Category: Uncategorized

When considering the financial options of life insurance, it may appear to be a step too far. For many people, having the best life insurance cover is a foregone conclusion. If you are a security-conscious breadwinner, you will know that a life insurance policy is an essential financial safeguard for your dependants, immediate family and loved ones. 

What sort of life insurance do I need?

The range of life insurance policies on offer may appear baffling, and obtaining good advice is essential. If you are ready to discuss what is the best life insurance policy, scroll down and click the button to speak to a friendly, non-pushy advisor and discover your options.

However, we can look briefly at common preferences and levels of cover available to you to ensure you obtain crucial financial protection for dependants in the worst-case scenario.

From single to joint policies, cheap life insurance to whole of life policies, the range of protection plans is vast enough to suit every individual or couple.  

Consider a term life insurance fixed to cover a specific period, for example, the duration of a mortgage. Alternatively, the most popular life insurance policies include cover for critical illness with flexible plans offered by well-respected life insurance companies. Their aim is protecting individuals when devastating illnesses prevent them from earning a salary. 

Common conditions including cancer, heart attacks, strokes and multiple sclerosis form the basis of most claims. Therefore it is easy to envisage why individuals want to cover yourself for critical illness, having a policy ready if you need to make a claim for one of these life-changing situations.

Our trusted advisors can advise on how much cover you should take out, whether it is whole of life, fixed-term life insurance, critical illness or a combination of policies. It is often surprising, going through monthly outgoings, totalling up the mortgage payments, loans, savings, utilities, shopping and the little extras that add up without us realising. Things like piano lessons, football kits, school shoes and the like.

Equal-earning couples are both breadwinners

Most fundamental is keeping a roof over their heads. In the unfortunate event of the main breadwinner or, increasingly widespread, the equal-income couple whose joint income is necessary to financially sustain the family. One will ultimately suffer in the event of halving that monthly income due to premature death. Striking the right balance is crucial, as the higher the benefit of the life insurance policy, the higher the monthly premiums. Hence, while it is tempting to over-insure, doing so may put a strain on the family finances.   

LifeInsuranceCover Services calculations

Take the time to sit down with pencil and paper and make a note of the vital elements of the family’s finances. Calculate as follows:

• How much of your mortgage is outstanding?
• How much is outstanding on debts, including personal loans, credit cards, and car loans?
• How much is necessary to help with the children, for example, childcare costs, college funds, clothing and activities? You may wish to help them until such time they are financially independent.

Totting up the figures will give you an approximation of the basis of total life insurance cover required, ensuring your loved ones can wipe the slate clean.

If your family were to lose you, the grief would be one thing to deal with. With the additional possibility of losing the family home is one heartache, you can help them avoid. 

Ensuring you have enough life insurance to clear the outstanding sum owed on the mortgage will help ease the strain.

Another element to consider is funeral expenses – the average cost of a funeral in the UK is £4,000, and this figure is rising annually.

The team at LifeInsuranceCover Services is dedicated to supporting and guiding you with life insurance policies and advising on quotes. We can tackle just about any question you throw at us!

https://twitter.com/hashtag/lightitblue

We continue to monitor and absorb the shockwaves reverberating around the world. As the pinnacle of this pandemic spikes, we remain shocked at the number of deaths caused directly by the coronavirus.  The team at LifeInsuranceCover Services UK, in line with the rest of the globe, stay incredibly grateful for everything key and frontline workers are doing for us, from treating patients and vulnerable people under stressful conditions to collecting the refuge and keeping areas clean and protected from the coronavirus.

Game-changing pandemic for even the best life insurance policy companies

Regarding life insurance, the future is cautiously optimistic, with heavy reliance on updated technology, using existing medical evidence to process claims quickly, admitting third party medical evidence and specialist reports for setting up new life insurance policies.

Going far to provide life insurance quotes during  pandemic outbreak

The best life insurance company and organisation will go the extra mile to pilot new schemes to make services easily accessible with virtual medical checks and screenings. The current crisis is paving the way for the future of further life insurance policy processing and life insurance claim handling.  We witness support centres offering virtual access to specialist advisors. Here you can receive practical advice provided by preferred platform communication channels including telephone, video consultation, life insurance mobile apps or secure email.

