As an insurance broker in the UK, knowing and recommending the best life insurance providers is essential to becoming a successful, trusted practitioner. This is especially important when handling life insurance, as clients depend on you for crucial financial protection and support that may not be available from the NHS.
In this article, we list the top 10 life insurance providers in the UK, ranked according to the latest revenue data.
These are the top life insurance carriers in the UK, listed according to annual revenue based on the latest figures our research team has found.
Annual revenue: £33.7 billion
Aviva is the UK's largest life insurance provider. It offers a broad range of products, including term life, whole-of-life, over-50s, and critical illness cover. Aviva's policies are available to UK residents, with flexible options for single or joint coverage and additional features such as terminal illness benefit and access to health support services.
In 2024, Aviva paid out 98.8 percent of life insurance claims, demonstrating a strong commitment to reliability and customer service. The company is recognized for its financial strength and digital customer support. These are the plans and benefits they offer:
They've been doing this for ...a little while:
Instead of a lump sum, this plan provides regular monthly payments to beneficiaries if the policyholder dies during the policy term. This benefit can help support ongoing living expenses.
This rider can be added to term life policies. Critical illness cover pays a lump sum if the policyholder is diagnosed with a specified serious illness during the policy term.
Annual revenue: £13.1 billion
Legal & General is a major UK-based financial services group. It was established in 1836 and is one of the country's largest providers of life insurance and pension products. Headquartered in London, the company serves millions of customers across the UK and internationally. Legal & General is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Legal & General is known for its financial strength, transparent business practices, and commitment to paying claims, settling 97 percent of life insurance claims in 2024. This company is also recognized for its digital customer support, accessible online services, and longstanding reputation in the UK insurance market. These are the standard plans it offers:
This is an add-on that can be attached to term life insurance policies. It pays out a lump sum if the policyholder is diagnosed with a specified serious illness during its term.
Annual revenue: £5.6 billion
Phoenix Group is the UK's largest long-term savings and retirement business, specialising in the management of life insurance and pension policies. The company is engaged in acquiring closed books from other insurers. Headquartered in London, Phoenix Group serves millions of policyholders through well-known brands such as Standard Life, SunLife, and ReAssure.
The company is recognized for its financial stability, focus on customer outcomes, and expertise in managing legacy life insurance portfolios. Its standard offerings include:
These policies combine life cover with a savings element, paying out a lump sum on death or at the end of a set period.
These include life insurance linked to retirement savings, such as annuities that provide an income for life.
Annual revenue: £5.6 billion
Established in 1848, this insurance company now focuses on life insurance and asset management in Asia and Africa, following the demerger of its UK and European businesses. Prudential decoupled from its US business as well in 2021. While this carrier no longer actively services the UK life insurance market, the Prudential brand in the UK remains operational to a degree, handled by M&G plc.
Since M&G has taken over, it only manages existing Prudential-branded life insurance and pension policies for UK customers. There are still millions of former Prudential plans in force (managed by M&G), which is why it is still considered among the biggest life insurance providers in the UK. These are the standard plans that Prudential offered before leaving the UK market:
These single-premium products invest in a range of funds, offering potential growth and some life cover.
This traditional policy combines life cover with investment returns. Policyholders receive a guaranteed sum plus potential bonuses, depending on the fund's performance.
Annual revenue: £2.2 billion
As the UK's largest mutual life insurance, pensions, and investment company, Royal London is owned by its members rather than shareholders. Founded in 1861 and headquartered in London, this company specializes in life insurance, pensions, and protection products for individuals and businesses.
Royal London is recognized for its strong customer service, financial stability, and commitment to sharing profits with policyholders. Its standard offerings include:
Annual revenue: £1.6 billion
Another leading UK life insurance and pensions provider, Scottish Widows was founded in 1815 and is now part of Lloyds Banking Group. The company offers a range of life insurance, critical illness, and pension products for individuals and businesses.
Scottish Widows is recognized for its financial strength and customer-focused service, along with its long-standing reputation in the UK market. Its products include:
Annual revenue: £1.2 billion
This is a major provider of life insurance, protection, and investment products, operating as part of the global Zurich Insurance Group. Zurich UK offers a range of life insurance and critical illness solutions for individuals, families, and businesses across the country. It's also one of the few health insurers that offers free counseling to support the mental health of policyholders.
Zurich UK is known for its financial strength, high claims payout rates (99.8 percent in 2024) and commitment to customer service. Its products include:
Annual revenue: £1.1 billion
LV= (Liverpool Victoria) is a leading UK mutual insurer founded in 1843. Owned by its members, LV= focuses on life insurance, protection, and retirement products for individuals and families. The company is known for its customer-centric approach, financial strength, and transparent service. The mutual insurer's plans include:
Annual revenue: £0.6 billion
Aegon UK is a leading provider of life insurance, pensions, and investment solutions, serving over three million customers across the UK. Originally founded as Scottish Equitable in 1831, Aegon UK became part of the global Aegon Group in 1994.
