How to buy life insurance Cut the cost of life insurance

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Cashback websites and online brokers can help you cut the cost of life insurance

If you're not sure what sort of life insurance policy is best for you, or how much cover you need, it's worth speaking to an independent financial adviser (IFA). Specialist IFAs like Lifesearch and Lifeassureonline are good places to start. However, if you decide to buy a policy online, our tips below can help you save cash.

Looking to buy life insurance?

If you decide you need advice, make sure you consult an independent life insurance broker.

Which? Financial Services can refer you to an impartial, no-obligation third-party advice service to provide you with the best life insurance or mortgage insurance policy tailored to your individual needs. 

Find out more about the life insurance referral service at Which? Financial Services.

Shop around for life insurance

It's not just banks, building societies and insurers that sell life insurance nowadays. High street retailers and supermarkets are also worth considering. Quite often one company sells another's life insurance policies - for example, Nationwide Building Society sells Legal & General life insurance policies, while Virgin Money sells Friends Provident policies. The price you'll pay will vary depending where you buy it, even where the underlying product is identical and is provided by the same insurer.

Online life insurance brokers

Online insurance brokers, such as can often offer cheaper prices as they pay back to you some or all of the commission they receive from insurers.

It's also worth getting quotes from Cavendish Online - it works on a different basis to other brokers, offering a choice of paying by commission or through an upfront £25 fee when you take out a policy. In the latter case, the company rebates you all the commission throughout the term, reducing the ongoing premium. It's worth checking the overall cost of both options.

When we've tested online brokers and price comparison sites in the past, they've both provided very competitive quotes.

Price comparison sites

One of the best ways to compare different life insurance providers is to use a price comparison website like, or Make sure you visit a selection of sites as no individual site covers the whole market, and the same insurer may offer a better deal through one comparison site compared with the others.

Cashback websites

If you buy life insurance online, cashback sites such as Quidco and Topcashback can help you get an even better deal. You're not buying the insurance policy from the cashback site, but rather accessing the insurer's own website through the cashback site. The cashback site rebates to you some of the commission it receives from the company selling the insurance.

Voucher and cashback deals only work if the initial quote itself is at or near the top of the table. For example, a policy charging a premium of £50 a month for 10 years and offering £100 cashback will still cost you much more over the policy term than a similar policy costing £40 a month with no initial cashback deal.

It's also worth checking a selection of cashback websites as cashback offers vary widely. For example, the same insurer might offer £20 cashback through site A, £40 cashback through site B and a £50 high street voucher through site C.

Want to buy life insurance direct?

The next page of this guide rounds up the best deals if you want to buy life insurance directly from the provider.

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Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.