3 Kids and Us

Life insurance for parents in post pandemic UK

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The last 6 months have seen a great deal of change in the UK; home schooling became the new normal, well known brands shut their doors to the public and we spent days on end never leaving the house.

But more alarming than these changes, we have experienced a huge death toll of over 40,000 in the UK alone due to COVID-19. This unprecedented time has brought human mortality to the forefront of our attention.

This focus on the uncertainty of human life has led even more parents to seek out life insurance to protect the future financial stability of their loved ones should the worst happen to them.

But has the pandemic caused the life insurance industry to change? Should parents be taking additional precautionary steps to ensure their children are fully protected?

Keep reading to find out…

Writing your life insurance policy in trust

Whilst not a new concept, writing your life insurance policy in trust can be a huge advantage to your family if the worst were to happen to you. COVID-19 has caused significant financial strain amongst many families in the UK, making it more important than ever to ensure your loved ones receive the full benefit of a pay out.

The value of your life insurance policy automatically comprises part of your estate. In the UK, this overall value is subject to inheritance tax on anything above £325,000.

Whilst this value may seem a particularly significant amount, a £200,000 life insurance policy combined with a house worth £225,000 would subject your loved ones to £40,000 inheritance tax. And that’s before even taking into account any additional savings or investments you have in place.

Writing your life insurance in trust detaches the value of your policy from your estate, ensuring that your family will receive 100% of the sum assured, as well as reducing the remaining amount subject to inheritance tax.

The process is easy and completely free, and many insurers and brokers (such as Reassured) even provide a service to help you with the process, offering peace of mind that it has been completed accurately.

Pandemic exclusions

The good news is that many existing life insurance policies would not be affected by the recent pandemic, and that the large majority of policyholders would be covered if they were to pass away due to COVID-19.

However, some policies include a ‘pandemic exclusion’. Written into the terms and conditions of a policy, this invalidates cover if cause of death is due to a national or global pandemic. For policies with such exclusion in place, a pay out would be declined if you were to pass away from COVID-19.

The only way to determine whether or not your life protection includes such exclusion, is to review the individual terms and conditions of your cover.

Until recent events, the ‘pandemic exclusion’ has not been widely used within the industry, however, it can be strongly predicted that it will become a much more common occurrence. Therefore, when arranging life insurance cover in post pandemic UK, it is essential to review the terms and conditions of your policy – Especially with the likelihood of a second spike on the cards.

Cost of premiums

The cost of life insurance is calculated based on the likelihood of a claim being made. Insurers take into account a number of factors including age, health and more recently current world affairs. Until now, frequently visiting specific countries across the world could result in you paying higher monthly premiums due the increased risk.

However, COVID-19, whilst showing different rates across the globe, has been very prevalent on UK soil. Therefore, it is likely that arranging life insurance during the heat of the pandemic could result in you securing higher than usual life insurance premium costs.

Personal factors will still be used, meaning that your monthly costs will still be more favourable if a claim is less likely, but pandemic risk will also be taken into account. As a result, it is more important than ever to compare quotes to ensure you receive the best deal.

Conclusion

As we enter a ‘new normal’ many elements within the UK will take some adapting and life insurance is no different. As always, anyone who has some form of dependant in their life is likely to benefit from having life insurance protection in place.

It is essential to be aware of the specific terms and conditions attached to your policy and comparing various cover options to ensure you have the right protection to suit your needs.

The Value of Customer Service Calls

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Let’s face it. Not many of us look forward to calling a 1-800 number. In the vast majority of cases, we call a company to receive an answer to a question or to lodge a complaint. Rarely, do we ring up any business just to say we’re happy with the product or service it provides, as we often dread the lengthy maze of options directing us from one concern or department to another and can resent the barrage of questions we receive in response to our own inquiries. Nevertheless, customer service calls serve an important purpose; without physically visiting a company’s headquarters or relying on a prolonged written exchange of correspondence, how else could we voice and have heard our concerns? Maybe it’s time to consider the benefits of customer service calls. Here are three:

They Provide Quick Feedback

Of course, first and foremost, the customer service call is a (relatively) quick way (when possible routing nightmares are set aside) for us as customers to receive pertinent and individualized information. We might be able to locate or generate instruction on a website, product packaging, pamphlet or brochure, but only direct, verbal communication offers us the opportunity to receive information that is prompt and personalized. Emails and written correspondence can provide similar results, but both necessitate time for the back and forth relay of conversation.

