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Who is the best life insurance company UK 2024?

In this guide, our personal finance experts look at what are the best life insurance companies in the UK in 2024. We look at which are the top rated life insurance policies for claims, services, and benefits, plus the independent customer ratings on TrustPilot.

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 21 June 2024

10 min read

Who is the best life insurance company UK 2024?

The most common question about most things is ‘What is the best?’ and usually followed by ‘How much does it cost?’. It’s important to know how good companies and their products are, especially for something as important as life insurance.

There are approximately twenty life insurance companies in the UK that provide financial protection for families and parents. These companies range from some of the biggest brands like Legal & General and Aviva, to less common brands like Guardian and The Exeter.

Life insurance companies are rated based on their services, claims history, and the quality of their policies or products. The most common and widely recognised independent rating services for life insurance are Defaqto and Fairer Finance.

In this guide, our personal finance experts look at what are the best life insurance companies in the UK in 2024. We look at which are the top rated life insurance policies for claims, services, and benefits, plus the customer ratings on TrustPilot to show what actual customers think.

According to Martin Lewis, life insurance is a must have for parents who don’t have any financial protection for their children. It’s important to understand which are the best life insurance companies so that you make the right choice to protect your family.

A picture of a stopwatch

60-Second Summary – What are the best life insurance companies UK 2024?

Life insurance is simple because it only does one thing ,which is to pay out a lump sum to your family if you die. The main differences between the life insurance companies is price, customer service, benefits, rewards, and claims pay out rates.

Most of the top life insurance companies are very similar in terms of the products that they offer, which means that they need to find different ways to be better than their competitors.

  • Most of the top life insurance companies are very similar in terms of the products that they offer, which means that they need to find different ways to be better than their competitors.
  • Defaqto is the most widely recognised independent rating system for life insurance and other insurance products in the United Kingdom.
  • Most life insurance companies use TrustPilot to generate customer reviews and gather customer feedback to help them to show their service score.
  • The Top 3 life insurance companies in the UK currently in terms of size (e.g. number of policyholders) are Legal & General, Aviva, and Vitality.
  • Most life insurance companies now offer free benefits and some offer rewards or discounts to new and existing customers that are usually linked to life insurance (e.g. health benefits, gym discounts, and GP services).

Below is the MoneyPeopleOnline Top 10 Life Insurance companies in the UK for 2024 from our own ratings system. Our independent team of personal finance experts has a detailed knowledge of all of the top life insurance brands which means that we can provide you with the information that you need to decide which provider is best for your family.

Vitality logo

1. Vitality Life Insurance

Legal & General logo

2. Legal & General

Zurich logo

3. Zurich

Liverpool Victoria logo

4. Liverpool Victoria

Royal London logo

5. Royal London

Aviva logo

6. Aviva

The Exeter logo

7. The Exeter

AIG logo

8. AIG

Scottish Widows logo

9. Scottish Widows

HSBC logo

10. HSBC

We’ll explain our ratings lower down and show you how each of the top 10 best life insurance companies score in each area.

Rating the best life insurance companies in the UK can be confusing because there are so many different ways to score these companies. In this article, we’ve simplified all of this for you and pulled all of the information together in to one simple guide.

Our experts have an extensive knowledge of these companies from dealing with them for over 30 years. Below is a table that shows the different ratings systems that we use and how we rank the best life insurance companies.

Rating and ranking systemHow does it work?
TrustPilot Customer ReviewsTrustPilot.com is currently the most widely used and recognised independent customer review website for life insurance and other services.
Defaqto Star RatingThe Defaqto Star Rating is an independent quality assessment service for financial services products to help consumers in the UK.
Fairer Finance RatingFairer Finance is another independent rating system for consumers which shows a Gold, Silver, and Bronze Ribbon rating for financial services product providers.
Life Insurance Pricing (Underwriting)Our experts have an extensive knowledge of all of the top life insurance companies in the UK so we know which offer the fairest prices and the best underwriting for different risks (e.g. medical conditions, occupations, and sports).
Benefits and RewardsLife insurance companies also offer rewards, discounts, and benefits to their customers that can help them to access health and wellbeing services, as well as various incentives such as high-street discounts.
Claims Payout RatesLife insurance companies publish their claims statistics every year between March and May, which shows their previous year’s performance and pay out rates.

