The Vault with Financielle - Don't Risk Your Family: Why You NEED a Will (Legacy Week Special) | The Vault Episode 54

Episode Date: March 6, 2025

Send us a text#AD We’ve got a special episode for you as part of our Legacy Week at Financielle. We’re encouraging you to get your protection life admin sorted. We’re talking wills, life insurance, critical illness cover, etc. Laura shares a difficult personal story about a dear friend, in the hope of inspiring some of the millions of people without a will to make one and ensure their wishes are followed. ❤️We’re also answering these listener dilemmas:💸 "I can’t afford life insurance”💸 "My husband won’t pay for my life insurance”We celebrate a listener joining the Financielle community, who’s glad to have a safe space to share encouragement, goals, and successes with people who get it! 🥰Your Life Admin Checklist ✅Write or update your will ✍️ → Get a free will here* ✨ (Available until 31st March, 2025)Look into life insurance 💙 → Get a quote here Look into critical illness cover 🏥 → Get a quote here *🐙Thank you to our partner Octopus Legacy for sponsoring this special edition episode as part of our Legacy Week. The cost of the will is covered by Octopus Legacy & their charity partners. Many people choose to leave a gift to charity in their will as a thank-you, but this isn’t required to claim the offer. 🛡️If you’re looking for the right kind of protection, click here to get a quote from our friends at Lifesearch. From Life insurance, Critical illness cover to Income protection there’s cover suitable for everyone.Resources 👇Research Warns of Inheritance Risks in Blended FamiliesNearly Half of UK Adults Don’t Have Up To Date WillWomen’s Life Insurance InfographicIf you’d like The Vault is an entertaining yet thought provoking podcast that answers our community’s dilemmas and confessions surrounding women and money.Visit https://www.financielle.com to download our app.Watch the podcast on YouTube.Follow Financielle for more:▶︎ TikTok▶︎ InstagramAbout Financielle:Financielle is a female focussed finance app helping women to take back control of their money, ditch debt, increase savings and invest in their future.Recorded and Produced by Liverpool Podcast Studios▶︎ Web ▶︎ Instagram▶︎ LinkedIn

This week is Legacy Week with Fineshell and we're partnering with Octopus Legacy, who've teamed up with some amazing charities to gift you a will for free. Now Holly, when we talk about wills before, what's the one thing that you say you have to have in it? Bury me in a bra, an underwired one specifically, and I will haunt you for life.

No, seriously, I will. And I have got it in writing in my own will, and I do actually have a will with octopus legacy Have a little look at this offer today. It's time limited You've only got until the 31st of march to do it navigating grief is really hard It's our duty to make it easier for the people that we ultimately leave behind And it's like giving them a playbook to follow so that they don't have to think about all the things They're important to you firstly financially, but also emotionally as well

to think about all the things that are important to you, firstly financially, but also emotionally as well. Now as part of this campaign, many people do choose to include a gift in their will to charity as a thank you for covering the cost of the will, but you don't have to to claim the offer. And last autumn, Octopus Legacy actually raised over 9.9 million pounds for charity partners through gifts left in wills.

If you click on the link in the podcast description, or you can head to financial.com and head to the protection page and you'll find all you need to know there on how to claim your free will. So big thank you to Octopus Legacy and their charity partners for this amazing offer for our financial community. Welcome to the vault with financial.

This is a safe space where we talk about things like money and notebooks are off limits. We have a bit of a special episode for you all today as part of our Legacy Week. You might have seen in the community and across our socials that Legacy Week is a financial themed week where we've been encouraging you to get your life admin sorted. We're talking wills, life insurance, critical illness cover, etc. So to start off with, I'm going to be hitting you with some controversial stats that will hopefully motivate

you to create or update your will, get your life insurance policy and any other legacy related admin that you've been putting off done. So in the UK, 56% of parents with children under 18 don't have a will. Nearly half, 47% of blended families have not updated their wills after significant

life events like divorce, remarriage, having children or becoming a stepparent. And finally, the top reasons for women not having life insurance include it being too expensive. I can believe that, don't you? 100% the only reason Laura and I have got a will is because we founded financial and we came across some really good founders of other startups that look after life insurance and they only started the business because they had a negative experience whereby they lost a parent, they lost a best friend and they didn't have these policies in place like life insurances and wills and it left

them in total distress. And they inspired us to take out our life insurance products. And that's why I was very passionate about it when it comes to women because of all these gaps that you've just mentioned. And just that point about when people are getting married, remarried, you know, the different scenarios where we don't think, what would the law do?

