Our "Plan B" for helping you through this pandemic
Dear Clients,
From all of our staff at Plan B Life, we sincerely hope you and your families are keeping well and staying safe during these unprecedented and uncertain times.
We want to inform you, our valued clients, of the COVID-19 Contingency Plan we have put in place to address the current restrictions.
“What Changes are in Place at Plan B Life?”
Going forward, please rest assured we will do our utmost to maintain the highest levels of professional service to our clients. However, with the situation still evolving, we must limit exposure for our clients, our employees, and our business partners. The safety of those around us is our primary concern at this time.
As requested by Government and HSE guidelines, our physical offices are open, but on a limited basis, as most of our Administration work will now be carried out remotely. As always, good and open communication with our clients is most important. We would ask you to please continue sending all communication and correspondence to our office, via email or phone. We take each and every call and email seriously and will do our utmost to respond to your queries in a timely manner.
With regard to calling out to clients for face-to-face meetings, we realize this is fundamental to how we take care of your needs and is one of the primary reasons why clients choose to work with a Financial Broker, such as Plan B Life. Unfortunately, at present we cannot attend appointments in person with you as usual. However, we have put alternative measures in place to insure you will still receive the highest level of professional advice and service available.
As normal, our Admin staff and Advisors will assist you with underwriting queries, claims correspondence, policy documents and amendments, etc. Your Plan B Life Advisor can carry out financial reviews by telephone and email and can also input new proposals online in the same manner. We are also organising a video conferencing platform for clients to help facilitate our client meetings remotely.
With all the uncertainty surrounding this situation, many clients will consider this to be an ideal time to review their current financial situation. Your Plan B Life Financial Advisor is ready and willing to assist you in this regard. There is no charge to our clients for our review service, so if you have concerns and/or would like a review, please let us know by telephone or email and we will have your Plan B Advisor contact you as soon as possible. We have complete confidence in their ability to assess and manage your requirements throughout this situation and beyond.
Please find the PDF resources that we have prepared for you directly below
Download the Covid - 19
Policy Benefits Summary PDF using the blue button below
Download the Covid - 19
Life Provider and Other Supports Summary PDF using the blue button below
“Will COVID-19 Affect My Protection Policy? What Supports are Available?”
We have received a number of calls and queries from clients concerned about their Protection Policies and what is covered, as regards COVID-19. As a result, we have been asking our Life Providers what supports are available to our clients who may be currently experiencing economic hardship in relation to COVID-19.
Currently, all of our Providers are conducting "business as usual", albeit with their own contingency plans in place and most staff working remotely. Our Providers do recognise that these uncertain times call for additional flexibility for clients and most are offering deferrals and/or premium holidays for up to 3-4 months.
To help reassure our clients, we have composed a short summary of key Protection Policy Benefits and how COVID-19 may affect their policy cover, along with the current Provider Supports that are in place from our Life Providers.
For more details, please contact our Office Admin or your Advisor by email or phone.
The Effects of COVID-19 on Pensions, Savings, & Investments
When the current medical and economic crisis became global, the markets reacted as they usually do...markets tumbled and shares took a massive hit. In addition to the impact of the Coronavirus, there is the ongoing oil trade war between Russia and Saudi Arabia pushing down oil prices, along with the usual chain-supply pressures of the transport market. These are trying and volatile times indeed and such is the nature of the market sometimes.
We understand your frustrations and there are untold millions of people just like you, However, regarding changing your pension funds, savings plan, or investment funds to cash, we think clients should step back and take a deep breath and would highly recommend you please take long thought and professional advice before taking this step.
The following are a few thoughts to bear in mind, which might help to clarify your pension, savings plan, & investment goals:
- 9th March 2009 was start of the most recent Bull Market. Since then, the stock market has grown almost 400% (up to March 2020).
- The stock market has had double-digit falls in 2009, 2010, 2011, 2012, 2015, 2016, 2018, & 2020. It has also had many more single & double-digit gains in the same time period.
- Equities are at approximately the same level now as they were in November 2019 and the market consensus today is they are still the best investment prospect going forward.
- Missing the 10 best growth days of the last 20 years, would have cut your returns in half.
- Right now is one of the worst times in history to have money in cash. Once you convert your investments to cash funds, you accept the losses and risk your chances of recouping any losses incurred. Then, if you do not spend your cash immediately, you start losing money daily because of inflation. Not a good idea, unless there is something major you really need to buy with cash now.
In uncertain environments some investors can get nervous, losing sight of their investment objectives. Many are tempted to postpone new investments, and even to sell their current holdings with the aim of reinvesting when the stock market rebounds. However, if you do sell your investments during a correction, you risk turning a potential loss into a real one and you may miss out on any subsequent market rebounds.
Your Financial Plan, i.e., the reason for your investments is to change your "human capital" into "real-wage income" and "financial capital". Investing in managed funds in the stock market is designed to deliver returns over the medium to long-term. (For example, savings for children's education, investment growth, & retirement plans). If you stop the process, you will have lost your gains and will have to start all over. Time, not timing, is the key to investment growth.
Now is not the time to panic. Historically, the biggest gains tend to follow the biggest falls. The graph below clearly illustrates this point.
"Keep Calm & Wash Your Hands”
Lastly, please take all necessary precautions to avoid contracting this current virus, as you would with any other flu, virus, or illness. Washing hands frequently, sanitising, and social distancing are the order of the day.
The HSE has guidelines on their website on how to protect yourself and others, and what you should do if you have symptoms. For more information, please go to the following link:
Of course, our "Plan B" going forward is fluid and subject to change as events unfold and we will keep you updated.
Thank you for your continued business and trust in Plan B Life. Again, if you do have any queries or comments, please call or email us and we will respond to you as soon as possible.
Please stay safe and we wish you and your families all the best.
Kind regards,
David Naramore
Director- N & D Life and Pensions Ltd. t/a Plan B Life
Tel: 045 409014 Email: info@planblife.ie Web: www.planblife.ie