They Provide Individualized Feedback

As mentioned, in addition to being quick, customer service calls have the advantage of offering us all personalized service. Not only can customer service representatives provide quick information over the phone, they can provide specific information that takes into account the details of our own unique relationship with the company. In this way, exceptions to policies might be made or special benefits might be given to us that wouldn’t or couldn’t be provided via other means.

They Can Be Used to Train Staff

Finally, when customer service calls are recorded, they can also be used to train staff. In fact, a hosted call recording can be a crucial part of employee training, offering examples of common customer concerns and providing best practices for representatives to replicate in future calls; specifically, characteristics of an exemplary rep’s pattern of speech, including his or her volume, cadence and clarity, can be used as a model of effective communication with consumers for future call center staff, ensuring the subsequent customer service calls are met with professionalism and any complaints are dealt with in the most most efficient way. This benefits us all in the long run, providing future customer experiences with staff that are better informed to manage a range of customer service issues.

5 Strange and Surprising Things About the Millionaire Next Door

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The “millionaire next door” refers to the fact that many of today’s millionaires — and there are now more of them in the U.S. than the entire population of Sweden — aren’t driving Bentleys while they light cigars with $100 bills. Instead, they’re seemingly ordinary, run-of-the-mill-folks who mow their lawns, put up cheesy Christmas decorations, and do other ordinary things. And oh yeah, they also happen to have a massive net worth that most people will never come close to experiencing or enjoying.

So, how did these folks surge — and stay — in the coveted ream of the one percent? The vast majority of them didn’t win the lottery or inherit a fortune. Instead, they made some or all of the following extremely prudent and profitable decisions:

1. They refused to keep up with the Jones’s.

Nothing — repeat, nothing — costs more in life than trying to keep up with friends (and frenemies) with respect to vacations, cars, home furnishings, and the list goes on. Millionaires focus with laser precision on their own lifestyle, and buy things when they truly need or want them; not when they are triggered to do by a boastful neighbor, relative, colleague, etc.

2. They are extreme savers — but not misers.

Millionaires don’t cackle in their unheated basement in the middle of winter as they separate two-ply toilet paper to double the fun, or stare lovingly at their drawer full of fast food restaurant condiments crooning “myyyyyyyy preccciioouussss.” Yes, they are extreme savers and get an even bigger dopamine and endorphin burst when they wisely save money than when they wisely spend it. But they aren’t misers, either. When they want or need to spend, they do so happily (or as happily as they can — nobody throws a party when faced with an unexpected car repair bill). They’re also surprisingly generous when it comes to supporting charitable causes that they believe in.

3. They keep their stuff for as long as possible.

Think that the millionaire next door is obsessed with making sure that the car in his driveway is an envy-inspiring luxury sedan or SUV? Think again! He’s much more likely to have a 10-year old Honda Accord or Toyota Camry than a shiny new BMW or Mercedes. And you can forget about him moving because he’s bored, wants a bigger walk-in closet, or his home needs foundation repair. He’s staying put unless and until it makes very strong financial and lifestyle sense to make a move (e.g. job transfer, baby on the way, etc.), and you can be sure that he’ll stay well within his budget vs. overspend.

4. They focus on paying off their mortgage.

Millionaires don’t believe in what banks call “20-year mortgages” or some other duration. Instead, they focus relentlessly on paying off their mortgage as quickly as possible, which typically means forgoing vacations and other big ticket purchases until they — and not the bank — completely owns their home.

5. They’re not obsessed with money.

Perhaps the most surprising secret of millionaires — that is, the one who stay rich — is that while they certainly understand the importance and value of money, they aren’t obsessed with it. They embrace the definition of wealth provided by New York Times “Wealth Matters” columnist Paul Sullivan, who spent many years communicating with millionaires from all walks of life — from teachers to hedge fund managers. Said Sullivan: “You’re truly wealthy, he adds, when you have enough money to do all the things you want to do.” That about says it all, doesn’t it?