You know, we'd like, why would we walk around thinking that? And the idea that you can kind of not look at that as something were to happen, it can cause the added stress that was, that was kind of not needed. And I think I was like, we were both like that, you know, like most people I'd always said, I'll get around to doing my will. It's one of those things that we really tend to put off. Life gets in the way. Maybe we don't wanna face the fact

that we're gonna be gone someday. Like it's quite a morbid thing to say, should we do our will? People just think they're gonna jinx themselves. Like I've heard so many people being like, oh, I'm not doing a will because the minute I write it, something's gonna happen. And it's like, it couldn't be further from the truth.

Yeah, and I think that, you know, that was me. I definitely felt like that. Like you just said, Holly, we were inspired to take art life insurance after working with a business that highlighted this massive gap. But the will thing for me was something different. So I'm gonna share a story,

super hard to share as the years pass. Like I flip between, if I tell this story, really angry or really sad, and I'm going to go for anger because I don't want to cry on the pod. So bear with me if it takes a little bit of time. But it's a really important story. This was a blog, actually. And sometimes I look at the blog and it is in the app. And sometimes I want to rewrite it and remove the reference to me and our friends

because it's so difficult for myself and it's super difficult for some of my best friends that were much closer to what happened. Every time I read it though, I'm reminded how this could happen to anyone and that this happened connected to the death of one of my friends. But in addition to her amazing legacy, as it's Legacy

Week and Legacy Week was inspired by her, her legacy also could be helping others with this story. So our friend was a loving, caring friend. She was actually an inspirational female leader in the tech space, well ahead of her time. She suddenly passed away pretty young. She was single. She had a significant estate made up of property like the most beautiful apartment. It had this like vaulted ceiling with like a gallery that you would walk across, like you could look down. She had this beautiful little cat that would just like love roaming around the night, lived the life of luxury with her. She had beautiful personal possessions, such as beautiful art, furniture, clothes.

She collected them from around the world as an avid traveler. When she passed away, she left a loving father, a brother and sister, who were, as you can imagine, just so shocked at her passing away so suddenly. And she also left behind an incredibly close group of friends who are still in shock that they'll never be able to go out to a gorgeous dinner

with their friend again. It's coming up to the anniversary, which is why Legacy Week is this time of year. So she passed away. And there was a lot of traumatic things that led up to it. But what later transpired that our wonderful, successful, got her shit together friend didn't have a will. to it. But what later transpired that our wonderful, successful, got-her-shit-together friend didn't have a will. Now in the UK, the rule of intestacy means, and the rule of intestacy

is the law that kicks in when someone passes away and when they don't have a will, that she'll at least be able to leave her legacy, all her assets, all her estate to her family. So the three family members, her dad, her brother and her sister. How wrong we were. Our friend, despite being separated for eight years, was still legally married. Her ex-husband, well, husband, her ex, but her husband as legally, who was in a long-term relationship with someone else and who'd had a baby with someone else, completely different life, stepped in to claim the entire

estate and I mean a bigger estate. Aside from the negative feelings around this now complete stranger claiming her entire worldly possessions, everything, um, leaving her family with nothing. I can't help but think that this is not what she would have wanted. That was the thing that tore us apart, especially her closest closest friends. She would not have want this. Quite frankly, the ex should have also been noble enough to think that as well, but we'll not talk about him. And I think when loved ones pass, that's the biggest thing. The feeling most of us have is wanting to know what they would have wanted. It's not about the money. It's not about the things. It's about what

did they want and can we honor that? And I think this was what was most upsetting for her close friends and us. Her family had no legal right to her photographs, nevermind the financial assets that she'd worked so incredibly hard for. It was really hard to watch, you know, instead a man from her past is legally able to claim everything she owned for himself. And so my friend's legacy is a combination of an amazing zest for life, outrageously extravagant food. I mean, once we went out to Ceviche and I was like, this isn't cooked and apparently it's not meant to be cooked in Soho. She had a beautiful love for adorable cat who was her absolute life and he was like a beautiful

cat as well as you can imagine. But she was just such an iconic character to have in the friendship group. Like every story would be about her. She was like the Samantha of the sex in the city. Like there's always a story about her. There was always a tale that she would tell. Her legacy, her true legacy will be marching us around Paris to the best restaurant, speaking French whilst we were all be mute in the background, not wanting to reveal that we were actually British and getting into the best places. It'll be zooming around London in her ridiculous sports car that was so loud and I couldn't get in the back and she would just park it anywhere.