This guide looks at all of these different areas to show and explain which are the best life insurance companies in the UK 2024.

Here’s a full breakdown of our Top 10 Life Insurance companies which includes reviews, ratings, pricing, benefits, customer service, and claims.

Vitality logo

1. Vitality Life Insurance

Defaqto Rating: 5 Stars
Price: Cheapest premiums
Benefits: Best life insurance company

Based on our extensive knowledge and experience in dealing with Vitality, we know that its unique product ‘Vitality Active Discounts & Rewards’ scheme is the best that is available. Vitality members can access some of the best life insurance benefits which includes:

The concept of the Vitality Healthy Rewards scheme incentivizes members to be healthy and active. Members can track their daily, weekly, and monthly activity in the Vitality members app as well as unlocking your rewards.

You also get access to the Vitality 24/7 online GP service through your app and medicals from Bluecrest to monitor your health.

Vitality has also vastly improved its customer service ratings over the past few years which was previously much lower. We know that they have focused heavily on their customer experience levels and technology to offer a better all round service to policyholders, as well as low prices and class leading rewards.

TrustPilot rating

Vitality is currently rated ‘Great’ on Trustpilot, with an independent customer review score of 4.2 out of 5.0 Stars. 68% of Vitality customers have rated Vitality as 5 Stars.

Vitality Claims Statistics 2023

Claims paid (£’s): £83.5million (Life Insurance) | £117million (all products)

Life insurance claims paid out: 99.7%

Legal & General logo

2. Legal & General

Defaqto Rating: 5 Stars
Price: 2nd Cheapest

Legal & General has consistently been the Top Life Insurance company in the UK for the number of policyholders. It is clearly one of the strongest brands in the life insurance industry with its advertising campaigns and competitive pricing.

One of Legal & General’s strengths is its revolutionary underwriting system that it developed several years ago. They can now offer lower premiums and instant cover to more families and parents in the UK than any other insurer.

Our reviews are also based on underwriting philosophy for pre-existing medical conditions which is L&G’s key strength for online acceptance. We also know from experience that the way that they assess customers with medical, occupational, and hobbies based risks is one of the most competitive price models available.

Legal & General also scores relatively well with its customers which is also an improvement on previous customer review scores. The 5 Star Defaqto rating shows the quality of the policies and the Fairer Finance rating relates to a good customer experience.

TrustPilot rating

Legal & General is currently rated ‘Great’ on Trustpilot, with an independent customer review score of 3.9 out of 5.0 Stars. 46% of reviewers rated Legal & General as 5 Stars.

Legal & General Claims Statistics 2023

Claims paid (£’s): £519million (Life Insurance) | £921million (all products)

Life insurance claims paid out: 97%

Zurich logo

3. Zurich

Defaqto Rating: 5 Stars
Price: 3rd Cheapest Premiums

Zurich have been consistently well priced in the life insurance industry for many years and especially for older parents and families. They have also significantly updated their policy recently with a new cancer cover that is unique in the life insurance space in the UK.

They also hold the 5 Star Defaqto rating for their life insurance policies which are considered to be one of the highest quality products. Zurich also rates highly with Fairer Finance for claims and complaints scores but low for transparency, which brings down the overall score.

Zurich life insurance benefits includes free counselling support services from a qualified health professional and free cover up to £250,000 during the application process.

TrustPilot rating

Zurich is currently rated ‘Great’ on Trustpilot, with an independent customer review score of 4.0 out of 5.0 Stars. 61% of reviewers rated Zurich as 5 Stars.