Is the coronavirus a catalyst for change in best life insurance policy practice?

Everyday life will never be the same again.  Many people continue to do their bit to halt the spread of the virus by staying at home. With the recent figures prompting the Government to extend the quarantine, working from home is an essential component to financial stability and survival.  Many of us are lucky to have embraced remote working, and digital meetings are the norm.  Provided we have the necessary tech tools working from home is straightforward and possibly become long-lasting for many industries with a rapid transition from office-based to remote working from management to clerical.  Coronavirus has been a catalyst for change.  The effect of the virus had forced us to adapt and think outside the box, stretching technological boundaries for every age.  However, there are benefits to be felt, whether it is financial, circumventing the need for expensive office space, business rates, insurance etc., to improved climate and environment due to less rush hour traffic.  The convenience of working from home is happening right now, and people will embrace this in a way they could never have imagined.

Virtual enterprise for life insurance policy industries

The switch to virtual enterprise has some negative downsides for industries where manual processing is the core of a particular sector and not easily transferred to remote working scenarios. Conversely, a preference for meeting clients face-to-face is the norm, where building rapport, gaining trust and creating new relationships are essential elements. A handshake over an expensive business lunch, clinching a deal over a bottle of wine is at the heart of many businesses.

One inevitable outcome from the pandemic is the glaring evidence of how we can adapt to change and take up the flexibility baton and run with it. When these testing times abate, the impact of COVID-19 upon the globe will continue. These are tough times, but we remain optimistic that innovation and growth will provide the tools for survival.

We continue to support you and provide best life insurance policy advice

At LifeInsuranceCover Services UK, we continue to review the situation, and we remain at your disposal, available to continue to provide life insurance cover quotes and advice, ensuring you stay protected beyond the COVID-19 crisis.  Sir Winston Churchill once stated that Life Insurance is a foundation of British society, and this portrayal is one that will continue for the future. Ensure you speak to a reputable life insurance agent today.

 

Who needs life insurance cover in a pandemic?

The team at LifeInsuranceCover Services want to keep you up to date with the latest information, advice and offer our support during this worrying lockdown situation.

The coronavirus pandemic sweeping the globe has everyone worried about finances. Saving money on life insurance and other household outgoings for now and the unforeseeable future will help people through these worrying and challenging times. Rather than talk about the importance of life insurance, we thought we would concentrate today’s blog on how we are all in this crisis together.

More importantly, how we can control our finances to ensure we get through to the other side.

Did you know that the UK Government is doing a great deal to help people impacted, by paying 80% of the salary of employees affected by the coronavirus? The measures apply equally to those who are self-employed, with 80% of average profits over the past years paid by the Government up to a maximum of £2500 per month.

As far as paying the mortgage, a worry for most people regardless of pandemics, the Government has put in place measures to assist those affected by applying a three-month “holiday”. For renters, if you fall behind in rental payments, your landlord is not permitted to evict a tenant. Government legislation specifically prevents evictions due to non-payment of rent during the crisis.

When it comes to car insurance, even if you are not driving, you still need to have insurance for your vehicle. If this is financially difficult, there is the option to declare it as off the road with a SORN, (statutory off road notice.) For the best advice look at the DVLA website.   For vehicles with an MOT due from 31st March, the Government has extended all MOTs due from this date for six months to prevent any possible exposure to the virus.

For those in certain types of business, the coronavirus has significantly had a negative effect with bars and restaurants, cinemas and leisure centres forced to close.

Government help businesses during coronavirus pandemic

Hence, the Government has put in place measures to ease the financial burden while not trading with business rates suspended for 12 months. This measure applies across the board to all businesses involved in retail, leisure and hospitality in England and similar concessions for Scotland and Wales.

