Life Insurance Calculator

To work out how much cover you need, consider what you want your life insurance to take care of. That could include funeral costs, mortgage or rent payments, and your dependant's needs.

These factors can help you decide on the amount of cover that will support your loved ones after your passing. Having enough of an insurance payout is crucial, but you don’t want to break the bank on a premium that’s too high a cost.

The price of life insurance is affected by the level of cover you buy. But it will also depend on things such as your:

• Age – the younger you are when taking out life cover, the lower your life insurance costs could be.
• Health – maintaining good health could make you less of a risk and lead to cheaper premiums.
• Lifestyle – lifestyle habits such as smoking and drinking can put you at a higher premium.
• Family medical history – if you’re at higher risk of a hereditary condition, such as diabetes, you could pay more for cover.
• The amount of cover – monthly premiums could be much higher if you want a bigger lump sum.
• The type of policy – life insurance calculations differ between level or decreasing term life insurance and over 50s life insurance. 

Our calculator can only make suggestions based on the limited information you provide. Once you have your estimated life insurance cover cost, select 'Get A Quote' to get a quote in under three minutes.

To give the most accurate quote, L&G will need the answers to some additional questions. This will include further information on anyone else you want the policy to cover and the period of time you want it to last. When you decide to go ahead, the policy will be subject to underwriting.

Life insurance isn’t a savings or investment product, so there’s no cash value unless a valid claim is made. It's your responsibility to make sure your policy is right for you. If you need any advice then you should get in touch with a financial advisor.

Please read the Policy Summary [PDF, 113KB]  before you apply.

Life insurance acts as a safety net for your family’s future finances if you pass away. It can provide a cash lump sum, ensuring your loved ones are financially protected. That’s why it’s important to consider your financial obligations and how they will be handled. 

If a successful claim is made, your life insurance policy can:

• Act as an inheritance for your children.
• Ease the burden for your loved ones after your passing.
• Help provide financial security for your family and secure their future.
• Contribute to ongoing living expenses such as rent, mortgage or childcare.

Find out more about life insurance and its benefits.

Having life insurance can help to protect the ones you love. Through Sainsbury’s Bank, you can get:

• Cover from as little as £5 a month
• Protection by one of the UK’s largest life insurance providers, L&G
• Access to L&G Wellbeing Support Services
• Plus, if you’re a Nectar member and take out life insurance direct with us, you will get up to 32,000 Nectar points† as a thank you for taking out life insurance when its bought direct with us. The number of points awarded will depend on your monthly premium:
  • 32,000 points (worth at least £160) if your monthly premium is over £30
  • 22,000 points (worth at least £110) if your monthly premium is £20.01-£30.00,
  • 16,000 points (worth at least £80) if your premium is £8.50-£20.00 or
  • 10,000 points (worth at least £50) if your premium is under £8.50.
• You’ll receive your points within 60 days after you’ve paid five months’ of premiums. To join Nectar, just download the app or register at nectar.com

Only choose a premium you can afford and the level of cover you require.

Your life insurance costs depend on your level of cover and your circumstances. There are a few things you can do to lower the cost of life insurance.

Consider the type of policy

Think carefully about the policy you need. This will largely depend on your financial obligations and your family’s needs. Our life insurance policy levels are:

• Level Term life insurance – pays out a cash sum if you die, helping to cover the mortgage, and to leave a cash sum for your family
• Decreasing life insurance – designed to protect a repayment mortgage, your cover will reduce roughly in line with your outstanding mortgage
• Over 50s life insurance – a whole of life plan that pays out when you pass away, providing your family with a small cash lump sum to help towards things like outstanding bills or funeral costs

Change your lifestyle

Your weight, level of fitness and habits like smoking can all affect your life insurance quote. Maintaining good health can help bring the price of your life insurance down.

Buy at a young age

If you take out life insurance at a younger age, your monthly premiums could be lower. This is because you’re considered a lower risk. Our minimum age requirement is 18 years old, while the maximum age for starting a new life insurance policy is 77. If you choose a decreasing term life insurance policy the maximum age at commencement is 74. Your policy must end before your 90th birthday.

When you take out life insurance through Sainsbury’s Bank, you’ll get access to L&G Wellbeing Support Services as standard. Provided by RedArc Assured Limited, this telephone-based service offers everything from expert advice and guidance to clinical assessments.

You’ll also get wellbeing support services from the day you take out your cover and for the duration of your life insurance policy. Since it comes as standard, there’s no need to make a claim to access these services.

How can wellbeing support services help?

From advice on navigating healthcare systems to a reassuring chat following a medical diagnosis, there are lots of reasons you might want wellbeing support. 

• Dealing with a serious illness – Get a better understanding of a diagnosis and advice on managing an illness or disability.
• Bereavement support – Speak to our RedArc nurses to help you cope, even if all you need is an ear to listen.
• Second medical opinion – Get a face-to-face appointment with a specialist consultant for your own peace of mind.
• Mental health support – Nurses can provide long-term support through therapy sessions, counselling and more. 
• Carer support – Get emotional and practical support when looking after a sick or elderly loved one.
• Help at home – Speak to RedArc nurses for health and wellbeing advice over the phone while you’re at home.
• Eldercare – Learn how to support an elderly relative that’s at a residential home or living independently.
• Loneliness and isolation – Direct access to supportive RedArc nurses so you’re not facing challenges alone.
• Specialist counselling – Get specialist counselling catered for your individual needs.
• Dietary and lifestyle guidance – RedArc nurses can offer you advice on healthy living, no matter your circumstance.

L&G Wellbeing Support Services are available to any customers who have purchased or are purchasing a new life insurance policy via Sainsbury’s Bank on or after the 25 August 2022.

For further information regarding the L&G Wellbeing Support Services, please refer to this PDF guide.

 Call 0800 027 7166 * |  More phone options 

Lines are open from 8.30am – 8pm, Monday to Friday and 9am – 1pm on Saturdays.

* Telephone calls may be recorded for security purposes and monitored under L&G's quality control procedures. Calls free from a landline and mobile if calling from the UK.

† Up to 32,000 Nectar points

1) This offer is only available when you take out a new Life Insurance or Decreasing Life Insurance policy. Purchases through price comparison, cashback, voucher code and similar sites are excluded. 
2) We award points based on your monthly premium. You'll get: 
32,000 points (worth at least £160) if your monthly premium is over £30 
22,000 points (worth at least £110) if your monthly premium is £20.01-£30.00,
16,000 points (worth at least £80) if your premium is £8.50-£20.00 or
10,000 points (worth at least £50) if your premium is under £8.50. 
3) We'll add the points to your Nectar account after you've paid 5 months premiums, within the following 60 days. 
4) You need to tell us your Nectar number when you apply. 
5) We'll award points on no more than 2 policies per household in any 12 month period. 
6) Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 
7) This offer is governed by English law and we reserve the right to change or cancel it without notice. 

Legal & General Assurance Society Limited Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London, EC2R 5AA. Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.