So sorry for the loss of your brother in law. I lost my brother in law extremely suddenly at a very young age, so I appreciate how you are feeling. My deepest condolences to you, Mary and the family. Thankyou for highlighting the importance of life insurance at this very difficult time.
Thank you, Ken. This is the perfect time to get life insurance. Your guidance has made me realize that my wife and I need it. I truly appreciate your help, Ken and Mary. May God continue to bless, protect, and preserve you and your family. Sending you both so much love. You are indeed a blessing to me.
Thank you for this detailed and informative video! It has confirmed that I've made the right decision but will need to revisit it in a few years time. My heart goes out to Pam, the children and whole family during this time. I think about it almost daily. Praying for hope and healing for you all.
Than you for this video Ken. I also recently lost a family member and this made me rethink all the policies I currently have in place. I will act accordingly as you touched a few scenarios I definitely could relate to. Thanks and again, sorry for your loss.
Thank you for the company recommendation I got a quote and will be changing over. I will be paying £40 more but with a LOT more cover 🙏🏾 We also lost our sister in law last year summer she was also 39 😢and she had a 4 year old daughter but no life insurance 😢
Hi Ken, I am very sorry for your loss. I pray for God’s comfort for you and your family 🙏🏾 Thank you for doing this video for us in such a difficult time.
Hi Ken and Mary. My sincere condolences for your lost. Thank you for the video it has opened my eyes, I did have life insurance but not under the trust ! I am in process now after watching your video. Is it possible to do a video on How to put property in a trust! ( Uk) . What is the advantage and disadvantages ? May the Lord bless abundantly for all the your help and education you provide with a good heart. 🙏🏾
Firstly, sorry for your loss. Thank you for sharing this information and great video. My wife and I took a lot from this, as we are now looking at life insurance, amongst other options, before signing for a mortgage. Home and contents insurance is next after that. We just lost 4 family members in the last 8 months and I'm currently sorting out my father's estate. It is a definite wake up call to our mortality, as my wife and I are in our late 30s to early 40s and we have children. All the very best, Al 👍
Considering the points that you made in regards to when a person should get life insurance; mortgage, dependents, married etc. So if you’re single with no dependents at the moment would you say that it’s pointless at the moment?
I don't think it's pointless because your situation will change for sure. E.g. you might get a mortgage, you might meet a partner, etc. It's better to get these early whilst you're still healthy.
Hi Ken, sorry to hear about your loss. Thank you for this video it's much appreciated. My question is about Indexed Universal life insurance, i am struggling to find reliable information on this. I would love to watch you do a video on it. I have been watching Doug Andrew video's on the subject, however he is American and they have different laws/tax's etc. Is this a thing in the UK?
Great presentation, thank you, learned a lot and my condolences to your family ❤ you talked about policy with fixed amount and that increasing annual premiums should be avoided......wouldn't that mean that the pay out would not be linked to an inflation hence will be worth less if the cost of living goes up? Thank you.
Thank you for video I've always wondered what life insurance is. So sorry for your loss. It's true we don't like to talk about this at home. I think I understand it, I'm single and no kids no home ownership and in wealth building stage index funds, if I settle down with wife kids house then I should look into life insurance..is that right? Also could you please maybe make video of private pension vs ISA stocks shares, i keep reading articles on people talking more about private pension than ISAs. Surely ISA better due to tax shelter.
Here is the video for the topic on ISA vs Pensions: ua-cam.com/video/BX5ZnFqW3F0/v-deo.html Regarding life insurance, even if single, I'd personally get one whilst you're young and healthy. It's most likely that your future circumstances will change. So better to get it whilst it is cheap.
So sorry for the loss of your family member. But one thing to add to that is that there's a difference between Critical Illness Cover and Serious Illness Cover.