The Government is proving themselves incredibly supportive with business interruption schemes and the HMRC providing extensions on tax payments. See the link below for full details:

https://www.gov.uk/government/news/chancellor-strengthens-support-on-offer-for-business-as-first-government-backed-loans-reach-firms-in-need

Make changes to household bills and budget to save money during coronavirus outbreak

With the country on lockdown, people are mindful of energy costs and increased usage. Speak to your supplier to find out what they are doing to help people during the pandemic. If you are not satisfied, there are certain matters you can take to save money. For example, looking around for alternative money-saving energy tariffs by looking at comparison sites for the best offers available.

The process is incredibly easy and the savings can be considerable. Continually check to ensure you are on the cheapest tariff. Make use of money-saving tips such as using your dishwasher/washing machine/tumble dryer late at night.

Check your current insurances to find out what they are offering in these difficult times. Reputable insurance companies have clear guidelines to cover change of situations such as working from home. If you are using office equipment supplied by your employer, make sure it is your employer’s responsibility for this equipment.

Keep on top of day-to-day finances. If you are struggling with your mortgage, loan repayments, direct debits, utility bills then speak to the provider to organise a payment plan. Most lenders and utility companies understand that this situation is difficult for everyone, and will provide assistance as much as possible. Financial assistance includes schemes such as repayment breaks, term extensions or temporary reductions in line with your income.

Banks and building societies requested to offer solutions to help people

As we previously mentioned, the UK Government has stepped up and instructed lending institutions such as banks and building societies to offer a three-month break on repayments, waiver of interest payments, and other emergency measures. Check your bank’s website for details on what they are providing customers during the crisis. If you have not heard about what your bank or building society is offering in the way of a financial buffer, then call them immediately.

For businesses, the Government has several helpful new Coronavirus policies in place, including:

• statutory sick pay relief package for SMEs
• 12-month business rates holiday for retail, leisure and hospitality businesses in England with similar concessions for Wales, Scotland and Northern Ireland.
• small business grant funding of £10,000
• grant funding up to £25,000 for retail, leisure and hospitality business properties at a rateable value between £15,000 and £51,000
• a Coronavirus Business Interruption Loan Scheme to support businesses with cash-flow pressures needing additional finance
• help with tax payments via the HMRC Time To Pay Scheme

For general households, now is the time to review income and outgoings. Discover where to make savings. For example, cancel unnecessary subscriptions or regular monthly outgoings, e.g. gym or club memberships, at least until this crisis is over and we can resume normality. Check comparison sites for cheaper deals on utilities, credit cards, mortgages and speak to your bank to find out about difficulties with meeting necessary repayments.

Remember that you are not the only one concerned about finances, everyone is in the same boat, from Richard Branson to your next-door neighbour. There is no shame in admitting financial worries during a pandemic! Businesses and lenders are subject to close Government scrutiny to help their customers and to ensure sympathy.

Life insurance is still important – speak to a life insurance advisor

People without life insurance are realising the importance of cover during the pandemic and we welcome any enquiries. Our team of specialist advisors are on hand to guide you through the process of obtaining a competitive life insurance quote.

Heed the guidelines and stay safe during coronavirus outbreak

In the meantime, heed the advice by Government regarding hand washing, social distancing and staying home, measures all necessary to get us through this absurd standstill.  Most importantly, stay safe.

 

 

What is the best life insurance for these uncertain times?

Unprecedented events have the ability to bring into scrutiny what is actually important in our lives. The coronavirus is certainly pushing people to revaluate everyday situations, whether it is health, finances, family, work and socialising, we find ourselves plummeted from normal to surreal in a matter of weeks.

We are not quite three months into 2020 and this year will go down in the archives as one of the most uncertain since the end of the wise elders’ era.

Currently, Europe remains the epicentre of the virus and insurance will be one of the first instances for many people to turn to.

What is happening right now in Italy fills us with dread has us questioning those fragile threads to health and life; no doubt, we are all worried about the future.

Some might take a positive outlook and see this as an opportunity, a challenge for our communities to join forces, whereby we can build an improved future with a healthy environment, one that reflects on the positives of this viral outbreak.