But maybe an extra part of her legacy, as I said at the beginning, could be that her story made you do something. It inspired you to take action to protect your family, but more importantly, to make sure that your wishes are extremely clear legally. So you need to do a will. You need to redo your will if you are recently married or separated, as Lucy, you shared those stats at the beginning. People don't, even if they do it, which is good enough, better than some people, some people don't redo it. And it's not just about the property assets, but it's also about insurance policies and pensions. And also like your intended wishes for things like burial or

religion. You know, you, you know, we've all heard the story about do not bury me in my bra. Like I'm trying to make like what is an all situation, but do not. Oh my God. Exactly. Put that, that's going in the will. Like this is as important as, you know, what church or not church I'm going to be in.

Just a quick one, Laura here. If you're wanting to take back control of your money, ditch debt, make better decisions and build wealth for the future, the Financial app is for you. With Financial, you can track your spending on the go, hit your money goals faster, and create a realistic budget that you can actually stick to.

Not to mention, you'll be part of an exclusive money community who share tips, offer support, and celebrate your successes along the way. Click the link in the description to download financial and start your free trial. Now, this is your sign to take control of your money today. Okay. I'm done. Let's go back to the vault.

Um, you know, if you do not say specifically who you wish things to transfer to upon your death, it'll follow the law and you can't always predict what's going to happen in law. You can't predict whether a marriage is going to end, whether a new marriage is going to start. It's something that you'll just always like put off. If you're not legally married, for example, and you're without a will, your assets that you may intend to share with your partner could go to your family.

Now, I know people in my life that would say, to hell it's going to my family. Like they've got a really difficult, fractured relationship with family and they might have built a life with their partner, but hell it's going to my family. Like they've got a really difficult fractured relationship with family and they might've built a life with their partner, but they just don't happen to be married. It's the flip of the situation, but it's still as heartbreaking and still as stressful. And so, you know, creating a will used to be a super long-winded, laborious and expensive process. You'd have to go to a solicitor's office and do it really, really detailed. And quite frankly, if you do have a significant estate or a complicated situation, you should do that. But if not,

it can be really simple to do. You can head to the financial app, search in the blogs for Legacy Week or for Wills, and you'll see lots of information about how you can do it. Super simple, super cost effective. And yeah, you know, we can't change what happens to our amazing friend. The law was followed, it was a correct process. But in her memory, I feel like we decided to do it with Hall with Legacy Week. We can inspire millions of people with out of will

to make one and to make sure their wishes are followed. So you need a will. You hear so many horror stories, she's not unique, which is unfortunate and unique enough in our life that it made a massive impact on Laura and their friends, but also on our financial community. Like so many people were inspired by that story. And I remember so many people saying like, I'm finally going to do it. I'm going to take out a Will. But all of us will have come into some sort of situation whereby a friend or a family or a relative or you've seen something on TV whereby you've heard a horror story about

a will being not being made. And then like Laura said, the law being followed and it going to somebody that absolutely shouldn't be. The most heartbreaking thing about that story is like the sentimental items that the family didn't even have access to. Like in whose right mind would that ever happen? But believe me, it happens. We've known people, family, friend,

the grandparents got old, confused and their new partner of a couple of years have taken them to go and get their will changed when they were of no sound of mind. Like you have to be on top of these things. You have to get someone you trust to look out for you as well. If you having health problems, health difficulties,

like you need someone and I've got someone in my will that I trust implicitly to make sure that all my kind of wishes are followed and adhered to. And it's not necessarily the person that's gonna be left with everything. Yeah, yeah, yeah. Having multiple stakeholders that, you know, you have executives in the UK when we do wills,

but also being very clear about boundaries, family boundaries, friendship boundaries, assets, being transparent, trying to keep things simple, not trying to make it this secret thing. I think we talked on last week's part about someone suddenly came into inheritance. And so you don't have to tell people they're gonna be getting inheritance,

but making sure enough people that would be involved at that decision making process, no. But also maybe leaning into it, embracing it. We've told loads of stories on this part, especially because our auntie now works for a funeral company. It's very, very eye opening. And we're very comfortable.

You all know what my funeral plans are. Yeah, there's fireworks, there's wicker basket, not wicker caskets, not wicker basket. Don't put me in a wicker basket. Put me in a wicker casket. In a pajamas. Embroided with wild flowers in beautiful crisp, clean pajamas.