Zurich Claims Statistics 2023

Claims paid (£’s): TBC

Life insurance claims paid out: TBC

Liverpool Victoria logo

4. Liverpool Victoria

Defaqto Rating: 5 Stars
Price: 9th Cheapest Premiums

Liverpool Victoria is one of the UK’s most well known and recognisable general insurance companies, even though not as commonly linked with life insurance. LV= as it is now known, is considered to be one of the best and highest rated personal protection brands.

LV= is also one of the highest rated insurance companies by its customers on TrustPilot, with a score of ‘Excellent’ from 4.4 out of 5.0 Stars out of over 71,000 reviews.

Premiums and pricing also usually rank relatively highly which also includes a flexible approach to medical underwriting. Our experts have rated Liverpool Victoria highly for its underwriting philosophy which is regularly one of the best for medical conditions, occupations, and sports.

Defaqto has also awarded LV= with a 5 Star rating for its policies which also tend to be one of the best available.

TrustPilot ratings

LV= is currently rated ‘Excellent’ on Trustpilot, with an independent customer review score of 4.4 out of 5.0 Stars. 80% of reviewers rated LV= as 5 Stars.

LV= Claims Statistics 2023

Claims paid (£’s): £519million (Life Insurance) | £921million (all products)

Life insurance claims paid out: 97%

Royal London logo

5. Royal London

Defaqto Rating: 5 Stars
Price: 7th Cheapest Premiums

Royal London Group is the UK’s biggest Mutual Life Insurance and Pensions provider with more than 2 million customers. It is an award winning life insurance company as well as a leading pensions and investments provider.

Royal London Mutual Insurance Society is rated 4.0 out of 5.0 Stars (Great) on TrustPilot with over 2,000 customer reviews.

Our experts have rated Royal London in the Top 5 Life Insurance Companies in the UK currently, because of its Customer Experience, Underwriting philosophy (medical conditions), and pricing. We also rate Royal London highly because of its wide range of products and services, which are some of the best available.

TrustPilot rating

Royal London is currently rated ‘Great’ on Trustpilot, with an independent customer review score of 4.0 out of 5.0 Stars. 66% of reviewers rated Royal London as 5 Stars.

Royal London Claims Statistics 2023

Claims paid (£’s): £730million (all products)

Life insurance claims paid out: 99%

The most recommended life insurance company on TrustPilot is LV= with a star rating of 4.4 out of 5.0 and an overall score of ‘Excellent’ from 71,752 reviews (at 17/06/2024). Beagle Street were also ‘Excellent’ on TrustPilot with 4.7 out of 5.0 Stars from 4,495 reviews.

Below is our latest table showing which are the most recommended life insurance companies in the UK on TrustPilot. You can see which are the top rated life insurance companies from customer reviews and feedback.

Insurance CompanyTrustPilot Star Rating (out of 5.0)TrustPilot ScoreTotal number of customer reviews
LV logo4.4Excellent71,752
Beagle Street logo4.7Excellent4,495
Budget Insurance logo4.3Excellent14,398
Vitality logo4.2Great41,219
Aviva logo4.0Great35,764
Legal & General logo3.9Great14,582
Scottish Widows logo4.1Great3,457
Royal London logo4.0Great2,006
Zurich logo4.0Great2,742

Our ranking is based on the overall Star Rating (out of 5.0 stars) and the TrustPilot score, as well as the number of reviews that have been left. The reviews and scores in the table were correct at 17/06/2024 from trustpilot.com.

Finding the best and most suitable life insurance to protect your family can be difficult, because there are lots of different factors to consider. This is especially true for people with pre-existing medical conditions, high-risk jobs, and other specialist needs.

You can try to search online and see what cover is available, but you might end up buying a policy from the wrong company. It’s usually best to get proper advice from a qualified life insurance specialist which can save you time, money, and stress.

To speak to one of our friendly life insurance experts you can call 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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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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