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Category : Financial Advisers

critical illness

Critical Illness Insurance

If you became critically ill and unable to work, could you cope financially?

Some things are more reliable than others – monthly bills, for example. Young or old, single or married, we all have financial obligations to meet each month; be it luxuries, like a satellite TV subscription or mobile phone contract, or the real essentials – like keeping a roof over your/your family’s head.

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Trust

The importance of trusts

Trusts are usually simple to set up, but it’s important to select the right type of Trust.

What is a Trust?

A Trust helps ensure a pay-out goes to the people you’d like to benefit from your protection policy – should the worst happen. As the ‘settler’ (the person who creates the Trust), you can choose the people who will benefit (the ‘beneficiaries’). The Trust defines how and when they can receive the money from the insurance company.
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Family Insurance

What life insurance is best for your joint mortgage?

What life insurance is best for your joint mortgage?

When you take out a mortgage we would always recommend you take out appropriate life insurance too, so that you know your monthly mortgage payments are covered if things go awry.

If you’re buying on your own, a single life insurance plan will probably do the trick, but if you’re going into joint property ownership, a joint plan may be more appropriate. So, which is best for you?

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Pension

The cost of retirement

The cost of retirement

How much money do you think you’ll need to receive each year of your retirement?

According to the investment manager Schroders, working people in the UK aged 55 and over believe this figure would equate to 66% of their current income, but the reality according to UK retirees is actually 53%.

Despite the 13% shortfall, the majority of retired people (92%) felt their retirement income was sufficient. This may not come as a surprise if we consider they are likely to be part of the baby boomer generation and therefore enjoy significant wealth compared to future generations of retirees who quite possibly won’t have the benefit of a final salary pension plan. Read More

downsizing your home

The search for a reliable retirement income

It’s been over three years since the April 2015 pensions changes which scrapped compulsory annuities and gave pensioners greater choice over how to take their retirement income.

This historic change to UK pension legislation opened up a range of investment opportunities for pensioners. With increased control of their pension, investors can seek to position their portfolios to deliver the income required, while retaining – and perhaps even growing – their invested capital.
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home-insurance-fire

Bonfires and fireworks

Bonfires and fireworks

Autumn has arrived, the days are getting shorter and the nights longer. You may be preparing the garden for winter and arranging any rubbish for a seasonal bonfire. And, at this time of year, where there’s a bonfire there could be fireworks.

Keep your distance
Bonfires and fireworks can be a good excuse to bring together family and friends to enjoy the autumn nights, but they do require a bit of caution as many people, including children, are at risk of injury. In fact, in 2015-16, there were over 5,200 injuries caused by fireworks.

Often the best way to enjoy fireworks and bonfires is at larger public displays, where ‘official’ health and safety precautions are in place. With private displays, you might be tempted to ignore basic rules like making sure people are a safe distance from where you’re launching the rockets or setting off the Catherine Wheels.

Take sparklers, for instance. They could be seen as harmless, given you can hold them when lit, but be warned! Sparklers can burn at temperatures similar to a welding torch, upward of 1000°C so it’s important to take precautions by wearing gloves and supervising youngsters.
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Are you covered?
One thing you should also check before you organise this sort of event is whether your home insurance covers you for any accidental damage. This could be caused by things like stray fireworks or bonfires spreading to a shed, or worse, your house.

Safety first
If you decide to have a bonfire, or put on your own fireworks display with sparklers, consider
these safety tips to make it safe and enjoyable.

  • Keep spectators at a safe distance.
  • Always light your fireworks at arm’s length and never return to it once it’s been lit.
  • Have one person in charge of the bonfire, making sure it can’t spread and always have a bucket of water or sand nearby as a precaution.
  • Supervise children at all times around fireworks and bonfires.
  • Wear gloves when using sparklers, and don’t hold them near your face.

If you’re not sure what your home insurance covers or you’d like to review your cover, please get in touch

Money worries

Just about managing

Just about managing

Two thirds of working households in the UK consider themselves to be ‘just about managing’ financially, according to research.

The Resolution Foundation, which researches the living standards of those on low to middle incomes, has identified six million Jams (as they have become known) spread across Britain. Jams tend to have at least one person in work and most work full-time. Some will earn higher salaries, but typically they will be low earners receiving top ups from the welfare state, such as tax credits.

A priority for the government?
In her first speech as Prime Minister, Theresa May addressed the Jams directly, suggesting that the government would be working hard to help improve their lot. But the impact of years of flat wages, coupled with cuts to working-age benefits and increased rental and property prices, makes this is a huge issue to tackle.

What’s more, the Institute of Fiscal Studies suggests that the weak growth will continue, which means the situation won’t get easier for these families in the short-term.

The increasing financial pressure the Jams are under is worrying, and an unexpected change in circumstances could make their situation a lot worse. What would happen if the main breadwinner was to lose their income, or fall ill and have to take time off work?

If you’re in this situation, the first step is to understand what you’ve got coming in and how you’re spending your money. Once you’ve got your budget under control you can look for ways to save money and, if you can afford to, consider how you might protect your income in the event of sickness, ill-health, or worse.

Just about managing
Two thirds of working households in the UK consider themselves to be ‘just about managing’ financially, according to research.

JAMs tend to:
• over two thirds have have less than a month’s salary in savings
• spend 24% of their income on housing
• three quarters are likely to be in rented accommodation
• have at least one person in work
• have at least one child

If you’d like help with your financial planning, please get in touch.