No thong, no bra, snacks. Just in case. God help me if I'm hungry, I'm gonna come back and haunt you all. But you joke, but it's like that's the kind of thing that could also form part of the will. And you have humor with it, it makes it less scary. It's really hard if you become parents,

that's a really daunting thing to suddenly imagine you leaving your children. But it happens that we will be sharing this week especially, the stories, because the stories are the things that make us take action. And so that's, if there's anything that you can go and weigh and do as part of listening to this today, it's having that chat about we need to get it sorted,

but set a deadline. Like don't just say we need to, and it gets on the forever list because you'll feel such peace when you do. And then diorize for a couple of years time, get that calendar in front and just recheck. I was gonna say like, it doesn't have to be a major life event to edit it.

We literally did hours. I think I did it in about 15 to 20 minutes and I sat with my partner and did it and we went through it together and I had a chat. I sat with mine and he was like, what are we doing? I was like, what do you want? He's like, what do you think we should do? Like this is not tea.

This is not what I'm having for tea. This is like come life or death, what are we doing? Don't know what you're doing. I just do what I mean. I always tell Neil, like, if you die first, I will kill you. I'm just like, what do you mean? Or I will haunt you like,

I'm going to go first. Like, I'm going to book a train to London. Literally. Leave the house. You are my life admin king. But I think we've touched on Will's, but life insurance is also a massive part, isn't it, of this conversation whereby women are not

in the conversation when it comes to life insurance. On that, she's told me the dilemmas are about life insurance, I think, or one of them is. Yep. Oh, go ahead. Moving on to the first dilemma. I can't afford life insurance. I'm a single mum with two kids

and I'm really starting to worry about their future if something happened to me. I know life insurance is so important, but honestly, I just can't seem to find the money for it right now. Every month it's like a juggling act just to cover the essentials. Rent, food, bills, school stuff, it never ends.

I feel so guilty for not having that safety net for my kids, but I also don't want to sacrifice their day-to-day needs. I want to make sure they're protected if anything happens to me, but I have no idea where to start or how to make it affordable. Should I cut back on other things to make room for it,

or is there another solution I'm not seeing? I feel stuck." This is not uncommon. No, but you actually read it in your stat at the beginning, Lucy. You said one of the biggest reasons that women cite for not having it is the cost. And, but you, and this is super hard to say when people are navigating managing bills, but like there's a hierarchy where these things lie and like it's above Netflix and it's above the children's school trip.

It's above these emotive things that we've talked about before that are still super important. But it's that, it's that peace of mind. The interesting thing about life insurance and she doesn't say how old she is, but the younger you are, the cheaper it is. It's this literally ticking time bomb in your head that's like, do you know that thing where you say, I'm the only person I'm ever going to be? Which freaks me out. And then you say it again the next day and you're like, I've been saying this for 30 days now.

Yes. And like, this is the youngest that you're ever going to be with life insurance, apart from some extreme examples where someone may have been poorly, they may have had cancer young and then they struggled to get insurance and then later they're kind of in remission. And there's some outliers, but it's cheaper than you are. So it is like a ticking clock going down, which is you do a quote today and you do one next month

and you do one next year, and you may find that all it's gonna do is go up. Whereas you can lock in a price. And so the idea with life insurance, especially when you've got children, is go up, whereas you can lock in a price. And so the idea with life insurance, especially when you've got children, is to think about, you know, I just remember my Nana saying, I've got enough for you to bury me. And she did have when she passed away, oh, and enough for a party. So she took out two policies. But her life insurance, especially because

she was of not a lot of means at all, and really struggled financially for a long time, it was to make sure that no one, there wasn't a burden. It wasn't like for children, because she absolutely like back then she just had absolutely no money. She was single parents for children. Yeah, and probably wasn't as much of a thing then either. Like people used to traditionally as well

get life insurance to cover a mortgage. Like that wasn't much more of a common thing. And it still is now. But the thing with children that you've got to think about is that first each year, in the event of you passing away, burial costs and stuff like the funeral costs, even on a modest level, are really expensive and it's super hard to get that covered. And so for lots of people that don't have dependents, that's like your first step of looking at what life insurance could be like.