Unprecedented virus calls for specific financial thinking

For the most part, our children and we as adults have never witnessed or suffered strife, and this wartime effort to combine efforts to kill the virus show the true nature and colours of our friends and neighbours.

For the savers and financial planners amongst us, we might rely on our well-earned savings or insurance payouts to help us through these difficult times, whether it is life insurance, health insurance or income protection insurance.

The concept of insurance in these hard times allow many of us to emerge from catastrophe and avoid financial ruin, for example, savvy business owners may find it easier to make a comeback especially those with business interruption insurance.

Understanding exactly how your policy protects you is always important, but even more so in a time of this global pandemic.

Best life insurance cover for future financial planning

For the unfortunate few who do not have insurance or savings as a fall back in these tough times, this will serve as a wakeup call to take a look at specific insurance to protect from similar events in the future, whether it is for business owners, families or individuals.

Protecting our families, our businesses, our outgoings, and ourselves is a lesson we are learning. We hope that the UK government will step in with financial handouts, tax breaks, and loans to help those that are suffering the most, but now is the time to confront the uncertainties that will come in future years, long after this virus epidemic has ceased to exist.

Planning for the future has never been so pertinent

It looks as though the coronavirus crisis is here to stay for the immediate future, but it will serve as a bitter reminder of how important it is to have adequate insurance to cover losses brought on by such a grim disaster. Life Insurance remains a crucial financial product, providing protection for loved ones over the unknown.

Keep safe and keep washing those hands!

It is important to bear in mind that for most people who contract coronavirus go on to make a full recovery and the outlook is looking positive with the stringent measures in place to combat the virus. Keep safe and follow Government guidelines to help win this battle

In case you need advice on life insurance…

Don’t forget, you can complete our online form, and an adviser will call to discuss life insurance, find out what is relevant to your personal circumstances.

When looking for the best life insurance cover or best life insurance policy it pays to speak to a professional advisor.  We get many calls daily with a myriad of different questions, all of which we manage to answer fully.  After all, when looking for an affordable life insurance cover it pays to speak to someone who knows the market fully and can give you impartial, no-obligation life insurance quotes plus great advice at the same time! One question we do get asked, a lot, is about tax payable on life insurance payouts, so we put together a quick blog to describe the process of finding the best life insurance and how to avoid the fearsome taxman!

UK Budget 2020 Will Not Affect Great LifeInsuranceCover Services

Chancellor Rishi Sunak’s first budget of 2020 is likely to look closely at the dreaded issue of Inheritance Tax, possibly one of the most contentious and unpopular taxes demanded by HMRC and totalled £5.4bn during the 2018/19 tax year.

When it comes to Life Insurance, the questions that most often raises its ugly head are “is Life Insurance benefit taxable?” and “is life insurance benefit subject to inheritance tax on death?”  Before answering those questions, let us take a look at why life insurance is so important for families.

Why do I need Life Insurance and Where to Find the Best Life Insurance?

We all need to realise the considerable importance and advantage of protecting loved ones financially should the worst-case scenario happen. Not only will those beloved family members have the heartache of losing a loved one, but also those additional pressures, those previously you dealt with together, that may prove overwhelming without you.

Helping them with the gift of life insurance protection provides financial peace of mind. Thus, easing the household finance responsibilities of paying the mortgage, everyday household bills and living expenses, debts and savings, school fees and college funds.  A life insurance policy will go a long way to making life a little easier for those left desolated and struggling to cope.

Speak to the Best LifeInsuranceCover Services Advisors for the Best Advice

The team at LifeInsuranceCover Services are firm advocates in planning for the unexpected and fully believe in the advantages of a life insurance policy.  One of the many queries clients ask when requiring advice is this question of the possibility of a tax bill when a loved one dies.  Our role is to help families plan for unseen eventualities and provide guidance on these complicated issues.  Rest assured that, in the vast majority of instances, when a person passes away and the beneficiary of their life insurance policy receives the benefit, this financial asset reflects as non-taxable income. Therefore, no tax falls due.

