danielashby

Adjusting your retirement plans in light of the State Pension Age changes

Almost two million people face the reality of changing their retirement plans less than 10-15 years before they aim to stop working, according to Retirement Advantage.

Changes to the State Pension Age will mean that up to 1.8 million over-50s could be forced to work an extra three years if they don't make swift changes to their retirement plans. Are you, or is someone you know among them? Read on for your next steps.

What is happening to the State Pension Age?

It's being pushed back. So far, the age at which women start to receive their State Pension has been increased from 60 to 65, to bring it in line with the men's age. From 2019, the age will rise again, for both sexes, to 66. Further changes will mean that, by 2028, the State Pension Age for some people will be 67. Further increases are due between 2044 and 2046, which will push the State Pension Age back to 68.

The exact age that you will be able to claim your State Pension will depend on when you were born, for more information on this, click here.

What effect has this had so far?

According to the research:

• Almost two thirds (61%) of people over the age of 50 will now work for one-to-five years longer than they had originally planned
• 23% of over-50s will now work for up to 10 years longer
• The changes are affecting more women than men, with 35% of women changing their retirement plans, compared to just 21% of men

What can you do if you are one of them?

If the changes to the State Pension Age have affected your retirement plans, there are several things you can do to try to reduce the amount of time you will need to continue working. In order, they are:

1. Re-evaluating your retirement plans

Don't panic and assume that you will need to work for longer just because the State Pension Age is increasing. If you already have plans in place to retire early, or to use your own savings and investments as income when you leave work, you may be able to continue with that route after making a few adjustments.

2. Identify what you already have available to you

Calculate how much you will have when you reach your ideal retirement age, accounting for your savings, investments, personal pensions and workplace pension. For help with this, you can use a pension income calculator, or talk to a financial planner or adviser.

3. Work out how much you will need

While you may only need to support yourself for an extra year, you may be within a group with a much longer gap. It is important to be sure that taking that extra money at the start of your retirement won't affect your ability to afford care and accommodation in later life.

4. Identify any shortfall

If there is a difference between the retirement income available to you and the amount you need, it is time to start planning how you will fix that. You have three options here:

• Work for longer: Even if it is part-time or as a consultant, continuing your career for longer will give you extra income, without the need to work full-time and sacrifice the activities you had planned.
• Live on less: If you have less money to work with, but you are determined to stop working on your goal date, then it may be necessary to tighten the budget during the first few years of retirement so that the money you do have will last longer.
• Put more away: Alternatively, you could restrict your spending during your working life to ensure that you have enough to live on when you retire. The biggest thing that will help you to achieve this is a Workplace Pension, so making sure that you are enrolled at work is important.
• Take the help on offer: This includes automatic enrolment into a Workplace Pension and the tax relief available on money invested in it.

Talk to us

An independent planner or adviser will be able to help you to see your situation with fresh eyes, putting a new perspective on things and hopefully brightening your outlook. They will also be able to apply their years of financial knowledge and experience to suggest solutions which you may not have thought of, or heard about, previously.

To start discussing your options and to restore your confidence in your retirement plan, please get in touch with us.

by danielashby

How making the wrong borrowing decisions can affect mental health

Common mental health issues, such as anxiety and depression, affect one in six UK adults. In addition, 35-50% of those with severe mental health problems are untreated. (Source: Mental Health Foundation)

People who suffer from mental health problems are 1.5 times more likely to turn to family and friends for loans, than banks and building societies, according to a new report from Money and Mental Health. But, what is the link and is informal borrowing more likely to lead to financial problems?

You might not feel like this affects you directly, but it might affect someone you know, or maybe you are the person they are asking for money from. Remember, mental health issues can affect anyone, your kids, your parents, even your friends, so knowing how to help those who need it could come in useful.

What is the difference between informal and formal borrowing?

While formal borrowing is carried out via a bank or building society, informal borrowing is the act of taking loans from unofficial sources, such as friends, family members and colleagues.

Formal borrowing has the advantages of being regulated, with terms and conditions stating what will happen if the borrower fails to make repayments as outlined in the agreement. However, informal borrowing includes asking friends, family and even strangers for money on an unsecured basis. The type of informal borrowing varies wildly, from asking parents for a small loan, to turning to loan sharks.

Who is most likely to lend informally?

Perhaps the most well-known informal lender is the bank of mum and dad. It can be hard for parents to turn family away when they ask for help, and that has led to parents and grandparents providing almost twice as many (88%) informal loans as close friends (49%).

'Other private lenders' make up 16% of informal borrowing, which could include anyone from neighbours to loan sharks, with one being evidently more dangerous to people facing mental health problems, than others.

Why turn to informal lenders?

Formal lenders will check the history of the borrower, who may fear that past indiscretions will make them ineligible for the help they need, making informal borrowing much more appealing. On top of this, informal lending often comes with added flexibility and lack of penalty for late repayments, which can be enticing to someone who is not in the right position to make legally binding agreements or stick to a regular payment schedule.

Those facing mental health issues may be in an unfortunate position because of their illness, and that could include having to leave work, having a lack of, or reduced income, and being unable to access credit through formal channels as a result.

How can informal lenders and borrowers better protect themselves?

If you are considering lending money to a friend or family member, or you know someone who is considering informal borrowing there are three key things to discuss:

1. How much do they need to borrow? It can be tempting to access as much cash as possible when in a crisis but taking more than they need is likely to leave them in a worse position when they come to repay the debt.
2. When and how will they repay it? Honesty is the best policy here, if they cannot afford to make repayments, they need to find another method of getting back on their feet.
3. What will money be used for? Whether you are lending money or helping someone who is thinking about borrowing, knowing this will help to make sure they are not borrowing too much, or taking help unnecessarily.

