Advertisement Feature – In partnership with TOM
Life insurance isn’t something everyone needs at the same stage of life. A better question is: would someone else be affected financially if you died?
If your income pays towards a mortgage, rent or household bills, or you have children or someone else who depends on you financially, it’s worth understanding what protection you have.
And it may cost less than you think. TOM currently offers life insurance from £5 a month for £100,000 of cover, with £250,000 of cover starting from £5.52 a month. The price you actually pay will depend on factors including your age, health, lifestyle and the amount of cover you choose.
Jasmine Birtles, founder of MoneyMagpie, says: “Life insurance is one of those financial jobs that’s very easy to leave until another day. My advice is not to assume you need it or assume you don’t. Look at who relies on you financially, what would need paying if you weren’t there and find out what cover would actually cost you. Once you’ve got those facts, you’re in a much better position to make a decision.”
If that sounds like a job that’s been sitting on your list, TOM’s advisers can help you understand the options and find cover suited to your circumstances.
1. Does anyone rely on your income?
Start here.
If your income helps pay the mortgage, rent, childcare or household bills, think about which of those costs would continue without it.
Life insurance is designed to pay a lump sum if you die during the policy term. That money could be used towards a mortgage, bills or other financial commitments.
If nobody depends on your income and you don’t have financial commitments you’d want covered, your needs could be very different. This is precisely why there isn’t one policy that’s right for everyone.
2. Do you know what cover you already have?
Check before buying anything.
Some employers provide death-in-service cover as part of their benefits package. Find out how much it would pay and what happens to that protection if you leave your job.
If you already have a life insurance policy, check the amount insured and how long the policy has left to run.
Buying a home, having children or taking on additional financial commitments doesn’t automatically mean you need a new policy, but it gives you a good reason to check the numbers.
3. “Won’t the insurer just find a reason not to pay?”
This is one concern worth tackling with facts.
According to the Association of British Insurers, 97.9% of new individual protection insurance claims were paid in 2024. Across individual life insurance, income protection and critical illness policies, insurers paid £5.32 billion in claims that year.
Claims can still be declined. The ABI says common reasons include customers not disclosing existing medical conditions when applying or a claim not meeting the policy definition.
So don’t second-guess what an insurer wants to know. Answer application questions accurately and make sure you understand what’s covered before taking out a policy.
4. How much cover should you consider?
This is where it’s useful to get the calculator out.
There isn’t one figure that’s right for everybody, but there are some useful starting points.
First, look at your mortgage or housing costs. You might decide you want enough cover to clear some or all of an outstanding mortgage. If you rent, think about how long you’d want to help your family meet the rent.
Next, look at income. A common way to start estimating a figure is to consider a multiple of your annual salary, then adjust it for your family’s actual needs rather than treating that multiple as a rule.
Parents can also think about time. How many years are there until your youngest child reaches 21? Consider the household costs, childcare and other financial support that could be needed during those years.
Then subtract resources that would already be available, such as savings or existing life cover.
For example, someone earning £35,000 shouldn’t simply choose a large multiple of that salary and stop there. Looking at a £180,000 mortgage, existing workplace protection and the number of years their children may remain financially dependent gives a much more useful starting point.
An adviser can help you work through those numbers and find an appropriate level of cover rather than simply opting for the biggest policy.
5. Is life insurance expensive?
It can be surprisingly affordable, although premiums vary significantly between individuals.
TOM currently advertises prices starting at £5 a month for £100,000 of cover, while £250,000 of cover starts from £5.52 a month.
Those are starting prices, not what everybody will pay. Your premium can be affected by factors including your age, health, lifestyle and the amount and type of cover you choose.
This is also where talking to someone can be useful.
TOM’s knowledgeable advisers talk through your circumstances and explain the available options rather than leaving you to decipher insurance terminology yourself.
Customer feedback suggests that approach is appreciated. TOM currently has a 4.8 out of 5 Trustpilot rating from more than 4,500 reviews, with recent reviewers frequently highlighting helpful advisers, clear explanations and a lack of pressure.
Trustpilot rating and review count correct as of October 2026. Ratings and review numbers may change.
But what if you think “it won’t happen to me”?
Nobody takes out life insurance because they expect to use it.
The useful question isn’t whether you think you’re likely to die during the policy term. It’s whether there would be a financial gap for somebody else if you did.
If the answer is no, that’s useful to know.
If the answer is yes, you can then decide whether insurance is an appropriate way of covering some or all of that gap.
That’s a much more practical way to approach the decision than trying to predict the future.
The MoneyMagpie bottom line
Don’t start by asking how much life insurance you can buy.
Work out who depends on you, what financial commitments would remain and what protection you already have. From there, you can calculate the gap and decide whether you want insurance to cover it.
And get an actual price before assuming life insurance will be expensive. With TOM’s policies currently starting from £5 a month, a quote gives you a real figure to work with rather than a guess.
If you want help working out the right level of protection, TOM’s advisers can talk through your circumstances and explain your options.
Regulatory information
Approved by Clark Insurance UK Ltd trading as Tom and tom.co.uk, which is authorised and regulated by the Financial Conduct Authority (FRN 603273). Clark Insurance UK Ltd is responsible for the contents of this communication.
Prices quoted are starting prices advertised by TOM at the time of writing. Your premium will depend on your individual circumstances and underwriting.
