Life Insurance

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When should I take out life insurance?

Buckingham James really understands the UK life insurance market and by talking to us could see you saving hundreds of pounds over the full term of your policy. 

We believe that the best time to take out an insurance policy should be when you are young. However, life insurance cover is available to most of us and within a huge age range. So don’t be put off thinking that you are too old!

We do however; regularly suggest buying while you are young as you will be able to secure the best rates now by locking in at the lowest possible age.

A popular choice of life insurance is Term Insurance which is typically used to protect mortgages or secured loans. They often run from around five years to 30 years.

So try to think ahead. If you are only just starting out as a family, think of where your children might be in 20 years’ time and determine how they will be supported if you can’t be around to take care of them yourself.

If you are in the later years of life, think about any inheritances that you might like to leave behind for your loved ones. Choose the right level of cover. One of our most frequently asked life insurance questions is; “How much life cover do I need?”

Purchasing the right level of insurance cover is very important and something we can certainly help you decide. We do this by taking into account your current personal circumstances and jointly considering how your future life goals may shape and change over time. 

Remember that you are planning for the time when you might not be here to care for your loved ones yourself. You will therefore need sufficient protection that ensures that the loss of your earnings won’t cause immediate financial hardship.

So how much life insurance do I need?

This is going be different for everyone but as a guide try and plan for a value that exceeds your single or joint annual income by 6 to 10 times.

As professional insurance brokers, we can arrange and help you compare quotes from the wider insurance market and advise you on choosing a plan that combines effective cover and at an affordable price.

With many years of experience helping clients ranging from first-time buyers to more seasoned home movers, we understand this market exceptionally well. We can save you precious time and money by ensuring you are matched with a policy that takes care of both the immediate financial future and the longer term.

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