Dear Ken and Mary, I am so very sorry for the loss of your brother in law. May he rest in peace 🙏🏽. I have been thinking a lot about taking out some type of cover for my parents now that they are getting older. I am contemplating on taking out a life insurance policy with income protection, critical illness and funeral costs cover (I guess it would be in their name?). The tricky part is that they do not live here (they live in Greece) and my dad has just retired. I guess my question is, can I still take out policies for them in the UK although they do not live here? Thank you
Thank you 🙏🏾. Very interesting question. I saw this response from Vitality when u researched this question: "Yes, life insurance for UK citizens living abroad is available. To get cover, you’ll need an ‘insurable interest’ in the UK. You need a reason to be insured in the country. This might be something like a mortgage or a business. It could also be that someone depends on your income. You will also need a UK bank account and correspondence address. Depending on your circumstances, you might have to shop around for expat life insurance specialists." www.vitality.co.uk/life-insurance/guides/life-insurance-and-moving-abroad/#:~:text=Yes%2C%20life%20insurance%20for%20UK,be%20insured%20in%20the%20country.
Our thoughts and prayers are with you, Mary, and your whole family at this most difficult time. I lost a distant relative recently too. They were early 40’s, leaving behind very young kids and a partner. Really hits home, when this kinda stuff happens so close to home. Puts things in perspective. I think even a stay at home parent/low earner parent needs life insurance, as a minimum until the kids get to teenage years and become self sufficient. The reason being, that the main breadwinner/high income earner, then would be a widow and single parent, and would either incur nanny childcare, domestic cleaner etc costs, to maintain their career, or might want to halt their career to stay at home for a season while kids are young. Quick question: What kind of trust would the life insurance be put in? Can multiple policies simultaneously be taken out? Can you hint at what org. didn’t honour their policy? Scotland perhaps?
Great comment 👍🏾 It's a basic trust. I believe a Bare Trust. You can also take our multiple policies simultaneously. Finally, about the provider, it's not one of the major ones. I can't remember the exact name. It's always better to go with one of the major providers.
I have 3 questions please. 1. How the children can get the money if both parents die in single event? 2. Putting insurance to trust, it can be used by wife or children? 3. Guaranteed payout means if someone lives up to their insurance limit, company going to pay anything, could you kindly explain? Thank you for your amazing video.
IMO - you should. Ask yourself what happens to your partner children and loved ones without you there to support them? Also I think most people with either one income or one main income should consider income protection or asu
So sorry for your loss. In regards to your personal term policies; the range of 46 years is essentially offsetting whole of life cover I assume. Does the increase in price still make it cheaper than getting whole of life cover (in your particular circumstance)?
@thehumblepenny hi Ken thanks for this video. I wanted to ask if I’m looking for 7 figure coverage isn’t it better to go through a specialist or do you think lifesearch would be sufficient? Is it worth the fees on a specialist I’m not sure?
Hi Ken and Mary. So sorry for your loss and thank you for covering this important subject at such a difficult time. I took my first life insurance policy out at 18. I provided some financial help to my parents- in effect they were dependent on me and I also didn’t want them to have to pay out for my funeral should the worst happen. I had a cousin a couple of years older, die in a car accident so it was very much on my mind. When my husband and I bought our first house we took out a joint policy to cover the mortgage. When we had our first child we took out individual policies so that if one of us died not only would the mortgage be paid off but the surviving parent could give up work for a while. Our last policy was taken out to increase our cover when we took the decision to pay for private education. We didn’t want a death to also mean that the kids would have to change school. Throughout this time we also had some life insurance cover from our employers but we saw that as a bonus. As it currently stands the kids are grown and our mortgage is paid off. Our policies run until we are 70 years old. Strictly speaking we don’t need them anymore but the younger you take them out the cheaper they are. The peace of mind they have bought us over the years is priceless. And yes, our children got a term life insurance policy each as soon as they got a mortgage.
I was just watching your insurance video yesterday. I am under 27, no debt, no partner, no mortage. But I want to insure myself to cover about 3 million ( it's a lot). Do you think it's worth it? And I am also thinking about getting critical illness cover.