But the next level to it is for the people left behind, for dependents, now a dependent doesn't have to be children, it could be your partner, because at the moment you need two people to pay for a home. Our single tax men and women will tell us how expensive it is to run a home on your own. But if you're no longer here, your contribution, life insurance can be the thing that fills that gap. And so whether it's for children to make sure that until they are of an age where they can

work and stand on their own two feet, especially after losing a parent, that peace of mind sum of money, the goal is for us all to not have to use life insurance. Because what happens is you tend to get term life insurance, which is for a term. And so either sometimes you can get cover that coincides with the end of a mortgage, but I always say do not connect it to a mortgage because what about everything else? Like if your mortgage is paid off, great, but you still have all the other bills. And so there's like I said, there's loads of super helpful articles in the app search for life insurance search for wills about how you should go about thinking.

She really wants to buy peace of mind to cover the unlikely scenario that if something happened to her, the kids are sorted until they're into adulthood. For people that don't have children or that are older, there's just a different calculation to do because it's not providing for them and it's not meant to be a gift. It can be a gift for the wealthy. Lots of life insurances are wrapped up in trusts, which is again super important because it can help make sure that you don't have to pay inheritance tax. That gift for the wealthy, you know, a lot of life insurances are wrapped up in trusts, which is again super important because it can help make sure that you don't have to pay inheritance tax.

That's for the wealthy few, you know, for the vast majority of us, it's a peace of mind product. That's only gonna get more expensive. So for someone who's struggling right now and basically has no room in their budget to budge, what are we saying? We've got to squeeze other areas of the budget. Like Laura said, anything that's like a budget to budge? What are we saying? We've got to squeeze out other areas of the budget. Like Laura said, anything that's like a nice to have

or a little bit bougie, like in, do you want a takeaway or do you want your children to be protected? And these are the difficult decisions as a single parent you're gonna have to make. And get a quote. Yeah. I suspect, I like, I don't know,

but I think it will be between 20 and 60 quid. Okay. Like at the absolute extreme of 60, and I'm talking about pure life insurance, we're not getting to the other protections, but it's not usually as expensive as you think. And sometimes, you can lower the amount, you can try different quotes, you can try it,

what if I got 300,000 pounds? What if I got 500? What if I got 100? They'll all come with different prices. And so even if she's at a stage of her budget where it's really difficult, getting something is better than nothing. And I think she'll find it's not as hard.

And we do this all the time. We find money in people's budgets. Like I tell you, come to us on Instagram. We'll budget roast you with you. What is this? What is this right here? We'll find it. Like it's important enough to find space in the budget for it.

Isn't it funny, people get insurance for the most random shit, but they won't insure themselves. Like Taylor Swift insuring her legs. Really? I mean, you see them. Worth it. But do you know what I mean? Like a car, like we've got to have car insurance.

Got to have house insurance. It's like, all these things are like vital. Oh my God, I've got a fact for you. I've got a fact for you, so car insurance obviously legally required and but the more expensive a car you have. So my engagement ring insurance, I hate paying the insurance for it, it's more expensive than one of my life insurance policies. I believe it and people pay that. This is a PSA for the Vault listeners and for our community. Fan and Shell is on a mission and we need your help. We want to close the protection gap for women. Protection comes in all shapes and sizes and it's really important to find the right cover for each

stage of your life. It's not a one-size-fits-all, it's a bit like shopping for jeans. If the worst were to happen to you, could your loved ones cover your mortgage, rent, childcare costs, energy bills or groceries in your absence? We'd all want minimal financial disruption for our family and money is the last thing that they should worry about when losing a loved one. Life insurance could be the answer and spoiler, the younger and healthier you are, the cheapest your protection will likely be. This could mean that the cheapest your life insurance will ever be is today.

Other types of protection include critical illness cover and income protection. Visit financial.com forward slash protection to find out what kind of protection you should consider for you and your loved ones. You know what I mean? They want to protect that. Yeah. I love it. Thank you. But what is it like?

Over and over and life. And it's not that selling this because it's not worth, like it's not worth loads. I think people don't do it as well. I just think that just the industry is just so far behind. It's a bit stiff, isn't it? It's been positioned for years on like films and stuff as a bit of a, it feels scammy to some people. Yeah. Do you know what I mean?

