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Life Insurance in England
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Does England have Life Insurance?
Yes 💯 100% England does have some top life insurance policies and all Insurers are supervised by the Bank of England.
So we review some of the Best Life Insurance Companies in England plan types available in the 2020’s.
A range of Top English Insurance Companies we currently work alongside, as whole of market Life Insurance Brokers.
Because we understand that insurance protection is the cornerstone of sound financial planning, we are committed to helping protect you when you may need it most.
Let’s help find you the best English life insurance company policy for your situation, which could save you both time & money.
The ideal policy may not necessarily always be the cheapest life insurance in England, but it could best protect yourself, your family or business.
We also have reviewed various insurers background history, claims records, financial strength, any recent industry awards, main product areas and Broker FAQ.
As the market is always changing, that’s why we’ve partnered with some of the leading companies top 10 life insurance England has to offer. We can bring you access to a comprehensive choice of both personal & business protection products.
Insurers used here to help safeguard your income and standard of living against life and unexpected challenges ie; ‘your back up plan’
ENGLAND LIFE INSURANCE REVIEWS (2024)
We have listed some of these Best English Life Insurers we use – of which many have head or regional offices within England.
These ‘best for’ English life insurance companies are listed in alphabetical order here, for ease of their various protection insurance areas.
Note: Any broker recommendations will always depend upon your own personal circumstances & which life insurance types are then most suitable for you.
Bank of England & Insurance Benefits?
The Bank of England state they supervise around 500 insurance companies over here.
Approximately 25% of those are Life Insurance Companies, with the 75% remainder being General Insurance companies.
The Bank of England explains the 2 different types of insurance offered in England on their UK website.
1] Life Insurance:
This insurance they say pays either a lump sum or regular payments to your family, if you died during the length of your policy.
Life Insurance companies also they advise sometimes help provide pension schemes (a special kind of savings plan).
You save a little of your monthly income regularly whilst you are working, which can then be used as a monthly income into later life (when you want to work less or retire).
Life insurers may also sell an insurance policy called an annuity. This provides a guaranteed income for the life of the pensioner and stops the worry of using up all of their savings.
2] General Insurance:
This insurance protects those objects we care about eg; homes, cars and belongings ie; anything other than Life insurance.
General Insurers are also responsible for insuring against large catastrophes eg; such as natural disasters.
They are also at the forefront of responding to many newer emerging risks, such as cyber attacks and climate change.
General insurance policies are typically much shorter than life insurance, with many being renewed annually.
The Bank of England job role amongst others, is to ensure that all insurance companies keep their promises to pay their customers, so do not let them down & often when they may need that money the most.
That means they have to regularly monitor those insurers’ overall financial safety and soundness. All this also helps to support the wider stability of the UK financial system.
The overall UK insurance industry is the largest in Europe. Insurance they say helps provide peace of mind for people and it also helps reduces uncertainty for businesses.
The Bank of England on Insurance benefits says it also contributes to our overall economy in various ways financially.
Insurance companies in the UK:
- Manage investments of roughly £2 trillion
- They use their customers’ premiums to invest in companies, stocks & bonds
- Pay nearly £12 billion in taxes to the UK Government each year
- This money can be used to help pay for public services, such as education
What kind of Life Insurances does England have?
Let’s understand more about what are the main types of life insurance in England available…
These insurance plans may either ask a whole range of medical questions before underwriting terms.
OR instead offer you lifecover via guaranteed no medicals. T&C’s apply.
Life Insurance – Choice of Lump Sum or Family Income over a fixed term eg; 30 years until retirement - Critical Illness – Pays out a tax-free sum should you be diagnosed critically ill as specified by Life Insurers
- Mortgage Protection – Protects your decreasing repayment mortgage against death or critical illness
- Income Protection – Insures your income & provides a tax free benefit against accident, sickness or hospitalisation
- Over 50 & Over 60s Life Cover – Guaranteed no medical questions for over 50’s & 60’s
- Whole of Life Assurance – Covers you for rest of life assurance cover ie; no end term
- Business Protection – Protection for your directors, key staff & employees
- + various Case Studies.