Another great video Ken. Our sincere condolences for your family at this difficult time. It's absolutely critical to have solid insurance cover especially for times as such. We're also switched to Lifesearch insurance last year from a big branded insurance and so far so good. Just a little note to others here, if ever a new health condition surfaces during the policy term, pls let the insurance company know and although it may increase the premium abit, it'll save alot of dramas if you claim in future. May God continue to bless you, Mary and your family ❤
Hi Ken, thanks for this video! What do you think about income protection insurance for sickness and injury? Is it worth it? short or long term? I am 34 from Ghana and Italy, I have a healthy lifestyle and I am considering insuring myself for unpredictable events. Thanks a lot!
So sorry for the loss of your brother in law. I lost my brother in law extremely suddenly at a very young age, so I appreciate how you are feeling. My deepest condolences to you, Mary and the family. Thankyou for highlighting the importance of life insurance at this very difficult time.
You're most welcome. I'm sorry for your loss too 🙏🏾. Losing someone has a way of helping us focus on the most important things.
Such a useful video Ken. Thank you for making it during such a difficult time for your family.
Much appreciated 🙏🏾. I want to help people get this right.
Love to see you thriving. Lots of love to you both from Yorkshire !! So sorry for your loss.
Thank you so much ♥️
Thank you for this awesome video. Can you make a video on how to set ul a Trust in the UK. Very sorry for your lose
Yes I will
Thank you, Ken. This is the perfect time to get life insurance. Your guidance has made me realize that my wife and I need it. I truly appreciate your help, Ken and Mary. May God continue to bless, protect, and preserve you and your family. Sending you both so much love. You are indeed a blessing to me.
Brilliant!! We're blessed to be a blessing. Thank God.
Sorry for loss of your brother in law. Thanks for sharing
Thank you, Felicia 🙏🏾.
Thank you for this detailed and informative video! It has confirmed that I've made the right decision but will need to revisit it in a few years time. My heart goes out to Pam, the children and whole family during this time. I think about it almost daily. Praying for hope and healing for you all.
🙏🏾🙏🏾
Than you for this video Ken. I also recently lost a family member and this made me rethink all the policies I currently have in place. I will act accordingly as you touched a few scenarios I definitely could relate to.
Thanks and again, sorry for your loss.
Much love, Nadia ❤️. So sorry for your loss 😔
Thank you for the company recommendation I got a quote and will be changing over. I will be paying £40 more but with a LOT more cover 🙏🏾 We also lost our sister in law last year summer she was also 39 😢and she had a 4 year old daughter but no life insurance 😢
Oh gosh 😔. So so sorry to read this. I think your extra £40 more will be worth it.
@@TheHumblePenny it sure will be. I'm getting everyone to get have quotes done.
Hi Ken,
I am very sorry for your loss. I pray for God’s comfort for you and your family 🙏🏾 Thank you for doing this video for us in such a difficult time.
I appreciate your super kind message 😊
Thank you for sharing life experiences hopefully all can learn and prepare
I hope so too!
Thank you for the details. They are really helpful
Glad it was helpful! Share this with others
Hi Ken and Mary. My sincere condolences for your lost. Thank you for the video it has opened my eyes, I did have life insurance but not under the trust ! I am in process now after watching your video.
Is it possible to do a video on How to put property in a trust! ( Uk) . What is the advantage and disadvantages ?
May the Lord bless abundantly for all the your help and education you provide with a good heart. 🙏🏾
Really useful, thank you! How about income protection? I'd be interested in a video about that as well.
Noted ✅️
Firstly, sorry for your loss. Thank you for sharing this information and great video. My wife and I took a lot from this, as we are now looking at life insurance, amongst other options, before signing for a mortgage. Home and contents insurance is next after that. We just lost 4 family members in the last 8 months and I'm currently sorting out my father's estate. It is a definite wake up call to our mortality, as my wife and I are in our late 30s to early 40s and we have children. All the very best, Al 👍
Al, I'm so sorry for your loss. 4 family members in 8 months is crushing in so many ways. So sorry. Our love to you and your wife and children.