The company is known for its workplace pensions market and for offering digital retirement and protection platforms to individuals and employers. The insurer is also known for its solid financials, innovation in digital services, and long-standing heritage in the UK life insurance sector. The insurance plans it offers include:
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Annual revenue: £0.5 billion
Vitality is a UK life insurance provider known for its innovative approach that rewards healthy living. Part of the global Vitality Group, the company offers life, health, and income protection products to individuals and families. Vitality integrates wellness incentives, like discounts and rewards for healthy activities, into its policies.
The insurer is recognized for its high claims payout rates (98.9 percent in 2024), digital customer engagement, and focus on improving members' long-term wellbeing. Vitality's life insurance plans or add-ons include:
As in other countries, life insurance plans in the UK provide a lump-sum payment to the beneficiaries either at the time of the policyholder's death or after a set period. This financial benefit has made life insurance one of the most popular forms of coverage in the UK.
Your life insurance policy will remain in force for as long as you pay your premiums on time. Depending on the type of plan you choose, coverage can end after a set term or last a lifetime. You can likewise pick between two types of cover:
This type of life insurance plan covers only one person and pays out the death benefit if they die during the length of the policy, at which point coverage ends. Some couples opt to take out separate policies, so they will still have coverage even after their spouse or partner dies. Single life insurance benefits are also paid into your estate, allowing you to choose your beneficiaries.
A joint policy covers two lives, but only pays out after one person dies, after which coverage ends. The death benefit goes to the surviving partner, unless other arrangements were made.
If a couple with a joint life insurance plan separate, they may be able to convert this into two single life insurance policies.
Insurers offer different types of policies, each offering varying levels of financial protection. In general, life insurance plans in the UK come in two major categories. These are:
As the name suggests, term life insurance policies run for a fixed term. You are free to choose the coverage amount and policy length but bear in mind that your choices have a corresponding impact on premiums. Term life insurance pays out a benefit only if you die within the set timeframe. Otherwise, the insurer keeps all the premiums you paid. Some providers, however, also cover you if you become terminally ill.
If you're considering taking out term life insurance, there are three types of plans you can choose from. These are:
Whole-of-life insurance, also called a life assurance plan, provides lifetime coverage, with the payouts given to your beneficiaries after you pass away. Because of the level of coverage this policy provides, the premiums are also more expensive compared to those of term life plans. One major drawback is that if you live longer than expected, you may end up paying more than you can get out of the policy.
And just like whole life insurance in the US and Canada, this type of life insurance in the UK sometimes includes an investment element. You can access this while you're still alive. It can also be sold through financial advisers.
Term life insurance. Whole-of-life insurance. These are just some of the buzzwords you'll encounter when taking out life insurance in the UK. If you want to know the meaning behind the different life insurance jargon, our glossary of common insurance terms can help.
Not considered a major category, some UK life insurers offer over-50s life plans, which provide coverage for individuals between 50 and 85 years old. Premiums are based on the benefit amount and the policyholder's age. These plans also offer guaranteed acceptance, meaning applicants are not required to submit medical information. Because of this, rates are often higher as insurers have no way to predict the plan holder's risk level.
Over-50 plans are typically capped at around £20,000. There is also a waiting period that can range from 12 to 24 months. If the policyholder dies due to natural causes within this period, the beneficiaries will not receive a benefit, but the premiums they paid will be returned.
A pre-existing condition does not necessarily prevent you from taking out life insurance, but there are some additional factors you need to consider:
Insurers may require you to undergo further screening and medical examinations to learn more about your condition. Some providers cover the cost of these tests.
If you get approved, your insurer may charge higher premiums, depending on the severity of your condition, as you also present a higher risk.
Another option is an over-50s plan, which offers guaranteed acceptance. These plans, however, do not provide the same level of cover as standard life insurance policies and may even cost higher.
During the application process, your insurer will ask you several lifestyle- and health-related questions to determine your risk level. It is very important for you to answer these questions accurately and honestly, and to disclose any pre-existing medical condition.
Your insurance provider regularly checks the medical information you provided and may contact your doctor for confirmation. If you have been found to deliberately withhold important medical details from your insurer, they may cancel your policy and void coverage.
As the policyholder, you can name anyone as a beneficiary of your life insurance plan. These include:
You can also name the beneficiaries as an individual or group. If you have a single life insurance plan, the benefits will be paid into your estate, where the beneficiaries are named through your will. If you do not leave a will, the proceeds of the estate will be shared according to the rules of intestacy.
You can likewise name beneficiaries when you place your life insurance in a trust. Doing so has potential benefits, including:
Because each person's lifestyle and health status vary significantly, it's difficult to provide a ballpark figure to represent the cost of standard life insurance in the UK. Premiums are influenced by a range of factors.
The answer depends on your personal situation. If you have people who are heavily reliant on you financially, then life insurance can help provide some level of monetary support after you die. Taking out life insurance can also help pay off your mortgage if your beneficiaries do not have the financial capacity to do so.
Not everyone, though, needs this type of coverage. If your wealth is enough to maintain your loved ones' lifestyle after you pass away, then purchasing life insurance is unnecessary. It's the same if you are single with no dependents. If you want to know how life insurance policies work in different countries, you can check out our global life insurance primer.
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