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What is the highest rated life insurance company UK 2024?

Our top priority is to make sure that you know which financial companies are good and which aren’t. In this guide, our MPO experts look at which insurers are the highest rated life insurance companies in the UK, based on ratings from Defaqto and Fairer Finance.

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 24 June 2024

4 min read

What is the highest rated life insurance company UK 2024?

Our top priority is to make sure that you know which financial companies are good and which aren’t. Life insurance is such an important decision because it provides financial protection for your family in one of the worst possible circumstances, so it’s important to get it right.

There are two main independent ratings services for consumers which are Defaqto and the less well-known Fairer Finance rating. You can also use websites like MoneyPeopleOnline, Which?, and to get an independent review.

In this article, our life insurance experts are looking at the two main independent financial product review services. We’ll look at how Defaqto and Fairer Finance ratings systems works and explain what that actually means in the real world for real customers.

Life insurance is by far the most cost-effective and safest way to protect your family against financial loss if you or your partner dies. You can also take out critical illness insurance or income protection insurance to protect against serious illness, accidents, and other issues that might prevent you from working.

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60-Second Summary – Which are the highest rated life insurance companies?

There are several different types of reviews to consider when you buy life insurance, and most other services as well. You can look at customer reviews (e.g. TrustPilot and Feefo), website reviews (e.g. Which?), and trade or industry reviews.

Financial services products are heavily regulated and they’re generally subject to a number of different ratings or assessments.

  • Defaqto is the most well-known and widely recognised independent review service for financial service products in the UK, rating products out of 5 Stars.
  • Fairer Finance is a newer independent rating service for financial products that gives a Gold, Silver, or Bronze rating and a percentage score in three core areas (e.g. Fairer Finance Claims Score, Complaints, and Transparency).
  • Personal finance consumer websites such as Which?, MoneyPeopleOnline,, Unbiased, and SmartMoneyPeople provide reviews for life insurance and other financial products.
  • TrustPilot was founded in 2007 and is now the most widely recognised platform which is used by almost all life insurance companies to collate customer reviews.

Based on our latest research and the most up to date scores from the Defaqto and Fairer Finance services, the most trustworthy life insurance companies are:

ProviderDefaqto RatingFairer Finance RatingTrustPilot ScoreTrustPilot Rating
Beagle Street logo5 StarGold4.7 StarsExcellent
Aviva logo5 StarGold4.0 StarsGreat
Budget Insurance logo5 StarSilver4.3 StarsGreat
Royal London logo5 StarSilver4.0 StarsGreat
Virgin Money logo5 StarSilver2.1 StarsPoor

These are the Top 5 trusted life insurance companies in the UK in 2024 according to their ratings and TrustPilot scores. We must also stress that some of the customer service rating on the TrustPilot website are for all areas of the business and not just life insurance (e.g. Aviva, Royal London, and Virgin Money).

Life insurance ratings systems such as Defaqto and Fairer Finance give consumers an independent assessment of the quality or products and services on offer. These independent agencies offer an impartial view for life insurance companies and many other different types of financial service products.

Defaqto Life Insurance Ratings

The chart below shows the latest ratings from Defaqto using its Five Star rating system which looks at the products that are offered by each life insurance company.

[Defaqto ratings]

The Defaqto rating is used by many insurers to show the quality of the features and benefits that are offered by their products.

Fairer Finance Life Insurance Ratings

Fairer Finance is a more detailed rating system that takes several major criteria in to account for its Customer Experience rating, including Happiness and Trust, Complaints, Transparency, and Claims Payout Rates.

[Fairer Finance tables]

The ratings that are provided above for 2024 shows the different scores from both of the main independent services. The top rated life insurance company can potentially be different for each person depending on their priorities, circumstances, budget, and needs for protecting their family.

Finding the best and cheapest life insurance companies will be different for many of us, and so it’s usually worth getting proper advice from a qualified expert. There are lots of things to think about when you consider which life insurance company is best to protect your family, so it can be confusing without help.

You should be looking for:

  • Value for Money
  • Customer Reviews
  • Benefits and Rewards
  • Claims History
  • Support Services

Life insurance companies are much more than just providers of a lump sum payment if you or your partner dies. You can get much more out of your life cover and so you should check to see what it available.

For free and friendly expert advice from a life insurance specialist you can contact 0800 009 6559 or CLICK HERE for more information.

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Is it worth paying for life insurance?

Life insurance can be worth it for many people, especially if you have a family or mortgage to think about. It's not a fun topic to think about, but it is important to consider what might happen to the people that you care about if you died.

  • Many industry experts like Martin Lewis MBE recommend having life insurance if you are a parent, as 23,500 UK children under 18 lose a parent each year (on average)
  • You should seriously consider buying life insurance if your family is likely to lose a significant amount of income and financial support in the event of your death
  • There are a lot of options for life insurance which is great as you have a range of choice, but it can also make it harder to decide which policy is right for you.
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Is life insurance worth it? - MPO

What are the 3 main types of life insurance?

There are 3 main types of life insurance that UK consumers can buy, which are level term, decreasing term, and whole life insurance. There are pros and cons to each type of policy, so you should do some research and consider which feels like the best fit for you.

You can also choose between single life or joint life cover depending on what works best for you. A single life policy will protect one person, and a joint life policy can be used to protect both you and your partner in one policy.

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Is term life insurance better or whole of life insurance? - MPO

Which life insurance is best in UK?

There isn't going to be one overall 'best' life insurance company or policy in the UK, as everyone will need something slightly different from their cover.

There are a lot of options for life insurance companies in the UK and some companies will work better than others for certain types of customers. If you have a high risk job, dangerous hobby or any pre-existing conditions, it is usually best to get some advice from an experienced life insurance specialist.

How does life insurance work?

Life Insurance is a simple way to protect your family from financial difficulty if you were to die. A life insurance policy will pay out a cash lump sum in the event of your death, which your loved ones can use to cover important bills and expenses like:

  • The cost of your funeral
  • Repaying some or all of your mortgage
  • Helping with the cost of childcare, school fees etc.
  • Support with cost of living expenses (e.g. utility bills)
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MPO Life Insurance Guide - MPO

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MoneyPeopleOnline and the Money Mum & Dad mission is to simplify the confusing personal finance problems we face daily. Our family lives are busy and we need to get the most out of our money without sacrificing quality... we're here to help!

On our website, we provide free and impartial advice on all of the everyday finance topics that many UK consumers need some help with including:

  • Life Insurance
  • Income Protection Insurance
  • Critical Illness Insurance
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