So sorry for your loss. What happens if you pay up your mortgage early?
Considering the points that you made in regards to when a person should get life insurance; mortgage, dependents, married etc. So if you’re single with no dependents at the moment would you say that it’s pointless at the moment?
I don't think it's pointless because your situation will change for sure. E.g. you might get a mortgage, you might meet a partner, etc. It's better to get these early whilst you're still healthy.
Hi Ken, sorry to hear about your loss. Thank you for this video it's much appreciated. My question is about Indexed Universal life insurance, i am struggling to find reliable information on this. I would love to watch you do a video on it. I have been watching Doug Andrew video's on the subject, however he is American and they have different laws/tax's etc. Is this a thing in the UK?
Great presentation, thank you, learned a lot and my condolences to your family ❤ you talked about policy with fixed amount and that increasing annual premiums should be avoided......wouldn't that mean that the pay out would not be linked to an inflation hence will be worth less if the cost of living goes up? Thank you.
Thank you for video I've always wondered what life insurance is. So sorry for your loss. It's true we don't like to talk about this at home. I think I understand it, I'm single and no kids no home ownership and in wealth building stage index funds, if I settle down with wife kids house then I should look into life insurance..is that right?
Also could you please maybe make video of private pension vs ISA stocks shares, i keep reading articles on people talking more about private pension than ISAs. Surely ISA better due to tax shelter.
Here is the video for the topic on ISA vs Pensions: ua-cam.com/video/BX5ZnFqW3F0/v-deo.html
Regarding life insurance, even if single, I'd personally get one whilst you're young and healthy. It's most likely that your future circumstances will change. So better to get it whilst it is cheap.
So sorry for the loss of your family member.
But one thing to add to that is that there's a difference between Critical Illness Cover and Serious Illness Cover.
😊🙏🏾🙏🏾
Thank you so much for the good details. I also feel you.
Thanks for watching!
Dear Ken and Mary, I am so very sorry for the loss of your brother in law. May he rest in peace 🙏🏽. I have been thinking a lot about taking out some type of cover for my parents now that they are getting older. I am contemplating on taking out a life insurance policy with income protection, critical illness and funeral costs cover (I guess it would be in their name?). The tricky part is that they do not live here (they live in Greece) and my dad has just retired. I guess my question is, can I still take out policies for them in the UK although they do not live here? Thank you
Thank you 🙏🏾. Very interesting question.
I saw this response from Vitality when u researched this question:
"Yes, life insurance for UK citizens living abroad is available. To get cover, you’ll need an ‘insurable interest’ in the UK. You need a reason to be insured in the country. This might be something like a mortgage or a business. It could also be that someone depends on your income. You will also need a UK bank account and correspondence address. Depending on your circumstances, you might have to shop around for expat life insurance specialists."
www.vitality.co.uk/life-insurance/guides/life-insurance-and-moving-abroad/#:~:text=Yes%2C%20life%20insurance%20for%20UK,be%20insured%20in%20the%20country.
Our thoughts and prayers are with you, Mary, and your whole family at this most difficult time.
I lost a distant relative recently too. They were early 40’s, leaving behind very young kids and a partner. Really hits home, when this kinda stuff happens so close to home. Puts things in perspective.
I think even a stay at home parent/low earner parent needs life insurance, as a minimum until the kids get to teenage years and become self sufficient. The reason being, that the main breadwinner/high income earner, then would be a widow and single parent, and would either incur nanny childcare, domestic cleaner etc costs, to maintain their career, or might want to halt their career to stay at home for a season while kids are young.
Quick question:
What kind of trust would the life insurance be put in?
Can multiple policies simultaneously be taken out?
Can you hint at what org. didn’t honour their policy? Scotland perhaps?
Great comment 👍🏾
It's a basic trust. I believe a Bare Trust.
You can also take our multiple policies simultaneously.
