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Crazy celebrity insurance policies…but are they really that crazy?

All of us have reasons to get life insurance.  For most people it’s usually related to their home, their children, their spouse or their health.  However, for celebrities the stakes are much higher it seems as it may include priceless works of art or special dresses.  In fact, it seems life insurance for celebrities takes on a whole new game.

The difference between the ‘average Joe’ and the celebrity is usually down to the person really.  Celebrities are assets in themselves whereas you may not perhaps consider things this way.  Truth be told you’re just as much of an asset to those you love as any celebrity brand.

In today’s blog however, we take a look at some of the most insane celebrity insurance policies we could find.  It certainly makes for interesting reading…

Keith Richards of the Rolling Stones is obviously known for lots of things.  With those distinctive guitar rifts it’s therefore not that surprising to learn that he has insurance on his hands to the tune of $1.6 Million.  The man has himself noted how important they are to the music the Stones are so well-known for.

The supermodel Heidi Klum had her infamous legs insured for an impressive $1.4 Million.  The funny thing about this one is that her right leg is apparently worth $200’000 more than the left one, which has a tiny scar on it.  This is not fact though, so don’t quote us on it!

Bruce Springsteen is known the world over for his stadium performances and his famous voice.  So his insurance?  $5.5 Million.  ‘The Boss’ evidently values his voice over all else.  It is indeed distinctive and should he not be able to sing again he’d definitely want some kind of back-up plan.

Do you remember Ugly Betty?  Actress America Ferrera has apparently got insurance on that gorgeous smile (without the braces).  Some say her smile is most distinctive and that it required some kind of insurance for a well-known toothpaste promotion she was involved in.  We know that LA is famous for the pearly whites but this is $10 Million dollars worth!

A list like this wouldn’t be a list without our very own David Beckham. Now wait for this one.  His entire body is meant to be insurance for $195 Million.  Yes you read that right!  When this was taken out it was the biggest personal insurance policy known within sport history.  The policy apparently covers him for injury and illness and with so many endorsements it’s perhaps easy to see why the insurance figure is so high!

Now we are seriously tipping the scales with the next one.  Mariah Carey insured her infamous legs for $1 Billion dollars!   This was due to a campaign with Gillette in 2006.  Whether she still has that kind of insurance is unknown but needless to say she knows how valuable she is.

Now all this talk of celebrity insurance may have you gobsmacked or thinking about how much you’re worth in comparison.  The reality is however, that while your legs may not be insured to the tune of $1 Billion you are an asset in your own right.  To those who count (your family) you are more valuable than any celebrity policy could be because those who you love most stand to lose so much should something happen to you.

Maybe it’s time to think about some life insurance or critical illness yourself?

Life Insurance for Women

Quote for Life Insurance takes a looks at why women should never underestimate their role…

Looking after the family finances is no longer just a job for the man or the house. More than ever before woman are taking charge of money matters.

This could be due to variety of situations. With an increase in single parent families, some women have no choice but to arrange their own finances. Many women have become the bread winner in their families which can often mean they look after the family’s budget. Women are far more independent that in times past and often take a great interest in money, budgeting, saving and asset building. The change in roles and positions for woman in the world of work has also meant women are, and can become prolific earners.

We are far more educated of woman who are stay at home Mum’s and what they are worth financially. It’s clear to see the benefits and importance of their role in terms for new generations but will recent studies suggesting a stay at home Mum is financially equivalent to £30,000 and above, it is vital that we take a better look into just how important a woman’s roles is and how we should go about protecting it.

What can you do now to protect yourself and your loved ones in the future?

Taking out life cover means you will be able to protect your loved ones should the worst happen to you and you are no longer around. For women with dependents this is vital. You can choose beneficiaries for your policy pay out which should give you some peace of mind that your family can continue to be provided when you are no longer here to do so. Various types of life insurance will cover you in different ways. Pay-out from your policy could contribute to school or university fees as well as mortgage payments, debts and everyday leaving for those you leave behind.

