Sir Winston Churchill was a firm proponent of life insurance.

He stated:

“If I had my way, I would write the word ‘insure’ upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.”

Sir Winston had his very own life insurance policy in 1896 when he was 21, just before he left to serve his country as the second Lieutenant with the 4th (Queen’s Own) Hussars in 1896.

According to the Aviva archives:

“As a young officer in the 4th Queen’s Own Hussars, Winston Churchill took out a personal accident policy with the Accident Insurance Company Ltd (No.2). The policy covered accidental death for £1,000, with lesser benefits in the event of disablement” 

The archives also provide more information on Mr Churchill’s life insurance policy as follows:

“The annual premium of £6 14s (£6.70) included risks from steeplechasing and other forms of racing, plus travel and temporary residence outside Europe.”

The wonder of Winston Churchill and his legendary altercations and unhealthy habits undoubtedly indicate a substantial premium in today’s market. His quote: “You must put your head into the lion’s mouth if the performance is to be a success” accurately described his risky attitude to life. While he rode his horses into battle, on the racetrack on the polo field, escaped death from his numerous serious car accidents and smoked, drank and ate like there was no tomorrow. In today’s culture of risk aversion, his monthly premium would surely reflect his precarious habits adversely! 

Have a look at the Aviva archive to see his famous signature on the policy document, and some other notable names insured.

Altogether, a charismatic and intriguing human being with colossal presence. However, today, sadly, Sir Winston’s name has alternative insurance connotations to many, and not always remembered for his leadership skills. In fact, despite his literary accomplishments, political reforms and wartime heroics, Winston Churchill continues to allude many youngsters, who frequently refer to him as a “boss of an insurance company” or a nodding British bulldog!

Sir Winston understood the facts about life insurance!

One thing is clear, Sir Winston Churchill had the right idea about life insurance, and the reasoning behind his support of protecting loved ones is still pertinent today. Despite these facts, incredibly, many people fail to secure the financial security and future of their loved ones with a suitable life insurance policy. 

Life insurance as a product has evolved over the years to reflect modern living and may appear complicated, as no two policies are the same. However, necessity has driven change and demand. With advancements in medicine and technology, coupled with the vast amount of products and providers sees premiums driven down and it is easier than ever to obtain life insurance for very little outlay. Of course, this depends on individual circumstances, and it is essential to talk to a professional to get the right advice and, of course, the right cover. 

As expert life insurance advisors, with innovative technologies and extensive knowledge of the market, you can rely on us to provide impartial, practical advice on life insurance cover to suit you and your loved ones.

In the words of wise Sir Winston, “We make a living by what we get, but we make a life by what we give”. How we construe his meaningful quote is subjective. Ultimately, when a partner, parent, primary caregiver dies, the debts and living expenses often become untenable for those left behind. Life insurance mitigates a myriad of difficulties, from dealing with grief, paying the mortgage each month, ensuring children can go to college. The list is endless.  Ending on one more appropriate quote: “It is not in our power to anticipate our destiny.” — Winston Churchill, 1932

As a family, do not let life insurance be an afterthought, make it a priority! 

Get in touch with us, call or use the form below, and one of our expert life insurance advisors will be in touch.

 

 

Are you, like us, noticing a sudden drop in the number of people vaping? Only a couple of months back vaping surrounded us like an enveloping fog of sweet cinnamon.  Suddenly, without warning the epidemic of vaping appears to have disappeared, literally, from the earth.  The reason might be down to the recent deaths attributed to vaping, although it is not yet clear the exact cause, some blaming the chemicals used in the flavouring.

What is vaping?

Many people believe that vaping is a new-fangled invention. But you may be surprised to know that vaping has been around since 1963 when an American businessperson named Herbert Gilbert developed the logic behind a battery-powered vapour cigarette.  You can actually see the original patent here.

Fascinating stuff when you realise his invention stemmed from watching his aunt bake cookies in a fire powered oven, the lovely smell of baking cookies propelled Herbert to attempt a “safe” cigarette!

Fast forward a few decades to China, and we find a businessperson by the name of Hon Lik, whose father died from lung cancer attributed to heavy smoking. Honk Lik came up with an alternative to smoking regular tobacco, with his version of the e-cigarette, believed to be a safer version of inhaling a vapour from a heated up liquid as opposed to smoke from burning tobacco. Ok, fast forward sixteen years or so to where we are today and, suddenly, a business valued at $9 Billion in the US alone, is plummeted into one of doubt and fear with a sudden outbreak in vapour related deaths.