Finally, about the provider, it's not one of the major ones. I can't remember the exact name. It's always better to go with one of the major providers.
@@TheHumblePenny Thanks Ken and Mary for the informative reply, I will definitely investigate this further :)
I have 3 questions please.
1. How the children can get the money if both parents die in single event?
2. Putting insurance to trust, it can be used by wife or children?
3. Guaranteed payout means if someone lives up to their insurance limit, company going to pay anything, could you kindly explain?
Thank you for your amazing video.
IMO - you should. Ask yourself what happens to your partner children and loved ones without you there to support them?
Also I think most people with either one income or one main income should consider income protection or asu
Very good suggestions ✅️
Do you have video on CIC please?
I just hired a life insurance (term), but I can't find a place to nominate my beneficiary. Any advice on how to do that?
So sorry for your loss. In regards to your personal term policies; the range of 46 years is essentially offsetting whole of life cover I assume. Does the increase in price still make it cheaper than getting whole of life cover (in your particular circumstance)?
Thank you 🙏🏾
Exactly. This is why we did it. It pretty much gives us Whole of life type cover whilst being materially cheaper as Term Life Insurance.
@@TheHumblePenny I really love that tip! I wouldn't have been smart enough to come up with it myself lol
@thehumblepenny hi Ken thanks for this video. I wanted to ask if I’m looking for 7 figure coverage isn’t it better to go through a specialist or do you think lifesearch would be sufficient? Is it worth the fees on a specialist I’m not sure?
Thank you for the video
Is a level policy the same as whole?
Level policy refers to Term Life Insurance
Thank you 🙏🏾
You're welcome, Ash!
Hi Ken and Mary. So sorry for your loss and thank you for covering this important subject at such a difficult time.
I took my first life insurance policy out at 18. I provided some financial help to my parents- in effect they were dependent on me and I also didn’t want them to have to pay out for my funeral should the worst happen. I had a cousin a couple of years older, die in a car accident so it was very much on my mind.
When my husband and I bought our first house we took out a joint policy to cover the mortgage. When we had our first child we took out individual policies so that if one of us died not only would the mortgage be paid off but the surviving parent could give up work for a while. Our last policy was taken out to increase our cover when we took the decision to pay for private education. We didn’t want a death to also mean that the kids would have to change school. Throughout this time we also had some life insurance cover from our employers but we saw that as a bonus.
As it currently stands the kids are grown and our mortgage is paid off. Our policies run until we are 70 years old. Strictly speaking we don’t need them anymore but the younger you take them out the cheaper they are. The peace of mind they have bought us over the years is priceless.
And yes, our children got a term life insurance policy each as soon as they got a mortgage.
Thank you 😊🙏🏾🙏🏾.
Really appreciate your indepth share too!
Is critical illness cover necessary in uk?
It's more a personal thing. Do you think you need it? That's all that matters.
Sorry for your loss.
Thank you 🙏🏾
Life search
❤
What other questions do you have about life insurance? Comment below.
I was just watching your insurance video yesterday. I am under 27, no debt, no partner, no mortage. But I want to insure myself to cover about 3 million ( it's a lot). Do you think it's worth it? And I am also thinking about getting critical illness cover.
Another great video Ken. Our sincere condolences for your family at this difficult time. It's absolutely critical to have solid insurance cover especially for times as such. We're also switched to Lifesearch insurance last year from a big branded insurance and so far so good. Just a little note to others here, if ever a new health condition surfaces during the policy term, pls let the insurance company know and although it may increase the premium abit, it'll save alot of dramas if you claim in future. May God continue to bless you, Mary and your family ❤
Thanks for this video. Very helpful. I took out 3 seperinsurance this year
Hi Ken, thanks for this video! What do you think about income protection insurance for sickness and injury? Is it worth it? short or long term? I am 34 from Ghana and Italy, I have a healthy lifestyle and I am considering insuring myself for unpredictable events. Thanks a lot!
What is the average cost on full life cover ?