Nevertheless, a good advisor will let you know about any situations whereby the life insurance benefit may become the subject of taxable proceeds of which there are only a couple.  If for some reason the sums paid out by the life insurance company remain held by the insurance company for an extended period, then any interest earned is usually subject to tax.  This taxable income will only be on the interest, for example, a £200,000 benefit, held for say, six months, may accumulate £1,000 in interest. The taxman will scrutinise only this aspect of the figure. The original £200,000 of course still pays out to the beneficiary once released.

Pay No Inheritance Tax on Life Insurance Policy Payouts

Another, albeit rare, situation where HMRC might scrutinise the proceeds of a life insurance policy is where the payment is tied up within a beneficiary’s estate, for example, when a policyholder survives an intended recipient, and there is no one to pay.

Whosoever ultimately inherits the estate will benefit from the life insurance proceeds via the estate. The sum proportion of the estate reflecting the life insurance benefit may fall under the watchful eye of the taxman through inheritance tax and estate law.

Overall, there is no need to fear the taxman as life insurance payments generally falls into the right hands. However, it is worth making a note as to how to ensure your loved ones preserve the integrity of a life insurance policy payout, especially for valuable real estate and significant inheritance figures.

These rare scenarios can be avoided, and it is a good idea to examine the advantages of placing your life insurance policy in a trust.

The best life insurance policies placed in trust will ensure:

• Clarity over any disputes about your wishes for your life insurance benefit, thus avoiding disputes or unworthy claims over your assets.
• Circumvent any claim for inheritance tax by the taxman.
• Speed up probate and payout quickly the benefit of your life insurance policy to those that need it.

Call us today to get friendly, up to date, accurate advice on Best Life Insurance Policies

Speak to an advisor today regarding the possibility of trusting your life insurance benefit into a legal agreement, known as a trust.  In this way, no matter what the outcome, the benefit of the life insurance policy remains fully protected from any other claim by the taxman or other body.

 

Many people put off what is perhaps one of the most essential financial investments in their lives.

Life Insurance!

For most, it is merely a case of:

• Not knowing what the best life insurance policy is
• What age to take out life insurance
• How to find the best life insurance policy online

However, the excuses take over and, before they know it, the time has passed by, and that essential life insurance policy has slipped through their fingers.  Because the best time to get life insurance is when you are young and healthy.  When you are young is the best time as policies are generally cheaper and offer great value for money.

Our clients often ask us “why do I need life insurance” when I am young and healthy?

Our answer is usually the same – you need life insurance if you have a family, a mortgage, and bills to pay. You also need it if your family relies on you for the majority of the family outgoings.

Think about it; if you pass away when your partner and children depend on you, how will they cope when you are not around?

Even the most straightforward and cheapest life insurance will ensure paying off the remaining mortgage term.  Additional add-ons to your policy at competitive prices will provide a lump sum to help with:

• Day-to-day living costs
• Childcare
• Funeral expenses
• Savings and university funds
• Other outgoings

The financial benefit of life insurance can ease that awful impact when a loved one dies.

Not having the burden of worrying about immediate financial commitments goes a long way to lessen the anxieties of moving on from grief.  Surviving family members will appreciate a maintained standard of living that life insurance brings when the primary breadwinner passes away.

Statistics are not clear, but one thing is certain:

“ in 2015, 23,600 parents died in the UK, leaving dependent children (23,200 in 2014). That’s one parent every 22 minutes.” (Source: http://www.childhoodbereavementnetwork.org.uk/research/key-statistics.aspx)

With so many options and add on features and our comprehensive team of advisers can help you chose the exact life insurance products.  We take into account your budget and family needs or circumstances when providing competitive life insurance quotes.

We have covered the major life insurance policies in our series “Types of Life Insurance” but rest assured our team can advise you which is the best life insurance policy for you.

Protecting loved ones need not be a complicated process; we are here to help navigate the life insurance market, compare quotes for you and make choosing life insurance a simple exercise. Simply complete our online form to receive a call from one of our friendly team of advisors, and learn about the different options available.   We have a specialist team, helping you to make appropriate and affordable life insurance choices.

What you need to tell us when looking for life insurance. 