What is the cause of the sudden vapour related deaths?

The medical profession is perplexed about the actual cause of deaths; they are questioning some of the synthetic additives, particularly the possibility of toxic ingredients in black market products. Currently, they are examining the contents of synthetic CBD and THC (constituents of the cannabis plant), plus common additives such as Vitamin E acetate and other adulterants. Another aspect of the industry under scrutiny are the scented oils when inhaled, coat the lungs and cause respiratory failure.

Are there any deaths in the UK from vaping?

In the UK luckily no deaths, as yet, but at least 200 health issues including respiratory disorders and heart problems, all linked to vaping. The fact that no one has died has led to a backlash to the anti-vaping campaign from some organisations such as PHE (Public Health England.) The argument is that vaping remains a much safer alternative than regular cigarettes and, if used correctly, may save the lives of thousands of people who turn to vaping to help them quit smoking. They link the American vaping related deaths with black market products containing deadly toxins.

However, medical experts in the UK are increasingly concerned about other ingredients causing health issues, such as vegetable oil coating the lungs. It must be remembered that it took many years before smoking cigarettes linked with lung cancer, let us not go down the same route with vaping.

As the vaping industry is relatively new and has taken off in such an immense and popular manner, with limited regulation, doctors do not really know yet what they are dealing with. The message from the medical profession generally is “do not vape until they have these vapour related deaths figured out”.

Will vaping affect my life insurance policy?

Some life insurance companies are already beginning to sit up and take notice.  If you vape this may affect your life insurance premiums in the future. Many insurers are not concerned about vaping if the electronic device does not contain nicotine.  However, Zurich and Aviva are changing their policies to identify vaping as the same as regular cigarettes, regardless of the ingredients.  Until the medical industry can safely rule on the safety of vaping, vape addicts will need to look elsewhere for that vapour hit.

In the meantime, if you are at all concerned contact your insurance broker or company for more advice.  If you are thinking about life insurance, or wish to talk to us, click on the button below, fill in our form, and a friendly, professional life insurance agent will be in touch.

What is a difficult subject to think about, let alone discuss? Answer: dying. Second on that list of challenging topics: life insurance. The two go hand in hand for personal finance planning, especially when you are a) young and b) have a family who depends upon you. We get it, life insurance is a complicated (and perhaps tad uninteresting) subject to talk about!

Consider why life insurance is important.

If you are young with a family that depends upon you, either for the main income or as primary caregiver, or both, we need to talk about why life insurance is essential.

When we are young, we consistently buck against the concept of growing old. We look at our parents, grandparents, never imagining that one day we will be in their shoes, living their life. But hey, it happens ok! We all grow older, and hopefully, our lives will be enriched by our experiences. Be it travel, education, fulfilling careers, great books and films, memorable evenings out with good friends.

Life insurance is cheaper when you are young and healthy.

For most of us, we will meet that certain someone, lock eyes across a crowded room and never want to look away again! When that event occurs, well let us just say welcome to an entirely new world. Marriage, mortgage, children, life is never the same again. But in a great way!

Why life insurance is vital as a cornerstone of financial planning

It was that moment, that eye-locking moment, which changed the course of your life, especially financially! Careers and mortgages go hand in hand, starting a family may put a strain on finances, but somehow you manage, as a team. You look after your property and your loved ones, those that rely and depend upon you. Financially and as a caregiver.

When it comes to finances, you think you have it all sorted, mortgage payments, savings, investments, pensions. What about insurance? You may have the obvious, e.g. contents and buildings insurance, you will be fine if you are the victim of a house robbery or fire. One missing cornerstone of your financial planning will likely be life insurance.

Why do I need life insurance? 

To put it bluntly, who knows what the future holds for any of us? But having a plan to prevent extreme financial suffering and heartache for our loved ones is the best course of action. Recent research carried out by AIG Life concluded that, as we previously stated, most adults prefer to bury their head and presume that the worst will not happen. As a result of their research, AIG has coined the tagline “illness denial.”

The reality, however, is that nothing could be further from the truth, with the three major causes of death in the UK being cancer, heart disease and strokes. According to the AIG, this worrying trend of “illness denial” causes people being unprepared financially if they were to fall to any one of these life-threatening, common diseases.

Ready to talk about why life insurance is important?

Even more reason why we need to talk. Talk about taking practical steps to plan and prepare for the worse, for the risk of serious illness and death.

