Why waiting to buy life cover can cost you triple
New Legal & General figures show that the same life cover bought at 20 can cost about a third of the price it does at 40.
If you've ever put off sorting out life insurance, here's a reason to look again. New figures from Legal & General show that the cost of cover rises sharply with age. A healthy, non-smoking 20-year-old who wants £150,000 of cover over 25 years is quoted around £5.89 a month. For a 40-year-old, the same cover costs about £17.80 a month, more than three times as much.
The reason is simple: your premium is largely based on your age and health when you apply. Because L&G's premiums stay level for the life of the policy, locking in early can shield you from future rises linked to getting older or developing a health condition.
That said, age isn't the whole story. Cover really starts to matter when other people rely on your income, for example a partner, children, or a mortgage that would still need paying. It's worth checking whether a partner already holds cover, and whether a joint or single policy suits you better.
Based on reporting by Insurance Business UK (24 June 2026). Information only, not advice.
Information only. This is general information, not financial, tax or legal advice, and not a personal recommendation. Premium figures are quoted from Legal & General's guidance and depend on individual circumstances. Tax rules depend on your circumstances and can change. Please speak to a qualified, FCA-regulated adviser before acting.