How to Look After Yourself After a Workplace Injury

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Following a workplace injury, particularly an incident resulting in you needing to take extended time off work, it will be necessary to look after yourself; to both recover in body and mind, and to manage your change in circumstances on a more practical level.

This brief how-to guide will give some guidance on taking care of yourself post-injury; physically, mentally, and financially.

Physically

For physical recovery, the most important, and likely the most obvious, thing to do is make sure you follow the guidance and advice given by your medical practitioners.

  • Make sure you take any medication prescribed and avoid any strenuous activities as advised, such as heavy lifting, or sports
  • If receiving physiotherapy for injuries sustained, then be sure to complete all home exercises designated to your recovery process
  • As well as the to-do’s, make sure to abide by the do-not’s, such as avoiding alcohol, certain foods, or smoking, for example. In addition to the physical implications, this can also have legal ramifications, such as driving while on pain medication, following surgery or while incapacitated, voiding motor insurance

As well as following medical advice, it will be necessary to take your injury, and any long-term implications of it, into account when preparing to return to work:

  • Can you carry out your previous role without causing further injury, if not then a new role should be found or created to allow you to return to work safely
  • Do not return to work before you are sufficiently recovered enough to do so

This can be challenging to stick to as it can be frustrating to wait, and can also be a cause for anxiety and stress if it is having an impact on your finances.

Mentally

Being injured and restricted is likely to be an upsetting and anxiety-inducing time for you. It adds additional pressures to families and relationships and can have a detrimental effect on your mental wellbeing.

  • Seek external assistance if you find yourself struggling to cope. Therapy can be a great way to unload your emotions and is not a sign of weakness or failure.
  • Accept help from family and friends and be sure to communicate. You are not a burden to them, and they want to support you, but they cannot do this if you don’t tell them what you need.
  • Practice meditation, yoga, or other therapeutic, relaxation techniques. Find time in your schedule to be calm and focus on your breathing to reduce stress levels and boost your mental health.
  • Stay abreast of your financial circumstances, acknowledge that there may be financial implications to your injury, and seek out support and advice to manage them. Money is a leading cause of stress, and ignoring it will only make it worse.

Financially

As previously mentioned, an injury at work that puts you out of action will inevitably have financial implications for you and your family; there are many things to consider during this time, including:

  • Compensation – You may be entitled to compensation following a workplace injury, and you should not be hesitant to pursue it. Personal injury solicitors London, Washington, Paris, or wherever you are in the world, are there to help you regain financial control and support you following your accident.
  • Insurance – You may find that your employers have insurance to cover workplace accidents, you should speak to your employer and discuss your rights. Your own medical insurance cover, if applicable, may also help with any resulting medical bills.
  • Sick pay – Another one for your employer. Check your contract and see what you are entitled to for time off of work due to a work-related injury.
  • Budgeting – If you find yourself out of pocket, then it may be necessary to review your household budget while you are off work and reduce non-essentials.
  • Research other support services – You may be entitled to additional benefits or financial aid. Research what is available in your area and be sure to claim everything you are entitled to. It is what it is there for, and you should not feel guilty using it.
  • Returning to work – Know your rights for returning to work after sickness or injury. Your employer should consider alternative roles within the business if you are no longer able to carry out your original job. They should make a significant effort to facilitate your return.

Prioritize your recovery and the wellbeing of yourself, your family, and anyone that may be affected by the incident. Getting better is top priority, and this guide provides tips for ensuring that you take care of you and yours.

How a Private Investigator can Help your Divorce Case

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Going through a divorce is a tough experience for any couple, and difficulties are compounded when children or other dependent relatives are involved. Regardless of fault, it is usually the case that there are disagreements over the events that caused or contributed to the divorce, the procedure for actually obtaining the divorce, and the practicalities of separating assets and liabilities. While these occurrences would in any case present difficulties for a divorcing couple, they can be made worse by not having accurate information. When the truth can mean a party has to pay considerable sums of money or surrender access to children, it is unsurprising that divorce proceedings are wrought with fabrications and misrepresentations. 

Fortunately, there are ways of addressing these challenges head on, meaning an equitable and appropriate settlement is within reach for divorcing couples no matter how bitter the initial proceedings. Private investigators (PIs) – also known as private detectives or inquiry agents in some jurisdictions – can be hired to set the record straight.