Life Insurance England Company Review
Best English Life Insurance Companies for Term Cover:
‘Term Life Insurance’ Quotes > 15 secs
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Best English Insurance Companies for Critical Illness:
‘Critical Illness Cover’ Quotes > 15 secs
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Best English Insurance Companies for Income Protection:
‘Income Protection’ Insurance Quotes > 15 secs
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Best English Insurance Companies for Whole of Life:
‘Whole Life Assurance’ Over 50 Quotes >
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Best English Insurance Companies for Business:
‘Business Protection’ Insurance Quotes >
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Our various English life insurance company protection partners have been chosen for both their superior service & their competitive products, as your brokers via Stonebridge Mortgage Solutions.
Note: there were once many other well known brands selling Life Insurance in England, but many Insurers have sadly dwindled over the last few decades.
Insurance brand names like Norwich Union, Friends Provident, Royal Liver Assurance & Commercial Union.
Top 10 Life Insurance in England?
In the 2020’s, to list any definitive Top 10 Insurance Companies in England will all be dependant on those assessment statistics.
Many Insurers have their main Companies Head Offices located in the capital London, and then have other administration offices in other parts of England & UK.
Most of them will be listed currently on the FTSE 100 shares index of biggest insurance company in England.
Top 10 largest English Insurance Companies – by ‘Capitalization’
- Prudential
- Legal and General
- Aviva
- Admiral Group
- Phoenix
- Hiscox
- Beazley
- Direct Line
- Lancashire
- Just Group
Top 10 English Insurance Companies – by ‘gross written premium’
- Aviva
- AIG
- Axa
- Zurich
- RSA Group
- Direct Line
- Allianz
- BUPA
- Ageas
- NFU
Top 5 largest English Insurance Companies – by ‘market values’
- Aon
- Prudential
- Willis Towers Watson
- Aviva
- Admiral Group
Top 3 largest English Life Insurance Company – by ‘plan owners’
- Legal & General
- Aviva
- Scottish Widows
Top 3 English Insurance Company plan types – by ‘claims payout’
*Association of British Insurers ABI
- Whole Life Assurance 99%
- Term Life Insurance 96%
- Critical Illness Cover 91%
What’s the biggest insurance company in England?
So looking at the above Top 10 lists, Aon Insurance is currently the biggest insurance company in England.
Aon Insurance has a worldwide reach, that they advise spans more than 120 countries & territories. They have a reported 60,000-strong global workforce.
This publicly traded company specialises in all matters of commercial insurance and reinsurance products, plus insurance-linked securities.
England Life Insurance Claims
The Association of British Insurers state the average acceptance rate is around 98% overall.
In the last few years, this averages over £6 billion in claims paid out to help support families & individuals (in case people wrongly believe Insurers don’t pay out)
England Life Insurance Contact Phone Number?
We are English Insurance brokers, so therefore we may act independantly on your behalf to help arrange your ideal cover & assist with your administration queries.
Ultimately though your protection policy is dealt with on a day to day basis via those Insurers (eg; a death or serious illness claim).
So those contact number for any life insurance companies in England is always best direct via their customer services helplines.
Find below a list of some insurers customer helplines contact phone numbers, offering types of Life Insurance in England.
- AIG 0345 600 6820
- Aviva 0800 285 1098
- British Friendly 01234 358344
- Cirencester Friendly 0800 587 5098
- Exeter Friendly 0300 123 3201
- Guardian 0808 123 1821
- Holloway Friendly 0800 0931 535
- Legal & General 0800 096 6959
- Liverpool Victoria 0800 678 1906
- National Friendly 0333 014 6244
- One Family 0344 8 920 920
- Royal London 0345 602 1885
- Scottish Widows 0800 849 6089
- Shepherds Friendly 0800 526 249
- Vitality Life 0345 601 0072
- Zurich 0370 333 1500
Note: as many English Insurers have merged or taken over older insurance brands over the last few decades, these may have separate policy helpline contact numbers for those older insurers schemes.
Does Martin Lewis recommend Life Insurance in England?
Money Saving Expert Martin Lewis agrees life insurance in England is 💯 100% important if anyone is reliant upon your Income & would struggle financially without you around ie; there is an insurable financial interest.
MSE Martin says ‘Thinking about how your family may cope financially if you were to die isn’t a very cheerful topic, BUT it is an Important One’.
Martin Lewis life insurance view is YES it’s a cheap financial lifeline but the ultimate monthly costs choice risk is always yours.