Honesty is essential.

If you are a smoker, have a risky job or hobby, have a pre-existing condition.

Such issues will not always result in refusal but may affect your premiums. Even if something seems trivial to you, it may become an issue at the point of a claim, so make sure you divulge everything when asked. For most cases, we can provide specialist cover to ensure you and your family receive full protection.

When planning life insurance, both parents need to sit down and discuss the impact should one of them die.  Although it may appear evident that the breadwinner is the most important, a stay at home parent has equal value.  Take into account the escalating costs of childcare, and ensure this aspect is covered.

Our team of advisors will talk through the various options to ensure you are fully covered.   Simply click the button below, fill in the quick and easy form, and a member of the team will be in touch.

It is official; after many years of deal-making and breaking, House of Commons bickering and last-minute elections, the UK has finally kept its promise and left the European Union. On 31st January 2020, people flocked to the streets all over Europe to witness history, with UK and EU flags lowered across Europe.

The day of 1st February dawned on a new UK journey to a full withdrawal from the EU, from a single market, customs union and freedom of movement. Over the course of the following 12 months, citizens of the UK will experience very little change to their everyday habits, with the entire country in a limbo situation while the powers that be thrash out the finer details of full withdrawal and, hopefully, a deal to suit everyone. Effectively the UK will continue to follow the EU rules and regulations but have no say in them.

Sometimes it takes a monumental political shift to make people sit up and take stock of their finances, and Brexit is one such opportunity. Looking freshly at the different kinds of savings, pensions, insurance policies, and financial investments are essential now more than ever to take stock of what, if any, changes mean for such these different financial assets and how career and retirement goals may change with Brexit.

Pensions – at least over the course of the next 12 months, nothing much will change, rest assured pensions are protected both at home in the UK and many member states. If you are one of the lucky ones living in sunnier climates like Spain or Portugal, provided you have full legal residency in that EU country before the end of 2020 your pension has the continued protection from current EU regulations now and beyond withdrawal.

This protection applies to pension rates and any freezing or capping of pensions. For anyone relocating to an EU country post-Brexit 12-month transitionary period, these financial issues remain uncertain, and rules are subject to change, depending on where you live and any Brexit deal.  The likelihood is that any savings or insurance policies you have will be subject to the particular rules of the country you live in.

If your retirement is imminent and you hope to live in one of the EU countries, you may want to bring your plans forward and settle in your country of choice before any potential barriers arise. Post-Brexit, you will probably have to abide by each country’s stricter residency requirements.

Life Insurance – the best life insurance companies provide a list of precautions and advisory tips on how to protect your life insurance policies and premiums. Of course, the UK is still in Brexit turmoil while awaiting the result of further negotiations to secure a deal. The hard work commences averting the uncertainties of a no-deal scenario, hopefully.

In any event, the UK life insurance market remains a strong one, due to strict UK regulations in place. As a result, life insurance comes into its own as a crucial investment. We recommend life insurance as financial security for loved ones with cover to protect mortgage payments, debts, savings and funeral costs. Brexit has no implications on life insurance policies at home in the UK, only when planning to leave the UK to live abroad. As always, taking out cover when the individual is young and healthy keeps those life insurance premiums low.

Health Insurance – health insurance is a hot topic in the UK right now as a direct result of Brexit. It started with leaks about the future of the National Health Service and, very quickly,  people began looking at private medical insurance. The Government has gone to great pains to alleviate worries about the NHS, but still, the attraction of private medical insurance gains momentum. Again, for those worried, private medical insurance is an affordable option for many people, and the benefits gained are appealing, including advanced treatment options, less waiting times and improved hospital facilities.

Overall, despite fears of a no-deal Brexit at the end of 2020, there is a definite feeling that excellent opportunities exist for future financial planning and investment. We always advocate consulting experienced advisors for any future overseas investment, to spread any risk and diversify where necessary, especially in light of fluctuating exchange rates. For new ventures, the general advice by advisors is to wait until the transitionary period ends.