It comes across. Or like scammy definitely for like, oh, have you got life insurance? Be careful. Watch your back. It's that type of, like the industry hasn't caught up. Now there are brands out there and companies that do this so much better,

but I can see from our generation why it, or a little bit older, why it probably felt a little bit like, oh, it feels a bit scammy, like I'll just make sure I've got savings, do you know? There's a big thing, often, it's usually these life moments where, for example, as an adult, we should have either emergency savings

or a policy to help make sure that no one else has to pay for us to be buried or stuff like that. So we'll park that one, that's pretty straightforward. As we start to have children or as we start to buy a home, there's these kind of life moments that you then, like a mortgage advisor will say, and sometimes a mortgage provider, like a bank or building society will require that you have life insurance for the balance. So that in the unfortunate event that something happens, they don't have to repossess a home, they don't have to kick someone else out, you know, it's just paid for, so that's why they require it. So many people aren't buying homes. It's so expensive. We're not getting married. Not everyone's having children and if they are,

they're not having it as early as before. And they're certainly not buying homes. So there's this situation where like, yes, you have a rental home, but you still have to pay rents with two of you in a rental home. But we're not getting, you're not getting those moments where you're chatting to people. Where there's been triggers before. Like that trigger. You would see a professional.

Buying a home, triggers life insurance. Having children, emotional wreck. Like triggers life insurance. There'll be so many, like you say, millennials in their apartments, not married, not having kids, got a little dog, going on holidays. If someone dies, because it does happen, like this isn't a what if,

it will happen to someone, that other partner's got to pay for the rent. So their life during grief gets turned upside down and the life, they're already grieving for losing their partner, but they'll have to move out and very quickly probably, obviously we work with lots of people that don't have emergency savings and have to build those up. And so, and when you understand,

I think the point is how many of us genuinely go to a website and check, like I said, look at our blogs and the app and we'll walk you through how you can check the different amounts, what to think about. Because I think it's going to be cheaper for life insurance than you actually think. Yeah, for sure. But yeah, she does need to, she's family in the budget. She can DMOs and come in and we'll have a little look at a budget with her if she needs a little bit of help. But yeah, she does need to, she needs to find me in the budget. She can DM us and come in and we'll have a little look at a budget with her if she needs a little bit of help.

But yeah, challenge her to go and quote and see. And then the good thing about life insurance, by the way, is it's not like your car insurance or something, no, your house insurance where you kind of shop around. Once you've fixed your price and you don't touch it, you really don't. Yeah. So then you've done it. It's a great life admin thing because you never have to do it again. Yeah. I was just a direct debit, isn't it?

And we've got another policy as well on top because we realized after working with this company that we didn't have enough. Yeah, we like under-egged it. We got bigger homes, we had more children, bigger mortgages, bigger expenses and hadn't changed the earlier policies that we got. So it was cheaper to go with a new provider

and get a new policy and then you kind of add them together at the time, rather than upping the original one. So that's what you have someone to look at as well. But super top tip, make sure you're looking to trusts if you do have an amount of life insurance, which is particularly high, or just anyway, speak to the provider, they've got really good help on it.

Usually it's a couple of forms, it's a really stupid thing that this should just do default, but it can help put basically a wrapper around it, and it doesn't get included for inheritance tax in the UK. All of this is UK focused, but it's the same sentiment in the US, in Ireland, we've got loads of followers, people listening in Australia, everywhere, go get a will and go quote for life insurance. I like it.

Okay. Community win. New member here. I've been following the podcast since it started and so excited to be finally part of the financial community. It can be so hard to talk about money with friends or family. So I'm really glad to have a safe space to share encouragement, goals and successes with people who get it. We get it. So nice. It's so nice. And so it sounds like they've been a fault listener, but then when we're

at home, we're going to get in the app. The app's where it's at. I need more. There are no topics really off limits in the community. Oh my God. That's so fun. I get lost in it. Like, I literally, I'm like, what's in it today? And I'm like, people, I love people

putting pictures of themselves. Someone posted the other day that they had 22 sinking funds. And I commented, I said, I'm gonna need a list. For some inspiration, please. Can you share them? Can you share them, please? Yeah, yeah. What have you got?

I liked the guy that had the Arsenal season ticket holder. Yeah, yeah. Sinking fund. Yeah. Because it's like, it's so expensive. Is it expensive? Yeah. Yeah, yeah.

What's like a sinking fund? What's a cost of? Like one to 2,000 pounds, I reckon. Depending on where you sit. Yeah. And for football. For football? For like, you know, I reckon, depending on where you sit. Yeah. I mean, for football. For football? For like, you know, definitely an Arsenal,

I can imagine, I can't remember what his exact one was, but that's, I have a city season ticket holder as husband. So I'm like, every time I see that, I'm like, hmm, that extra coffee can be drank because you're going to the city. I'm going to mentally even this out. Yeah. This is your game.

