst happened, according to Hargreaves Lansdown’s Savings and Resilience Barometer. The average shortfall is £89,800. For homeowners with children, it rises to £194,200. Nearly a third of people also believe life insurance is a legal requirement for getting a mortgage. It is not. That confusion can lead people to either buy the wrong amount or assume their protection has been sorted when it has not.
| Policy type | What it does | Best suited to | Typical cost driver |
|---|---|---|---|
| Level term | Fixed lump sum, fixed term, cover amount never changes | Interest-only mortgages, income replacement, business loans | Age, health, sum assured, term length |
| Decreasing term | Lump sum falls roughly in line with a repayment mortgage balance | Repayment mortgages | Usually the cheapest option per £1,000 of cover |
| Family income benefit | Pays a monthly income rather than a lump sum, for the remaining term | Replacing a salary for dependants rather than clearing a debt | Monthly income required, term |
| Whole of life | Cover for life, no fixed end date, premiums usually reviewable | Inheritance tax planning, funeral costs, final expenses | Age at outset, guaranteed vs reviewable structure |
| Joint life, first death | One payout on the first death of two people covered | Couples with a joint mortgage | Similar to two single policies but usually cheaper than two separate ones |
Run the numbers, then talk to us. Our financial calculators cover mortgage repayments, how much you could borrow, stamp duty, bridging finance and rental yield. Results are estimates only and should not be relied on as financial advice.
Life insurance is the policy most people agree they need, yet most people have not got around to buying it. Here is where that gap becomes real.
The policy that clears a £350,000 mortgage on the first death is straightforward. The surviving partner on one income with no mortgage is in a manageable position. The surviving partner on one income still carrying a £350,000 mortgage is in crisis. Joint life, first-death cover for a couple in their thirties typically costs between £15 and £30 a month and clears the debt on whichever death comes first.
Decreasing-term cover tracks a repayment mortgage balance as it falls. An interest-only mortgage balance does not fall; it stays flat for the entire term. If your mortgage type changed and your cover did not, the policy that felt like protection is undershooting by more every year. By the time it matters, the gap between what it pays and what you owe could be significant.
Four times a £50,000 salary is £200,000. Invested conservatively at 4%, that generates roughly £8,000 a year, or £666 a month. If the surviving partner earns nothing, that is not enough to cover a mortgage and two children. Group life cover also disappears when employment ends, which is sometimes exactly when a family needs it most.
There is no version of this where later is better than now. A £300,000 decreasing-term policy for a non-smoker in their mid-thirties can cost less than £1 a day. The younger and healthier you are when you buy, the lower the premium. The difficulty of the conversation and the cost of the policy both move in the wrong direction the longer you wait.
Speak to an adviser to discuss your circumstances and explore how bridging finance could work for you.
FCA research published in early 2026 found that most people who take out protection insurance are broadly well served by the market. Claims are paid, cover is available, and pricing has remained fairly stable. The gap is not a bad product. It is that most people are never prompted to think about it until something has already gone wrong. Every page below deals with one part of that gap directly, using real UK figures rather than generic reassurance.
If you have a mortgage, start with Life Insurance and Buildings Insurance. A lender will usually require or strongly expect both. If you are self-employed, Income Protection is the page to read first because statutory sick pay does not apply to you at all. If you own a property you let out, go straight to Landlord Insurance. A standard home policy will not cover you the moment a tenant moves in.
A 34-year-old with a £280,000 repayment mortgage and two young children dies suddenly. No life cover was in place. It never came up when applying for the mortgage. The surviving partner is left with 25 years of payments on a single income, on top of childcare costs that had always relied on two salaries. The house is sold within 18 months. The children change schools. The household never fully financially recovers.
Same mortgage. Same family. Same age. A decreasing-term policy matched to the mortgage balance and term was arranged on the same day the mortgage completed. It cost around £18 a month for a couple in their thirties, both non-smokers. On death, the mortgage balance clears in full. The surviving partner keeps the house on their own income. The children stay in the same school. The financial shock is devastating. The financial crisis is not.
Clear,honest answers to the questions we hear most from clients and introducers.
Joint-life, first-death cover is one policy that pays on whichever death comes first. It is usually cheaper than two separate policies and can clear the mortgage balance in full. The surviving partner is left with the house and no mortgage debt on one income, rather than a mortgage they cannot sustain alone. Whether joint or separate cover is better depends on your circumstances and is worth checking rather than assuming.
Four times salary is the most common death-in-service benefit in the UK. For a £50,000 salary, that is £200,000. Invested conservatively, that generates around £8,000 a year. With a mortgage and dependants, it is usually not enough. Group life cover also disappears when you leave employment, which is often exactly when a family most needs it.
Decreasing-term cover tracks a repayment mortgage balance as it falls. An interest-only balance does not fall; it stays flat for the entire term. If your mortgage type changed and your life cover did not, you have less protection than you think, and the gap grows every year.
A £300,000 decreasing term policy for a non-smoker in their mid-thirties costs less than £1 a day. Premiums increase with age and health changes make cover harder to arrange later. There is no version of this where delaying is the better financial decision.
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