Like England’s Great Prime Minister Winston Churchill was once quoted also having said like Martin Lewis view on life insurance benefits is that for a small premium – it may help prevent families suffering a financial catastrophe.
He also discusses the value in other insurance plans if for example you were off work sick, like income protection insurance & critical illness cover.
Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is ‘THE 10 x RULE’ ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.
To help you calculate a figure that works for you, Martin Lewis for Life Insurance in England says it’s worth ensuring any life insurance policies cover:
- Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
- Immediate Outgoings: regular bills dependants would need to pay
- Future Spending: you may have wished to make eg; university fees
- Additional Expenses: a death may trigger eg; funeral costs
Martin Lewis on Life Insurance also suggests being that Money Expert – that you should “NEVER BLINDLY BUY DIRECT” expensive policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.
Lastly, MoneySavingExpert also said generally remember, not all english insurance companies plans are featured on insurance comparison sites. As brokers, we would also agree here – so let us help you shop around for great broker only deals.
In terms of the large range of Life Insurance policies available, Money Saving Expert are fully impartial with all their best buy reviews. As you maybe aware, neither Martin nor MSE never endorse products.
Note: Yes, they mention individual products & services on their MSE site, but they make it very clear don’t ‘support’ them.
3 TOP Reasons – Why get Life Protection Cover?
As Life Insurance Brokers, this is our simple top ‘3 reasons formula‘ you may wish to consider in an ideal world alongside the Martin Lewis 10 x Salary formula
- LUMP SUM – repay a Mortgage / Loan / Debts – Often your largest outgoings
- INCOME – provide for your Family – To help cover ongoing monthly bills / lifestyle / holidays
- LUMP SUM – help cover Final Expenses or leave a Legacy – Monetary Costs
As such, should you choose either options here, then please use our free online England Life Insurance Calculator > and compare best broker deals.
How much is Life Insurance in England?
What is the Average Cost of Life Insurance in England?
How much is life insurance in England? What you may personally pay for this, will all be based on a variety of factors ie; your age, occupation, smoker status, overall health and lifestyle.
The average cost in England of life insurance will also depend on whether the cover is either…
- Level or Decreasing life insurance?
- Term or Whole of life assurance?
- Lump sum or Income type policy?
- Single or Joint Life cover?
- Life Insurance term eg; 20 or 30 years?
- OR Whole of life assurance indefinate coverage?
We have based our research on the average salary in England ie; which is around £35,000pa income. Then, the typical average family ages of 40 in England with 2 young dependant children.
This ties in roughly with our broker experience, and those ages when people are often looking for joint family life cover to help protect them & their kids.
Then by finally using Martin Lewis Money Saving Expert Best Life Insurance Formula rule of thumb ie; “10 x Salary” of highest earner – set up until all kids leave education or other financial dependants.
Average Cost in England of Life Insurance is around £39 per month
This is based on using Martin Lewis MSE life insurance formula – 10 x average annual salary £35,000 (ie; £350,000 joint life insurance over 20 years on non-smoker rates).
This average premium cost doesn’t include optional critical illness cover, premium waiver or other benefits, and is for joint level term family life insurance lump sum cover.
It assumes no adverse health or lifestyle risks either.
Insurance Companies in England
There are many leading insurance companies, from those that offer mainly life & health insurance in England to others that offer home, business, car and other general insurance types.
Find below a list of new & old English insurance companies. Brands that mainly operated in the life and health insurance sectors in England & other parts of the UK.
Many of these were once in the top 10 England’s biggest life insurance companies in UK.
Unfortunately, numerous of these well known Top ‘English Life Insurance Companies’ names have slowly disappeared over the years from offering new business in 2024.
Top English Life Insurance Companies List
Life Expectancy in England versus UK
What is the ‘Average Life Expectancy in England’ & does where you live in the UK affect this? Looking at the above infographic from a few years ago, this appears to be clearly the case between say England & rest of the UK.
Importantly, the normal Life expectancy in England has also had 2 major turning point trends within the past decade.
From 2011, increases in english life expectancy slowed up after steady improvement over numerous decades, prompting then various social media debates about the likely causes.
Then in 2020, the recent Covid 19 pandemic was an even more significant & became literally a life changing turning point.