Plan for the future of our loved ones, should the unthinkable occur and they lose you. You can help them to burden not only the grief but also the hardship of selling the family home and relying upon others to help carry this unnecessary financial load.

Get to know our friendly team of life insurance advisors, ready to answer your questions, provide sympathetic support and solutions to any issues about life insurance you might be pondering or experiencing.

When it comes to talking about life insurance, we speak your language.

Our focus is on you as a person, not as a commodity. We are motivated to find the best resolution for your personal circumstances; we have real people, not robots or answer machines. Most importantly, we speak your language.

Speak to one of our advisors and find out about the various life insurance policies on offer, (there is one for just about everybody on the planet!). We can advise on the costs and benefits of life insurance, simply complete our online form or give us a call.

There is no obligation and no pressure!

 

 

Just married?

Congratulations to all the newlyweds out there. When the honeymoon is over, and reality kicks in, protecting each other both with emotional and financial support is tantamount.  After all, this is what partnership is all about and the vows taken by you as a couple reflect this.  Now is the time to consider a unique wedding gift to each other!

When young couples set out as a married couple, they may wish to buy a house and have children.  Planning is exciting, and the last thing on their minds is dying.  However, having an awareness of the possibility of one partner dying is crucial. According to the Child Bereavement UK organisation, “a parent of children under 18 dies every 22 minutes in the UK; around 23,600 a year. This equates to around 111 children being bereaved of a parent every day”.

These are extremely sad and shocking statistics, but you have the ability to protect your loved ones should the worst-case scenario happen.

Receiving advice and help to understand the range of options available should be at the top of the wedding list and sorting out this aspect of newlywed finances need not break the bank if the newlyweds are young and healthy. Young couples are low risk, and therefore, the monthly premiums and range of companies in this a competitive market offer low cost policies. You could see your monthly premiums from as little as £10 per month.

Insurance companies use risk to calculate premiums for life insurance is based on risk, with the following factors being essential elements:

• Age
• Smoker/non-smoker
• Type of life insurance policy required
• Length of term
• Sum covered

Other issues affect premiums, such as:

• Pre-existing health issues
• Hazardous occupations
• Professional sport players
• Extreme or dangerous hobbies

The higher the risk, the more expensive the premium!  If you’ve ever been refused or declined a life insurance policy, contact our team of dedicated professional advisors to discuss various solutions and options.

Do newlyweds need life insurance?

As a newly married couple, you will need to consider each other’s circumstances and plan accordingly. Ask yourselves the question: “If I were to die, what impact will my death have on my loved ones”? On the other hand, “financially would my wife/husband/partner/children suffer in any way if I were to pass away”?

How would they cope with the following?

• Monthly mortgage repayments
• Other monthly repayments such as debts or car finances
• Everyday household bills and shopping
• Childcare
• Savings for the children’s future such as university etc.

If you were no longer around, your other half would carry the burden of these costs alone, how would they manage financially? Would they suffer?

Funeral costs are rising

According to recent figures, an average funeral might cost more than you think. Shockingly the cost of dying might even set you back a cool £8,000. (Source: SunLife Cost of Dying Report, 2017). Of course, there are cheaper options, but would your family manage to find the funds if you were to suffer an unexpected early death? This financial burden is avoidable and affordable, simply by including this aspect of cover within your life insurance policy.

Newlyweds with a mortgage should take out life insurance

It makes sense that a joint mortgage will be difficult to pay if one partner were to pass away. Imagine your loved one struggling to meet the monthly payments, falling into debt and possibly repossession. Taking out a life insurance policy mitigates this financial burden, acting in a gallant way to ensure the surviving partner will continue to live in the family home comfortably, without the added strain of worrying about the monthly mortgage repayments.

Raising children and childcare costs

According to recent studies, the overall cost of raising a child from birth to the age of 21 is approximately £227,226 (Source: CEBR report – Cost of Raising a Child).

Childcare costs for any family, let alone one-parent families, have escalated in recent years, according to one article by the Financial Times, childcare in some regions of the UK is a staggering £9,100 per year.

It is, therefore, essential that parents consider this when planning a family.  Life insurance will cover such costs of raising a child if one parent were to pass away.

Life insurance will provide the peace of mind, especially for the primary breadwinner, knowing that loved ones will cope financially.  In addition, for a stay at home parent, life insurance is vital to have in place.  Life insurance paid out to the primary breadwinner will cover future costs of childcare, or ease the financial burden of monthly bills enabling that parent to spend time with the children and provide significant financial and emotional support.

