The right price at the right time

How we keep life insurance costs low

The right price at the right time

The right price at the right time 1920 1280 DeadHappy

Why do we have cheaper life insurance? To calculate the cost of life insurance, the industry boffins (called actuaries) work out the risk of someone dying based on their age, there physical attributes and their medical history.

We are no actuaries, but we worked out that the risk of any individual dying today is lower than the risk of that person dying in 5 years’ time, which is lower than the risk of them dying in 10 years’ time, which is lower… get the picture.

But for some reason, when you buy term life insurance in the UK, they make you pay the same amount today as in 5 years as 10 years……so either they are being very generous, or they must be overcharging you now to compensate for the later years. Those rascals.

Here’s a picture that shows the logic


What no one tells you is the average life insurance policy is cancelled after 6 years, which is not surprising if you think about it, circumstances change, you need different levels of cover, and most life policies are very inflexible. So what that means is most customers have been overpaying….a lot!


So how do we keep the cost of life insurance so low?

In Australia they worked this all out yonks ago. So today, most Aussies buy life insurance that increases at a fixed rate over the years, so they don’t over pay today or tomorrow. They pay the right price at the right time, just like all other insurance products.

We think this is a great thing, so we decided people in the UK should be able to do the same and benefit from the lower costs. After all – who really knows what life insurance you will need in 10 years time, let alone 20?

Updates & Legal gumph
Current Version 2.1
  • Added
  • Hey Bowlhead video
  • Updated
  • Lifeline guarantee extended to 10 years.
  • Plan RulesView Rules
  • Improved
  • Life insurance acceptance for mental health issues
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