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5 tips for choosing and buying life insurance

Life insurance. Not exactly a topic you’re likely to bring up in everyday conversation, but a topic that is nevertheless an important one to consider.


Let’s cut to the chase – it’s never nice to contemplate a time when we’re not around for our loved ones. But, just as the majority of us have never seen the airbag in our cars deployed it is comforting to know it is there. The same can certainly be said for life insurance.


It was the well-known America businessman Ben Feldman who once said: ‘Life insurance is the only tool that takes pennies and guarantees dollars’ and it’s true that it is one of the most important, worthwhile investments you can make as you are essentially investing in the future of your loved ones.


Here are five considerations when choosing and buying life insurance:

1. No time like the present

Life insurance may not be front-and-centre in our minds when we’re young and healthy but that is exactly when you should be considering it – it’s the only way we can make sure that we’re 100% covered and leaving nothing to chance. It’s unlikely you would wait until your pet is older to take out pet insurance and we should afford ourselves the same consideration. There’s a famous saying: ‘Buying life insurance is like fixing a leak in your roof – the longer you wait, the more expensive it gets!’

2. Think about your own circumstances

Yes, we don’t want to dwell on thoughts of what happens if we’re no longer around but equally, it is important to make sure your life insurance works for you and, by proxy, your loved ones - insurance is not a one-size-fit-all, off-the-shelf consideration. There are multiple options and policies available getting the cover that works best for you is an important decision to get right.

3. Do your homework

Life insurance is a long-standing and crucial policy which safeguards you and your family, providing peace of mind in the process. However that peace of mind only holds true if you’re confident you are dealing with a reputable, high quality insurance provider. An experienced financial planner can point you in the right direction.

4. Seek expert advice

There are many elements to consider when it comes to life insurance. How comprehensive do you need the cover to be? What factors affect your premiums? What level of flexibility do you need? Are you looking at personal or joint cover? The list goes on. It’s worth taking expert advice from professionals – that way your cover can be sorted in a timely fashion and you benefit from peace of mind.

5. Regularly review your policy

Circumstances change as we go through life and it is a good idea to revisit your life insurance every now and then. What was a perfect policy at 35 may not be so good a fit at 50 and a good financial planner can help ensure your policy is doing what it needs to. It may even save you money. Say, for example, you have quit smoking in the years since taking out the insurance – that could positively affect your premiums.

Life insurance isn’t always an easy subject, but it can be an easy process with the right support.


At JP Financial Planning, we know that nothing is more important than looking after our loved ones. Let us take away the burden and help ensure you have the best cover for your specific individual needs – leaving you to get on with living your life.


Get in touch to arrange a meeting with James Prince today.

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