Buy the right cover at the right price. From calculating how much life insurance you actually need to estimating business insurance costs and finding coverage gaps — 10 free tools to make smarter insurance decisions.
Most people are either under-insured (taking on financial risk they cannot afford) or over-insured (paying for cover they do not need). The key is right-sizing: understanding exactly what financial risk you face, what it would cost if it materialised, and the minimum cover required to protect against that specific risk. Our calculators help you find that number.
If you have financial dependants, life insurance is not optional — it is the financial foundation of your family's security. The standard rule: cover of 10× annual income as a minimum. Add outstanding mortgage balance. Subtract existing death-in-service benefit (usually 2–4× salary from employer). Term life is far cheaper than whole of life for most purposes.
The most undervalued personal insurance in the UK. If you became unable to work, how long could you survive on savings? Most households: 3–6 months. Income protection pays 50–70% of income after a waiting period (typically 4 weeks to 12 months). Especially critical for self-employed people who have no employer sick pay.
Buildings insurance is required by virtually all mortgage lenders and covers the structure. Contents insurance covers possessions. Both are worth shopping for annually — auto-renewing without comparing typically costs 30–50% more than switching. Contents value is chronically underestimated: add up clothing, electronics, furniture, appliances, jewellery. Most households underinsure by 40%.
Employers' liability insurance is legally required if you employ anyone. Professional indemnity is essential for any advice-giving business. Public liability protects against third-party claims. Directors and officers insurance for company directors. A single uninsured business claim can exceed the entire value of a small business.
| Insurance Type | Typical Annual Cost (UK) | Key Factor |
|---|---|---|
| Term Life Insurance (30yr, 35yo, £500k) | £180–£400/yr | Age, health, term, smoker status |
| Private Medical Insurance (individual) | £900–£2,400/yr | Age, cover level, excess chosen |
| Car Insurance (average UK) | £650–£1,200/yr | Age, NCB, vehicle, area |
| Home Insurance (buildings + contents) | £200–£500/yr | Property value, location, contents value |
| Business Public Liability (£1M cover) | £100–£600/yr | Turnover, industry, number of employees |
| Professional Indemnity (freelancer) | £150–£800/yr | Cover level, profession, turnover |
A common starting formula: (Annual income × 10) + outstanding mortgage + childcare/education costs − existing cover (death in service, savings). Example: £45,000 income × 10 = £450,000 + £180,000 mortgage − £90,000 death in service = £540,000 cover needed. Level term life insurance for this amount for 25 years typically costs £25–£55/month depending on age and health. Always compare quotes via broker or comparison site.
Private Medical Insurance (PMI) in the UK typically costs £900–£2,400/year for an individual. Benefits: faster access to consultants and elective procedures, private rooms, choice of hospital. NHS still handles emergencies. PMI is most valuable for: people with employer contributions (often provided tax-efficiently via P11D), higher earners who value speed, and people with conditions requiring ongoing specialist care. Cost-benefit varies significantly by health use and waiting list lengths in your area.
UK car insurance reduction strategies: (1) Shop around at renewal — never auto-renew without comparing; switching saves average £200–£400/year; (2) Increase your voluntary excess (but only to an amount you can afford to pay); (3) Add a named driver with a clean licence (if genuine); (4) Pay annually rather than monthly (saves 15–25% in interest); (5) Consider telematics (black box) if under 25; (6) Park in a garage overnight where possible; (7) Keep mileage accurate — overestimating increases premium.