It prompted a sharp fall in average life expectancy for England & this enormous magnitude of which people had not seen since the 2nd World War.
The UK news at that time was sadly full of both care homes & hospitals losing many of their cared for patients & families their loved ones.
In 2019, prior to this England life expectancy had naturally increased upto 79.9 years for english males & a higher 83.6 years for english females.
However, the 2020’s pandemic caused average England life expectancy 2022 to fall by around 1 year for both males and females, against those levels of a decade or so ago.
Currently, various provisional Government data suggests there will be little change in 2024 for data on ‘life expectancy in England’.
Money Saving Expert also mentions England and life expectancy, when he comments on no medical over 50 life insurance.
MSE comments that 💯 ‘100%’ Over 50 Life Insurance Martin Lewis says is a “Good Bet”…IF You’ve Poor Health & Lower Life Expectancy.
Martin says…’Let me be blunt: If you’re likely to die sooner than the average, these Over-50’s plans can be lucrative’.
Conversely he also means, both no medical Over 60’s lifecover & Over 50’s lifecover Martin Lewis says is a “Lesser Bet” IF you are in Good Health & therefore longer Life Expectancy.
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*Can you have cover with several English Insurers?
Yes. You can take out multiple policies with several companies if offering the Best Life Insurance in England. Again, there is no UK law to prohibit this.
For example, the cheapest deal for mortgage or family life insurance is with Insurer 1, so you apply to them.
But that same insurer for income protection or critical illness is alot more expensive. So you now apply to Insurer 2 for this insurance companies best deal.
Note, most insurers will ask in their application forms the total amount of protection cover types you maybe applying for or have already across all insurers.
You can potentially claim on as many valid life insurance plans as needed, when doing quotes about life insurance.
*Can you switch ‘English Insurance Companies’ to get better deals?
- YES. It can make sense to switch IF your circumstances have changed
- This could relate to your personal health, lifestyle or just the Insurers stance
- eg; high blood pressure or BMI kg risks when you took out the plan no longer applies
- Or you quit smoking for 12 months+ or more so can apply for ex-smoker rates
- Conversely, if your health maybe worse, the existing policy is best left alone
- Be careful with changing critical illness insurers just based on price
- If remortgaging or moving home then you may need to re-look at existing cover
- Often rates via a Bank or Building Society direct can also be more expensive
- Check that you are getting ‘like for like’ or better plan cover before switching
- Is the current plan in trust to help avoid probate & Inheritance Tax IHT issues
- Lifecover & Terminal Illness is Not the same as Lifecover and Critical Illness
What other kinds of Insurance does England have?
*Does England have a National Insurance Scheme?
People in UK and England have a special kind of insurance, which is the government-sponsored National Insurance Scheme (NIC).
This National Insurance is realistically for many seen as an additional type of income tax.
BUT crucially the money raised, it then helps to pay for many State Benefits as a minimal back up plan safety net eg; Statutory Sick Pay, Unemployment, State Pensions & Widows support.
In England and the UK, you only start paying into National Insurance once your income goes above certain levels.
Note: You also need a National Insurance number before you can even start paying any National Insurance contributions.
However, these state benefits are never enough to 100% live off ie; they are often only around £100 per week (which for many is below the current breadline) in a cost of living crisis.
So taking out your own sick pay insurance, life insurance & private pensions makes sense. Compare Protection Insurance Deals Online >
*Does England have Private Health Insurance?
The main healthcare system in England is the National Health Service (NHS). Most UK English permanent residents are entitled to receive free healthcare from the NHS.
So ‘Yes’ there is the excellent NHS, but due to growing pressures on the system as the population grows, many people now are looking to also take out Private Medical Health PMI insurance.
PMI Insurance helps to covers those medical related costs of being treated by privately, but potentially much quicker and in private comfort.
Looking for family or business health insurance? We can help arrange your ideal broker deal on PMI Private Health Insurance >>
Life Insurance in England Conclusion
Whatever type of insurance protection cover you are after, either for personal or business, we can help you.
From level, increasing or decreasing cover life policies. From life & sickness insurance to private health. From home or business general insurance plans, we have it covered.
Get a free online life quote & then discuss your best options with one of our whole of market life insurance agents based in England, but covering the whole UK.
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