Life insurance is about protecting what you care about most after you’re gone. As such, there is no ‘right’ or ‘wrong’ time to take out a policy. It will entirely depend on your situation, including your budget and what you want to leave behind.
This guide won’t tell you directly when to get life insurance, but it provides information on why people tend to take out a policy, how premiums differ depending on your age, the different types of insurance available and more.
Life insurance is a way of giving financial support or security if you're no longer here to do so yourself. There are countless reasons why people decide to get life insurance, but below are some of the most common.
We all know that there are certain costs associated with raising children. According to CPAG’s annual Cost of a Child report, the cost of raising a child born in 2025 to the age of 18 is estimated to be £250,000 . If you were to pass away during your child’s early years, it would leave a substantial financial responsibility to the other parent and your family.
Don’t forget, it’s not just your income that's no longer available, it’s also your time. Life insurance can provide additional funds for things like childcare, nannies and transport.
If you buy a house using a mortgage, you’re committing to a long-term financial debt. If you’re single with no children or dependents, your house will most likely be sold in the event of your death by the executor of your will, which should cover the remaining debt you owe.
However, if you own your house with a spouse or partner, they may want to carry on living there. Life insurance can therefore pay your share of the mortgage when you’re no longer here. In fact, you can get specific life insurance purely to cover your mortgage.
If you currently use some of your income, or your time, to support family members, life insurance can give you the peace of mind that they’ll still receive that support in the case of your death.
Even if you don’t currently care for family members, you may have always hoped to be able to make enough money to help your parents retire early or move to another house. Life insurance is a way of making that possible.
If you’re involved in a charity or local organisation, you might want to give them a boost if you’re no longer around to volunteer your time. Additional funds can be used to hire more staff, purchase equipment or generally promote the organisation’s aims.
Taking out a life insurance policy helps you leave a legacy which protects what you’ve worked for.
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Age |
Amount of cover and monthly cost 21 years old £120k from £5 31 years old £100k from £7.54 41 years old £100k from £15.51 51 years old £100k from £37.88 61 years old £100k from £93.09 |
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21 years old |
21 years old £120k from £5 |
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31 years old |
31 years old £100k from £7.54 |
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41 years old |
41 years old £100k from £15.51 |
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51 years old |
51 years old £100k from £37.88 |
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61 years old |
61 years old £100k from £93.09 |
Life insurance is most affordable when you’re younger, so if you’re looking for the lowest monthly premiums possible, it’s best to take out a policy early in adulthood. Your term will then of course expire earlier, but with up to 40 years of cover available, a policy can still cover you for most of your working life. If you wanted more cover after your policy had expired, you could then take out another policy, depending on your financial needs and budget.
However, it’s not all about age. Premiums are calculated based on a number of other factors, including:
For example, here is another illustration of how smoking impacts insurance premiums for a 30-year-old and a 50-year-old. As before, these figures are for people with no pre-existing medical conditions, with £100,000 of cover on a 21-year level cover policy.
As you can see, while life insurance is still available if you smoke, it will have a more drastic impact on your life insurance premiums as you get older.
Yes and no, as it depends on the type of life insurance you get. So far in this guide we’ve been talking about ‘term’ life insurance. This is the most common form of life insurance, offering a pay-out if you pass away within a specific time period. Insurers will usually have a term life insurance age limit. At Post Office, we can’t offer term life insurance to anyone over 70, and those aged 70 can only be covered for a maximum of 19 years.
However, there is a different type of life insurance called over 50s life insurance which offers policies up to the age of 80.
Over 50s life insurance is what’s known as ‘whole of life’ insurance. It works differently from term life insurance as it covers you for the rest of your life, no matter how long you live. Cover limits are smaller, but provided you keep paying your monthly premiums, your loved ones are guaranteed a payout when you pass away.
Depending on age, you can get up to £10,000 of cover with Post Office’s Over 50s Life Insurance. It has a 100% acceptance rate for UK residents between 50 and 80, with no medical questions asked.
You can find out more about over 50s life insurance on Post Office’s dedicated page.
If you’ve decided that now is the right time for you to take out a life insurance policy, Post Office offers both term life insurance and over 50s life insurance. Here is some key information about our products:
4 This service is separate from the policy contract. It’s free but may be withdrawn at any time.
1Post Office Life Insurance is provided by Scottish Friendly. Scottish Friendly paid 99.1% of life insurance claims they received in 2024.
2Post Office was named Best Life Insurance Provider at the YourMoney.com Awards 2022 and Best Over 50s Life Insurance Provider at the YourMoney.com 2025.
3Data accurate as of March 2025.
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