What do PIs do?

PIs are highly-trained individuals who seek out, verify, and analyze information on practically any topic using a range of specialist techniques, including surveillance, interrogation, fact-finding, and public records searches. Many PIs are contracted by law firms, newspapers, and other groups with investigative needs, but individuals are also able to hire PIs for personal or business matters. Divorce is a common domain for PIs, and their clandestine and confidential nature is often one of the main attractions of hiring them.

For the most part, divorce involves personal matters – such as infidelity, domestic violence, and deceit – but PIs are usually such well-rounded and skilled individuals that they can be instructed to investigate a whole range of matters, including complex financial and business issues that might be relevant to a divorce. 

Some of their core activities in relation to divorces include:

 

Gathering Evidence of Allegations

 

When filing for divorce, one or both spouses must specify whether there is fault at issue. A fault divorce is one whereby blame for the divorce is assigned owing to the actions or inactions of one or the other party. Of the traditional fault grounds, the allegation of cruelty (inflicting physical or emotional pain) is the most common, but others include: adultery, desertion, imprisonment, and sexual dysfunction that was not disclosed prior to marriage. In each of these cases, a judge will require evidence of the alleged fault. This is where PIs come in.

Gathering evidence of fault without the assistance of a PI is rarely recommended, as it could put one or both of the spouses in a dangerous position and the techniques employed could affect the outcome of the legal case in unpredictable ways. PIs are used to managing the risks associated with investigating fault and they carry out their investigations in such a way as to comply with applicable evidence laws. 

 

Ascertaining Means for Child Support

 

Divorce brings out a side to many spouses that the other has never seen. Nowhere is this tendency more common than in relation to the making available of assets and financial information for child support. 

Often, a deep distrust of the other spouse means that one will seek to hide or obscure the true value of assets, delay salary or bonus payments, and misrepresent income so as to lower any legally-mandated child support payment. Through surveillance or complex financial analysis, PIs expertly locate the true figures involved in these situations. Their work can better ensure that reporting is fair and accurate, so that one spouse is not left with any undue financial burdens when it comes to supporting a child.

 

Investigating Suitability for Child Custody

 

It is not only the financial aspects of a child’s care that are at issue during divorce proceedings. More often than not, the events that lead up to the divorce indicate to one or both spouses that the other presents an issue for the child’s welfare. This is especially the case where infidelity or alcohol/drug use is suspected, as the accused may not be available to care properly for the child. 

These are very serious concerns that have implications not only for the divorce, but also for the individuals involved should any criminality – such as child neglect or abuse – be discovered. Again, PIs are able to find and, importantly, verify information about any such activities and relay that back to legal teams who are then positioned to put protective measures in place for the child, whether that be a complete denial or a restriction of custody, or a form of supervised parenting time. 

 

Conducting Searches into Assets

 

Rarely is it the case that assets and liabilities are divided in such a way that neither spouse contends the split. Whether there are debates over mortgage contributions and car payments or business values and inheritances, PIs are able to uncover financial information from a range of sources. Using this information, lawyers are able to put together more accurate and fairer plans for the division of assets upon granting of the divorce, which ultimately means a more amicable settlement and lower legal fees. 

PIs are especially useful in cases where one or both spouses suspect that assets are being hidden. It is, unfortunately, quite common for one or both spouses to try to shield their assets from the divorce proceedings so as not to lose them in any eventual settlements or awards. 

Summary

With divorce rates on the increase in countries all over the globe, couples will continue to face a whole host of difficulties when choosing to end their marriage. The good news is that hiring a Private Investigator is one way of reducing the stress and turmoil caused by divorce, not least because it means that all parties – spouses and their legal teams – can enter into the proceedings with more accurate information. From the discovery of hidden assets to gathering evidence of infidelity, PIs bring to light difficult or unknown issues in a way that few other professionals can. 

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We left our home in Sydney, Australia many moons ago in May 2012 and, other than a brief stint back in Perth for Christmas and a wedding in early 2014, we have been travelling the world nomadically ever since, running a business from our laptops and we’re here to show you how to do it!