How much life insurance do newlyweds need?

Grab a pen, paper, and calculator to work out the amount of cover required.  Make a list to take into account the following:

• Total mortgage balance remaining
• All debts and car costs
• The number of years of lost income (10 is a good starting point)
• Childcare costs if the surviving parent remains working
• Ages of children or other dependents
• Household living expenses including bills and shopping
• Regular payments to savings

Talk these figures through with each other.  Ensure that you both agree.  Consider the rising costs of living and think about future-proofing your children’s education needs.

What is the best life insurance policy for married couples?

For many newly married couples, the best life insurance policy is often the most affordable one available. There are several options to choose from, but perhaps the most popular (due to its cost-effectiveness) is a decreasing term life insurance policy. A cheaper choice of life insurance due to it taking into account the decreasing payout in line with the mortgage balance. Whatever happens, the policy will cover any mortgage balance, plus any debts requiring cover under this type of policy.

Another option is level term life insurance where thecover remains fixed, regardless of when you pass away. For example, a life insurance policy with a payout of £250,000 to cover a mortgage will pay out £250,000 even in the event of a paid off in full mortgage within the term of the policy.

If children are a substantial part of future plans, then family income benefit is a advantageous policy to consider.  Essentially this policy replaces a lost income for a fixed term. Family income benefit provides loved ones with a regular monthly payment up to £5000, easily sufficient to cover mortgage and household regular payments. The beauty of family income benefit is that it is a tax-free monthly payment.

What about life insurance for couples getting married in their 50s?

Healthy couples who marry later in life have some life insurance choices. One to consider is whole of life insurance that will last for a lifetime and provides a guaranteed payout when you pass away. The option of the whole of life insurance does involve some health checks and more expensive premiums. Equally important is to ensure the correct level of cover; too much cover is a waste of money, too little will leave the insured wishing they had bought more. Our trained advisors will help you to calculate and determine how much cover exactly you require.

For non-smokers, a cheap life insurance option for newly married couples is the over 50s life insurance policy. Popular due to its eliminated requirement of health checks and affordable premiums. However, the cover provides less cover,  but still a  preferred option for many over 50s due to its ability to cover expensive funeral costs or to leave an inheritance for loved ones.

Newlyweds looking for cost-effective methods of life insurance will find that most insurance policies allow for joint life insurance — certainly a cheaper option but with some caveats to bear in mind. A joint policy is actually one policy split between two people, and when one partner dies, the policy expires after payout. The surviving partner will need to take out a new policy if the cover is required to continue.

What about critical illness cover for newlyweds?

Critical illness cover can form part of your life insurance policy, or provided separately as stand-alone cover. It is possible (and essential) to check the essential illness definitions as found in the list of illnesses covered by the insurer.  Cover can help pay your mortgage, rent or debts, also with private medical treatment, home alterations.

Another consideration is terminal illness cover, often this comes as standard with most life insurance policies and will provide an early payout in the sad event that you are diagnosed with an illness dramatically shortening your life.

In conclusion

Calling all newlyweds! It is crucial to realise the benefits of life insurance. It need not be expensive, especially for young, healthy couples and premiums fixed, saving money over the long term.

Speaking to our dedicated team of advisors will help you to tailor your cover to match your budget. For as little as £10 per month, your partner will not have the extra burden of money worries in this challenging time dealing with the loss of a loved one.

Click on the button below to compare the best life insurance quotes available:

There are several factors to take into account when considering taking out a life insurance policy, and most factors will depend on the individual’s circumstances.

If the individual is a single person, with no dependents, then the thought of life insurance will not be a primary consideration.

However, an individual with one or more persons close to him or her, who rely financially upon the individual, life insurance will be a beneficial safeguard and option to think about having.

There is only one question to ask yourself about having life insurance:

“Would my loved ones cope financially without my salary?”

If the answer is no, it is very likely that life insurance is a critical thing to have.

Another common question people ask when talking about life insurance is:

Why do I need life insurance?

While you are around and able to provide essential financial stability for your loved ones, life is good. However,  if the worst were to happen, and you were no longer around your loved ones lose this security.

