How to buy life insurance?

Are you interested in buying life insurance to secure you and your family’s future? If yes, then the first question on your mind will probably be, “How do I buy an insurance policy?”

Here’s your answer:

How much will you need?
When buying life insurance, the first thing to consider is the required amount that would cover your family’s financial needs after your death or the level of coverage you need. Tally up all your debts (e.g., student loans, mortgage, or car payments) and any future expenses (e.g., your end-of-life expenses or your child’s college tuition or wedding) to get a sense of how much coverage you need. Your death benefit should cover the entire value of the amount you will arrive at. Alternatively, you could pick a coverage amount that is 10-15 times your annual income.

Term or permanent?
There are two types of life insurance policies you can buy: term and permanent. When you are young and cannot afford permanent life insurance to last you your whole life, you can go with term insurance for, say, 20 years. Term insurance is much simpler to qualify for, and it is cheaper. Permanent insurance, on the other hand, lasts you your whole life. 

Note: Never go for the first offer that you get. Life insurance is a long-term commitment. Shop around and compare more options, so you can be sure you have made the right choice.  

#ARTICLES

THE MEANING OF LIFE INSURANCE.

B.Thomson

2 Minute Read

When we imagine life beyond today, we often think of a series of significant milestones that will define our future...

LIFE INSURANCE ISNT FOR YOU.

B.Thomson

2 Minute Read

Life insurance isn’t for you! Instead, it’s a selfless act of kindness for your family to cope with their finances when you’re gone...

IF THE WORST HAPPENS, WHAT HAPPENS?

B.Thomson

3 Minute Read

Just imagine, what is the worst that can happen to any person and their family? A health emergency? A safety risk? Financial difficulty?...




© Copyright 2020 Greyfriars - All Rights Reserved - Privacy Policy
15minutelifeinsurance.co.uk is a trading name of Greyfriars Estate Planning Limited which is registered in Scotland no. SC636756.
Registered office, Springfield House, Laurel Hill Business Park, Stirling, FK7 9JQ.



The 15 Minute Life Insurance Service provides policies underwritten by AIG Life, which include access to Smart Health services which are provided by Teladoc Health
We want to let you know that these services are non-contractual, which means they don’t form part of your insurance contract with us. If our partnership with Teladoc Health ends, the service can be withdrawn at any time without notice. Please note the maximum cover across all AIG Instant Life Insurance policies is £600,000 if aged 17 – 45 or £350,000 if aged 46 to 55.

 Authorised and regulated by the Financial Conduct Authority. Greyfriars Estate Planning Limited is entered on the Financial Services Register https://register.fca.org.uk/ under reference 912820.  A summary of our internal procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234 567. If you wish to register a complaint, please write to us at the address above or email us at info@greyfriarsestateplanning.co.uk