At home, and across the European Union, there will be little change as regards living, working and travelling for the next 12 months. The only notable point is the value of the pound and its fluctuations. However, compared to 2016 and the referendum result, sterling has gathered strength. Until we have a conclusive future deal, the pound will continue on a volatile journey. The UK Government are working hard towards a deal that promotes a healthy UK economy, and we are confident that this sensitive situation will remedy itself once we have certainty in future trading agreements.

The vital reminder is think ahead to post-2020 and take on board the uncertainties we are experiencing today. We are keeping an ear to the ground with regards to post-transition discussions, and we will endeavour to keep our readers up to date with any notable bureaucratic requirements and any financial and administrative issues that come to light.

One financial aspect not in jeopardy due to Brexit is life insurance, your policy remains safe with our trusted team of life insurance experts and you can get advice, a quote or an update to an existing policy via our easy to use form.

What we mean is “the best life insurance for going on holidays?”

It is incredible the number of holiday advertisements appearing on our televisions the moment Christmas and New Year is over.

The advertising agencies know a person’s psyche that a holiday immediately after Christmas is what everyone needs, wants, and many of us are planning where to go right now. More than anything else, looking online at those warmer climates, luxury hotels, white sandy beaches and sparkling blue swimming pools. Perfect images to cheer us up during those mid-January blues.

Booking flights, hotels, packing a suitcase full to bursting. The lead up is the easy and fun part. Checking off the list of necessities; passport? check; boarding passes? check. How many of us forget the one crucial envelope marked “insurance”?

Check out the best life insurance policy before travelling

Ensuring your insurance policies are all in place, up to date, and valid is one of the most sensible, if not the most practical approach before travelling. We also need to take on board all the things that might go wrong, and falling ill or suffering an accident abroad is more common than people realise. Luckily, for most couples or families, one person in the group will possess the necessary insight to pack this essential item of holiday paraphernalia.

In light of the recent coronavirus outbreak, it is even more prudent to check the terms of your insurance policies. Determine which insurance package will cover you in the event of an emergency, and especially check for exclusion terms. Ask yourself the question “is my life insurance policy valid abroad?”

Travel and the best life insurance

Firstly, an explanation of what exactly is life insurance. Depending on what type of life insurance policy you have, the goal of life insurance is to ensure loved ones have financial security if the policyholder should pass away.

A life insurance policy will, among other things: payout a lump sum to help with the following:

• ever-escalating funeral expenses
• pay the remainder of the mortgage
• pay off existing debts
• provide day-to-day financial security

Scoot over to our previous blog explaining all the different types of life insurance policies that exist.

The best life insurance while on holiday

Checking your policy is vital before travelling. Most life insurance policies will cover you when travelling. Still, there may be some exclusions, especially when the globe is in the clutches of a viral epidemic or other gripping disaster or terrorist threat. Your life insurance policy may render invalid any claims made while travelling to any of the countries on a UK “exclusion list.”

Excluded countries may also render invalid any other insurance policies relied upon. For example, medical insurance, travel insurance for lost luggage, damaged items, plus various different types of claims commonly made under travel insurance policies.

Apart from avoiding countries with deadly pandemics and regular terrorist situations, certain activities taken while on holiday will need careful consideration.

For example, scuba diving, paragliding, skydiving, any extreme or hazardous pursuits while on holiday. These will most likely require separate policies to ensure full protection against accidents or death. You may already have this covered if you partake in dangerous sporting activities regularly and providing your insurance company is aware of this.

It never harms to get on the phone and double-check that you have the necessary cover for specific sporting activities when abroad. Especially if you plan to climb to the tip of a burning inferno, gallop camels across the desert or free dive with sharks! Even skiing has more than its fair share of risks. It may be that your insurer will want to check safety credentials and professional certification of the organisers involved. We cannot emphasise enough the importance of ensuring all your insurance policies are up to date, including life insurance for travelling abroad.

Have peace of mind knowing you are covered, and then you are good to go.

The UK Government, in light of previous terrorist attacks and the current coronavirus outbreak, urges holidaymakers to take specific precautions before travelling. For an up to date checklist and advice, visit their web page here.