Everyday essentials to maintain their current lifestyle will be lost, and the following things may be difficult for them to sustain:

• Mortgage repayments
• Everyday family living costs such as bills and existing debts
• Childcare costs
• Your funeral costs
• Savings for future child university fees

It makes sense, therefore to consider a life insurance policy that will pay out to cover all the above, from as little as £10 per month.

What about if I am single? Do I still need life insurance?

You might think that life insurance is not a factor to consider if you are single. It may be prudent to review the costs of your funeral, even when you are a single person. Funeral costs are alarmingly high now, more than people realise, and rising every year. Expect someone to pay between £3000 and £5000, (Source: SunLife Cost of Dying report 2017).

That someone may be family members such as your parents or siblings. You may consider this cost to be a financial burden, especially if they will find it hard to source the necessary funds to cover your funeral.  This fact is even more pertinent in the event of an unexpected death.

A life insurance policy may be of benefit for you even if it only has the funeral costs element to it.

Another aspect to consider is that of youth.  Even if you are single, you may have a plan to one day meet someone and start a family. The younger you are taking out a life insurance policy, the better it will be as premiums are low for young people.

Future-proofing your future with a life insurance policy will benefit loved ones of the future and cost you less in the long term.

Do I still need life insurance even if I don’t have children?

If you live alone and enjoy a carefree lifestyle that involves no other person, generally you would not require full life insurance.  Perhaps other than that to cover funeral expenses as previously mentioned.

When thinking about life insurance, the term dependant is one frequently used. However, a dependant is not always about children; it can refer to wife, husband, partner or any family member — basically, anyone who depends and relies upon your salary or income.  Even if your partner etc. is working themselves, your income may make up the difference required to meet all the financial obligations of the household. Therefore, the term “dependant” depicts that someone for whom you love and care.  A dependant is someone whom you would want to ensure can continue to live the lifestyle you help to support financially.

What type of life insurance will I need?

There are different features of life insurance, and depends mainly on what you require, here are some simple explanations:

Whole-of-life cover

A whole-of-life policy is a guarantee of a payout and lasts for your lifetime. The drawback of this policy is that it is more expensive due to its nature.

Term insurance

Also referred to as term life insurance, with a payout within a specific period.  This type of policy is popular as monthly premiums are usually cheaper and can be tailored for a fixed period such as the duration of a mortgage, or for when children are in university.

Decreasing-term insurance

Also called mortgage life insurance due to the nature of payout decreasing each year in line with the mortgage. By the time the mortgage term is complete, there will be no payout. Again, a prevalent option for many as the premiums are much cheaper.

Increasing-term insurance

As the name suggests, increasing term insurance is a policy where the sum assured increases every year by a fixed amount.  Typically designed to keep inflation in mind, especially for very long-term plans. For example, a payout that seems high in today’s market may diminish due to inflation over the term of the policy.

An increasing-term life insurance policy provides peace of mind, especially for those with sizeable assets, and risk of costly inheritance tax. Increasing-term life insurance may help to cover these types of costs.

Renewable term insurance

As the name suggests, renewable term life insurance has the benefit of renewing and extending cover when the policy expires. The advantage being recent health issues will not feature as part of the renewal process hence no requirements for a medical.  However, premiums may be higher due to increased age.

Joint life insurance

Joint life insurance is one policy for two people and offers cheaper monthly premiums. It is essential to bear in mind that when one person dies, the policy terminates ultimately.  It will be necessary for the surviving person to take out a new policy if there are more dependants to take into future consideration.

Another life insurance policy to consider is:

Over 50 life insurance

Over 50s life insurance is a popular option for people in their 50s to consider. Although the payout is generally lower, the sum is considerable and financial help towards funeral costs or a lovely gift to leave for loved ones.

Do I still need life insurance even if I don’t have a mortgage?

A mortgage is often considered one of the main reasons for taking out life insurance.  However, there may be other good reasons to consider life insurance, especially if you have loved ones. For example, your loved ones may use the funds to

• Help to cover your funeral costs
• Clear any debts you may have
• Deliver an inheritance
• Contribute towards a family event such as a wedding or a holiday
• Contribute towards a much-loved charity

Conclusion

If the worst-case scenario were to happen to you, the financial impact on your loved ones would undoubtedly be challenging. With so many life insurance options on offer, providing financial protection and a guarantee of financial peace of mind, it is crucial to focus on guaranteeing their security.

Compare life insurance quotes and secure the best coverage for you

At LifeInsuranceCover Services, we carry out extensive comparisons for you to ensure you get the best quote and cover for your circumstances.

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