If you are a single woman you may not think life insurance is worthwhile, if you don’t have dependents to protect. But other members of your families or close friends could be named beneficiaries in your policies. You may have members of family whom you finically support or you may have a mortgage that could safeguard.

Whether you are a mother, wife or single female, life insurance can help you to plan for life’s unpredictable nature. We shouldn’t underestimate the role and value we have to the lives of our loved ones. Life cover cannot take away from losing something special to us but it can help reduce the stress and pressure of being in financial trauma.

 

 

 

Is it worth putting your policy into Trust?

Here at Quote for Life Insurance we can put your policy into Trust free of charge and although we can see the benefits, many people don’t know enough and therefore decide to opt out of something which could be a positive move for the future.

Having your policy written into Trust means you can make an investment for a specific person or people, basically, you can name people you want your pay out to go to. For people with children or a spouse this could be especially important. Knowing that you can protect securely protect those ones you love, could give you a great peace of mind.

The advantages don’t just stop there…Trusts can directly link to inheritance tax and pay put times. Policies written into Trust can have a quicker release time on pay outs as you won’t need to wait for Probate. This can greatly reduce financial pressures.

Inheritance tax can be a real bug bear but having a policy in Trust could change your situation.

The threshold for inheritance tax at the current time is £330’000.  This can comprise of your home, any holiday homes, cars and actually anything that you own that has a value and is therefore classed as an asset.

This is where life insurance can be really helpful if it is written in to trust.  For example, let’s say you know you have assets that will put you above the inheritance tax threshold, but you also have a life insurance policy for £20’000.  While those you love most are waiting for probate, they can gain access to your life insurance as a cash lump sum and this could really help with paying the mortgage, paying for your funeral and of course it will also pay for any debts that you may have accrued in the meantime.

Without life insurance written into trust what you’re looking at is time and if your family don’t have the finances to keep things going while waiting for probate, this could mean them having to find additional income to pay for the bills and your funeral.

While having life insurance is not an essential thing, it really could make the difference when it is written into trust.

To fully understand the benefits of life insurance written into trust we recommend you speak to an independent financial adviser who will be able to talk you through the implications and of course how it may well help those you love most during what could be a very difficult time.

If you would like a quote now why don’t you contact us for a free, no obligation quotes?

 

Should Vegetarians have cheaper life insurance?

Recently it has been suggested that vegetarians may be offered cheaper life insurance as their healthy lifestyle means they are less likely to suffer with life taking illnesses such as cancer and heart disease. But should something such as a choice of diet mean you are rewarded with cheaper premiums? We at Quote for Life Insurance want to take a closer look…

According to the Vegetarian Society being a vegetarian significantly reduces your risk of developing some cancers by 40% and heart disease by 30%. Thus the difference it makes according to their research is huge! You will also have a decreased risk of kidney/gall stones, diet rated diabetes or high blood pressure.  In reality, does a diet without meat mean simply mean leading a healthier life style, cutting out the badness? An avoidance of fried food such as burgers, kebabs, chicken nuggets means a lot of vegetarians have a focus on food that is full of goodness as well as food that is high in the nutrients they need to make up from what they loose from not eating meat.  The link between the decreased risk of contracting serious illness and not eating meat is something we should all make note off. This is not to say you have to become a vegetarian to live healthily, nor is it fair to say that all vegetarians lead the best type of lifestyle, but it’s certainly worth all of us taking a lot at what we eat and how we maintain our ever so important health.

LV offers a 25% reduction on monthly premiums for the first year of your policy, benefitting vegetarians for their healthy status. Could this be something that spreads throughout the life insurance world? In the eyes of life insurance companies, people who are healthy are less likely to claim and therefore rewarding them with cheaper life insurance premiums is a great way to encourage a healthy lifestyle as well as getting people interested in the first instance.