No shame in my game. I would literally be like, okay. Adding it all up. That means a massage a week. To blow dry. She didn't need one to herself. Look at that. Did you sleep in dressing gown cord last night?

No, I'm gonna try that soon though. How did you get this look? Cause we know that you sold your air wrap. GHG rise brush. Oh. It's quite fun. Burned myself quite a lot of times. Oh, selling it to me.

If you'd like to tell us your win, head to the community in the app or email it to the vault at finitechild.com. Okay, time for our next dilemma. My husband won't pay for my life insurance. My husband has life insurance, which is great, but he insists I don't need it because I don't bring in an income. I'm a stay-at-home mum and he doesn't seem to realise just how much I actually do.

Between raising our children, managing the house, doing all the school runs and keeping everything organised, it feels like I'm running a small business. I don't want to fight with him about it, but I'm starting to feel like he's treating my role as less valuable than his. Should I push back or insist that we both need life insurance or am I overthinking this? I think before we talk about life insurance, if I saw an advert for a job that was stay at home mum, the salary would need to be do buy tax free, six figures, car allowance. And then

Eve, you're like, it is so hard. She says it's like we're in a business. Oh my God. I have so much respect. So much respect for stay at home parents. Like so much COVID taught me so much and it was, I am am not equipped nor mentally stable to be a stay at home parent. And I salute you all. I think both of our husbands would be better stay at home husbands than we'd be stay at home dads like it's way better just like maybe not Neil. This is giving red flag. Yeah, was that flags?

That big lame is wondering why. Do you feel it? This is giving major red flag. We need that in the YouTube edit guys. We need a red flag please. But a bigger one, one that covers all like an AI red flag. Oh, we hear this time and time again. And I can't decide whether this man is just ill-informed

or just a bit of a dick, to be honest. Like, I'm both. I'm gonna, lack of education around life insurance is rife and common. So I'm trying to keep my balance feminist head on. Keeping the red flag at the waist. That's how it, red flag for a minute. I'm keeping it one more. Because my husband won't be, like the dilemm That's how it, read for like half a minute. I'm keeping it warm.

Because my husband won't be, like the dilemmas are written very well. And I don't know if it is that way. She's like, please pay for my life insurance. And he's like, no, darling, I won't. I don't think it's like that. I think he just doesn't understand. So he's got life insurance because he's probably is the main breadwinner in the house.

Well the only earner she says. If logically, correctly, he's thinking, if I go, there's no income coming into the house, so I need life insurance to protect my salary. Okay, if she passes away, for whatever reason, and under whatever circumstances. What's his plan? What's he gonna do?

Because you won't be able to go to work full time because you've got children that you need. She's mentioned that she's ferrying around the children here, there and everywhere. You'll have to pay for wraparound care of which at the moment is completely free because your wife does it. But you might want time off work or a change of,

like if you've just lost your partner. Fancy it. Like people- You can have a week off work or two weeks off work and then crack on and go straight back to what sounds like, I don't know, I'm making assumptions, but it would have to be a well paid job to have someone be able to stay at home,

like a relatively well paid one. So that's not gonna be a walk in the park. No. I think they've, I don't know the figures, but they've like valued a stay at home mom's role, like how much it would cost to replace her. And it's like in the tens and tens of thousands, it's like, I'm talking like 60,000,

like it's not gonna be- I've seen it's more than that. It is, isn't it? It's the combination of the childcare, the running of the house, even if you've got cleaners and stuff, because some people have cleaners at Ander's stay at home mom,

but the house maintenance, like you're constantly picking up after yourself, you're constantly tidying, the ferrying backwards and forwards, the food orders, the food cooking. Because if you're at work, you can't split yourself in three. food orders, the food cooking. Like it's massive. You can't split yourself in three. Like your wife's very special.

She can multitask. She's splitting herself in three. With these stay at home kids like, I can go there, there, there. But that's cause she's not working. You have a full-time job. People are just so, they just don't get it. They think they need to protect the breadwinner

as actually it might be the person that you don't think needs the protection that needs it more than anyone else. And it's not a personal like, oh, I've got life insurance. Like how bougie, like it's actually a bill. It's a necessity. It's a flex for us, it's a financial flex, but it's not because she's like, oh, I want a car too.

Yeah, you know. This is protecting your children. It's protecting you. You can go back to work. You can bring in a salary so that your children are okay. Like, oh, she's so much to go at. Well, and listen, we a salary so that your children are okay. Like, oh, it's just so much to go out. Well, and listen, we talked about this in the first die limit, the relative cost of it.

