Interesting facts and figures about life insurance in the UK


In the UK, life insurance is a vital part of financial planning for many families. It can provide peace of mind in the event of unexpected death and can help to ensure that loved ones are taken care of financially.

There are a number of different types of life insurance available in the UK, and the right policy for you will depend on your individual circumstances. 

Here are some interesting facts and figures about life insurance in the UK:

How many people in the UK have life insurance?

Only 30% of individuals in the United Kingdom have life insurance, according to Statista: In the UK, 60% of people do not have any life insurance, while one-third of citizens are insured. The statistic that partners of roughly 75 men and 500 women under 50 years old pass away every day is one of the most important pieces of life insurance information about Britain. That leaves approximately 100 infants without both parents.

What is the correlation between mortgage owners and life insurance?

A recent survey showed that 25% of UK households with mortgages don’t have life insurance, which amounts to around 3 million homes without coverage. In contrast, 8 million other homes have some form of life insurance policy set up.

According to a study by Aviva, married couples who have a mortgage are considerably more likely to possess life insurance than unmarried individuals who do not. Furthermore, only 30% of those that never married and held a mortgage had life insurance. Also worth noting is the fact that 65% of parents with mortgages also own life insurance.

What is the value of total life insurance premiums paid in the UK?

Statista reports that, in 2019, EUR 152 billion was spent on life insurance premiums in the United Kingdom. This figure is a significant decrease from 2018’s €229.9 billion euros; 19% less, to be exact.

Although life insurance dominates the United Kingdom’s insurance industry at roughly 70%, this figure has been on a steady decline in recent years, falling from 83.2% in 2007 to 71.7% by 2018. The main reason behind this drop is that a smaller portion of total premiums are allocated towards life insurance policies, with other types of coverage seeing an increase over time.

The insurance industry is split between index-linked and unit-linked policies, with the former accounting for over 50% of gross written premiums in 2019. Last year, this made it the most lucrative sector in the entire insurance business.

What is the average value of life insurance coverage in the UK?

Term life insurance is the most common sort of life insurance in the United Kingdom, and the average value of life insurance is GBP 100,00.

How much money is paid out in benefits in the UK?

In 2018, the United Kingdom paid £18.34 billion in long-term life and annuity benefits. (Statista) Since 2008, when they peaked at £62.12 billion, benefits paid on long-term life and annuities insurance in the UK have been decreasing. In 2018, they were £18.34 billion.

In 2019, life insurance payouts in the United Kingdom were valued at more than €146 billion. (Statista) Life insurance perks given out in the UK this year were valued at around €246.22 billion—down by almost 60% from 2018’s record-breaking total of €486.22 billion.

Over the past 14 years, the amount of money paid out on long-term income protection insurance claims in the UK has gradually increased from £1.01 billion to £1.60 billion, according to Statista.

The United Kingdom is the most important market for non-life insurance in Europe. (Insurance Europe) In recent years, over half of all European non-life premiums have been generated in the UK, making it the continent’s main marketplace for non-life insurance.

Why is life insurance so important?

Primarily it is because it protects your loved ones from a financial burden if you die unexpectedly. With life insurance, your family can pay for final expenses such as funeral costs or outstanding debts without worry. If you have young children, life insurance can help ensure that they are taken care of financially if something happens to you.

There are many different types of life insurance policies available, so it’s important to choose the right one for your needs. Life insurance is an integral part of your family’s financial planning and should be considered a necessity for anyone with dependents. 


Most people do not acquire life insurance in the United Kingdom, which is strange because it’s comparable to health insurance. However, life insurance may be a good investment if you want to ensure your family has a safety net. A reputable life insurance broker will also take the time to explain it all to you patiently.

Like most things in life, there is no one-size-fits-all when it comes to life insurance. It is vital to do your research and tailor a policy that meets the specific needs of you and your family. We hope our collection of UK life insurance statistics provided the insights you were looking for and gave you a broad overview of the sector.

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