It could be that you are asking yourself if this business is very fair on the majority of people (the meat eaters!)? It can be a hard job to find cover when you are less healthy or you can simply end up paying higher premiums. Insurance companies reflect your risk and likelihood to claim. For people who are statistically less likely to claim and live longer, are companies rewarding them or just giving them what they should get? People who smoke and are overweight will not pay the same premiums as people deemed as fit and healthy. For life insurance companies, the idea of ‘risk’ plays a huge part in their offers and decision making.

There is some uncertainly in regards to how a person can be judged as vegetarian by an insurance company. For people who dabble in and out, surely this reward would not apply? Cheaper life insurance for vegetarians is right at the beginning of its journey to be accepted across the board. The issue may have many more dimensions that it may seem on the surface.

 

Exercise-Why aren’t we doing it?

Why aren’t we exercising? We know it’s good for us, so what’s stopping us? I think many of us are guilty of not giving our bodies everything they need-whether than be in terms of food, drink, rest or repair. We are in a time when eating junk and ‘playing hard’ has become normal to us, particularly for the younger generation. But in time of education and modern technology being the way it is, why is it we continue to not look after ourselves the way we should-when are all too aware of a rise in health related issues such as diabetes and obesity?

If we take a look at our reliance on cars, TV’s, alcohol, fast food and busy work lives I think it’s fair to that exercise often goes on the window for so many people. Many people seem to erase it from their routine as soon as they leave school. But we’re paying the price-people are bigger and fast food industries are booming. There’s one on every street-big names and independents.

If we figure out the cause of our lack of exercise, can it help us change? The things ‘naughty’ things we love are here to stay. But if we could find a way of introducing exercise back into our lives we could all feel the benefits? Not only would our bodies and brains feel the benefits but we could also been heading towards cheaper life insurance. People who are healthier usually have cheaper monthly premiums which relate to their decreased likelihood of claiming-healthy people leading lifestyles encourage living well and living longer. Obviously there will always be exceptions to this rule. Pru Health’s Vitality Scheme is based around rewarding healthy living with a point system that equals rewards such as money of cinema tickets and holidays as well as discounts at gyms and the National Trust. This scheme gives something extra to the obvious rewards of exercise and healthy lifestyles.

The internet is flooded with information about exercising and getting fit. It’s a great resource for all age groups.  There is information on diet planning, exercise, free/local activities and a lot more. With the rise of new forms of exercise such as Zumba and Aquafit-is there a chance that we are exercising more? I certainly think there is a new level of wanting to-as exercise gets more ‘unusual’ and fun.

How we will put a stop to new generations falling into unhealthy ways? Schools have taken direct move into encouraging healthy eating and exercise. Hopefully this will be something that can be taken into adulthood and even though the temptations may be the same, the balance might be different.

Exercise is beneficial to our health-that’s obvious. But so many people in the UK aren’t taking the appropriate care of their bodies, health and lives. The life we have is so important and we should protect in in every way we can but we’ve lost a respect for the future as everything seems to be about now. It’s never too late to get healthy-you really will see the benefits.

 

 

 

 

 

When did you last update your life insurance?

Many Britons risk put their dependents into a state of difficulty due to failing to update their life insurance policy.

It has been suggested that there are millions of people in the UK who are in this position as despite changes in their lives, their income and even their properties, they have failed to re-assess what level of life insurance cover is applicable.

Life changing events such as having children, getting married and upgrading the family home are often the reason that financial commitments end up changing.  This could mean that as you earn more you end up spending more on bills and living costs and if you add children to the mix, you’ve then got things like the cost of childcare to think about.

Usually people sort out their life insurance upon buying their first home, but then as they climb the property ladder, they do not always sufficiently update things thus there is a massive shortfall ahead should something happen.

Life insurance gives financial cover should you die.  While this is not a nice thought, it does mean that if you should unfortunately no longer be around, your family are still protected financially – at least lessening the burden of losing you a bit.

If you have not updated your life insurance it could be time to review it now – especially if you know you’ve had children or moved home / changed job in the last few years.

Why not get a life insurance quote today and see how you can get things up to date?  We can offer you a quote for life insurance from a panel of UK insurers and what’s great is that it can all be done over the phone and there’s no obligation to buy!