Oh, so that what, if something happened to her, the family had more money, like what's the, so 60 pounds a month isn't worth it. It's, well, and it probably, like, I guess it would even be, oh no, it might be less, it depends on what, it depends, and again, on if he is the breadwinner, there's there's a big, I keep saying breadwinner, but actually it's the sole earner, but if he earns a lot of money, even a small amount on her is like peace of mind. The bigger thing for them to talk about as well though, is this massive risk of reliance

on one individual earning. So if she is a stay at home mom and plans to beat for the foreseeable, what emergency plans do this family have? So if he is a state of her mom and plans to be for the foreseeable, what emergency plans do this family have? So if he got poorly, nevermind passed away, because I've had this before, which is like a joke. You'd be good if I died. You know, like such a good person. Yeah, lucky you. But actually you're much more likely to get really poorly. Really poorly. And have to leave work.

And have to leave work. And then what's kind of the, you know, what's the catch there? And that is more expensive. It's something that we still want people to look at and go through and establish critical illness cover or income protection. But in this scenario, they probably need a protection chat, which isn't what that kind of protection is. Too late for that protection chat. But it probably is, that's how I probably address it rather than like, you know, am I not valued? Take the emotion out of it.

It's more of a practical, sorry I know. I'm going to be behind you like. Don't get emotional or annoyed. Very mature and professional. I think it's a numbers game. So if it's about the numbers, I like I'm the sole learner, I should have life insurance. It's like, okay, that's fine.

So you will bump you off. What's gonna happen? Bump me off what's gonna happen. Just get- Yeah, no emotion. That's how much we need. It's just black and white. It's numbers, as you say, just use it as numbers,

not as a personal like, I really want life insurance. Again. Because Sandra's got some down the road and I would really like it. So it's like- You could pick better things to want. There's definitely as well in the app a blog about this. It might have not been updated so we'll have a little look at it but it might not be scripts

to use but it will be some of the explanations. I think sometimes the non-emotional explanation is a little bit hard. So just showing that perspective but as I said, it won't be a big cost to the family to do. So just for that peace of mind for a period of time, it's worth looking at. And again, we talked about this at the beginning, but relooking at your wills and relooking at life insurance, because if your expenses have grown and your family's grown since he got life insurance, it could be inadequate anyway. And so it's a really good time to look at it all together.

So hopefully it's not a massive red flag and it's not that he doesn't value you. This is a very typical thing to think that you cover the main earner. I don't think he's unique in this situation. I think a lot of families would come together and be like in agreement. So I don't need life insurance. We're using him as an example, sorry.

Might be lovely. But this is not uncommon and he's not unique in his thinking. I genuinely don't think he's doing it from a position of like, you don't need it because I earn loads. It's like, it's an education piece. Because it would be to help him. Yeah, that's the whole thing. Yeah, this is for you.

She's gone. Yeah. The job like, she's not gonna. Lose a look after the children. Yeah, good luck. Oh my God, it's soon, when he thinks that through, he'll soon get a policy in place. Or I hope you work it out, but yeah, don't take it too personally, good luck. Oh my God. It's soon, when he thinks that through, he'll soon get a policy in place. I hope you work it out, but yeah, don't take it too personally, probably initially.

Depends on his reaction to the chat. Come back to us if he does not react well. And we'll arrive in Van and Convoy together with our red flags. That's all for this episode. The vault is now closed. Thank you for listening to the Legacy Week special this week. And we would love for you to get one of these tasks tasks or all, if you've not done any so far, ticked off your list. So this is your sign to either, not either, all, write or update your will,

purchase or check your life insurance policy is still enough and look into critical illness cover. Anything else for anyone who wants to say today? I think if there's anything that's overwhelmed you a little bit, I know I've signposted a few times, but we've done a lot of content on this. So come to the app, ask in the community, ask on Instagram. We've got factual stuff. We've got stories. We've got stuff because we shouldn't have to think about this thing all the time.

This is why Legacy Week is, you know, this time every year, it's the reminder and the check-in to think about these things. Maybe you can just allocate a little bit of time, not more than a money minute maybe, but you know, it might be a money date night, it might just be something. You'll feel amazing after doing it, but we've got all the content and all the structure

if you kind of feel a bit overwhelmed. So head to the app, ask us about it, and we'll like hold your hand a little bit. Just a quick disclaimer, The Vault is just a chat around life and money topics and we are not giving financial advice.