Whatever your holiday plans are this year, there is a lot to consider, with viruses, terrorism, Brexit, etc. Any information about travelling is located on the Government link above, with regular updates.

We hope that your holiday will go smoothly, without incident. Staying away from sharks and volcanoes will help! Having appropriate travel insurance together with life insurance is a smart move. It will protect you and your loved ones in a worst-case scenario.

If you are young and fit and you do not have life insurance, now is the time to consider a policy while it is cheap to do so. If you are planning a holiday and don’t have life insurance contact a representative today to discuss getting covered and the benefits of life insurance while abroad.

Relax; enjoy your holiday without worrying, but remember – life insurance is not just for the holiday season, but also for the long term.

 

Does the Best Life Insurance need Smart Hats and Age Progression Algorithms?

In a rapidly evolving environment of data-driven technologies, we start to wonder how life insurance needs to change to keep up in terms of digital technology for this sector. Already, the best life insurance companies are using technology to harvest useful, high-quality data, essential for research and development.

Data collection and machine learning go a long way to helping the life insurance industry gain meaningful insights into customer habits, especially in terms of health and lifestyle. The best life insurance companies can then go onto develop customised products and services and improve overall customer satisfaction from policy inception to claim stage.

Certainly, biometrics, artificial intelligence and algorithms go into new products, including those products which track lifestyles and health data and provide recommendations to reduce risks to certain illnesses and diseases.  

Research and Development to Create the Best Life Insurance Policies

Emerging insurance tech start-ups put forward some promising scientific research and ideas to future improve clients’ health and wellbeing and, ultimately, maintain affordable premiums.  This momentum for future generation technology is speeding.  Soon there will be options to personalise life and health products using digital solutions, in turn providing improved products and value for money.

Innovative products developed from algorithms that harness the power of big data and enables a new era of efficiency with the handling of risk assessment and claims processing. This type of technology improves the diagnosing of illness, in turn, reducing the requirement for invasive medical examinations and provides accurate premium values, speedy processes and fraud prevention.

Let us look at some of these exciting products that will revolutionise the life insurance market and provide better access for people who might otherwise be refused or expected to pay higher premiums.

Will our Fitness Gadgets Pave the Way to Cheap Life Insurance Premiums?

Head to toe, preventative and wearable tech is sweeping the world with its innovative products. A complete outfit, from smart hats, fitness-tracking underwear, stylish smartwatches and Fitbits, smart anklets and calorie counting trainers. While these items lean more towards an arranged marriage between fitness and fashion, tech companies across the globe are producing innovative features specifically for the health market.

An exciting Paris based health Tech Company, Chronolife is leading the way in disruptive technology specifically for healthcare patients and practitioners. Their most recent and groundbreaking invention is a smart, washable t-shirt cutely named Nexkin. The t-shirt comprises ten biometric scanners to continuously monitor and record heart rate and rhythm, breathing, body temperature and level of physical activity. The t-shirt works alongside the user’s smartphone, and the data transmitted via Bluetooth enables accurate health alerts and insights. 

Simply breathtaking in terms of medical advancement.  This type of innovation combined with future technologies, for example, the rolling out of 5G, will mean an awful lot in terms of remote health care, surgical operations and emergency treatments.  

Without doubt, wearable tech is a welcome addition to the insurance industry, whether it is to improve general health and fitness or detect early signs of high blood pressure, heart attacks or strokes. Big data is driving innovation, but it remains a contentious privacy issue, with many people against the collection of data to sell products. The future of improved life insurance products depends on people readily opting into the sharing of their data to enable faster application processing, claim handling and cheaper premiums.

Emerging technologies may sound a little too science fiction rather than useful tools for life insurance. One example is a biometric age assessment tool, currently in development, using facial analytical software to determine when a person might die! We are not sure exactly how life insurance companies will adopt this type of artificial intelligence and biometric health screening because the adage “ignorance is bliss” applies equally to customers and product providers! 

Contact us today to experience a relatively non-tech, normal process towards competitive life insurance quotes.