If you are the person thinking about lending money to someone in your life who needs aid, you may wish to:

• Formalise the agreement by getting the details in writing and both signing your agreement
• Work with that person to get into a position where formal borrowing is a viable option for them
• Remember that money alone will not fix what they are going through and that you may need to make alternative suggestions for places they can find help

What help is available?

If you, or someone you know needs help, the following resources might be helpful:

• Samaritans (mental health support)
• Mind Infoline (mental health support)
• Saneline (mental health support)
• Step Help (debt help)

It is always difficult to manage your finances when medical problems arise. But whether they are mental or physical, financial advice and planning can make sure that you are on track to meet your financial goals and make the most of your situation - whatever that entails.

To talk to an adviser or planner about your finances, feel free to get in touch with us.

by danielashby

The 'pocket money economy': How an income in early life can increase your children's financial skills

Could the way you give your children pocket money improve their money-handling skills and better prepare them for the challenges of adult life?

It could certainly help them to develop strong saving habits, with research from Santander showing that 84% of children who receive pocket money prefer to save it for the future.

But, how can you help them to make sure that they are saving in the best way?

There are two key factors to effective childhood savings:

• The types of account used
• The age and aims of the child

There are a wide variety of saving accounts for under-18s, but it is the way they are used which will determine how much your child benefits from them. Some accounts have great advantages, such as tax relief, but come with age and deposit restrictions. That means that you will need to create a strategy which makes use of them at the right time in your child's life.

Saving accounts for children

The accounts available for children's savings include:

• Child Trust Fund / Junior ISA: If your child was born between September 2002 and January 2011, they may have qualified for a Child Trust Fund. This is a long-term savings account which offers the opportunity for under-18s to deposit up to £4,260 each year, tax-efficiently. Parents and grandparents can contribute to this.Child Trust Funds are no longer available but those children who had them can continue to save in their account until they turn 18. However, those born after January 2011, when the scheme was cancelled, will have to turn to a Junior ISA (Individual Savings Account).Junior ISAs offer similar benefits, with an annual deposit limit of £4,260.

• Regular Saving Accounts: These require a minimum deposit each month and often come with limitations on withdrawals. However, these accounts may offer more competitive interest rates to encourage long-term savings.
• Instant Access Accounts: A more flexible option, with the ability to make withdrawals without incurring penalties or facing limitations. These accounts are likely to have lower interest rates than Regular Savings Accounts.

• Help to Buy ISA: A government-backed savings account which is designed for first-time buyers to save toward their deposit. This account is available from the age of 16 and offers a 25% bonus on your child's annual contributions. However, there are limits as to how much can be put into the account each month. During the first month, it is possible to put up to £1,200 into the account. After this, a monthly limit of £200 applies.

Help to Buy ISAs are like Lifetime ISAs, which are available for over-18s. It is possible to open a Lifetime ISA and transfer any Help to Buy ISA savings in, without affecting the annual deposit limit.

Why encourage children to save?

The earlier you begin to teach children about money, the better their understanding of it will be as they grow up. Unfortunately, the financial education provided by schools is lacking, or non-existent and our kids are not leaving school as financially savvy as perhaps we would hope. Research from The Halifax shows some worrying trends among children aged eight to 15, including:

• Believing that a loaf of bread costs an average of £15, with a pint of milk at £17
• Estimating the average income for a teacher is £110,000; £87,000 more than the actual starting salary
• Expecting to retire at 56, 12 years prior to their current projected State Pension Age, which could be later by the time they reach retirement

Of course, we can't expect children and young teens to understand everything about money and managing a budget, but it is never too early to start instilling some valuable life lessons - and it doesn't have to be boring, either!

Making saving interesting

If your child is still of an age where they want to do everything with you, make the most of the opportunity to involve them in the household budgeting or have them assist with the weekly shop. This will help them to see how much adults really spend on bills and food and to understand the financial demands they will face in later life.

Saving is always easier when there's an end goal. Start with something which will take a relatively short amount of time and have your child calculate how much they will need to save each week/month to afford it, then work with them each week to show them their progress toward their goal. The goal can then grow gradually, as they get older, and is likely to teach them both how savings work, and give them a frame of reference for saving for bigger things; which will eventually include a housing deposit and retirement.

It is also important for children to understand the practical side of saving; this includes the options available to them and learning how interest rates work, in terms of both saving and borrowing.

For more information and help with introducing your children to the world of saving, why not bring them to your next appointment with us?

by danielashby

Beaufort Financial work with Walsall College photography students

Beaufort Financial Birmingham have worked with local photography students at Walsall college to bring a local feel to their brand

The work was part of a competition lead by Co-Founder and Chartered Financial Planner Paul Gorman. The students were given a brief which explained Beaufort's brand concept - art and science. With firms nationwide, the brief also encouraged a local element to photographs submitted.

Once submitted, the entries were judged against the brief by a panel at Beaufort and the winners were chosen. Monetary prizes were offered for first, second and third place as well as the fantastic opportunity to work with a professional service and have images published for commercial use. All winning work will be used in future digital and offline marketing, branding and communications from the Birmingham firm as well as being displayed in the local offices.

The winners were revealed on 18th May at a presentation at Walsall college and prizes were awarded in the following order:

First place - Guyvor Weals - Tails

The idea for the image originated from the smoke effect seen when acrylic paint enters water. I felt this would relate to Beaufort's theme of art and science. I created some acrylic paint mixtures of blue and yellow colours; and poured them into a fish tank full of water. I used Photoshop to dictate the colour of areas of the image, helping to create colours to match Beaufort's brand.

Second place - Debi Heath - Birmingham Library

Linking to the local area I decided to focus on Birmingham Library because of the links to science and art through books and the design of modern architecture. From an abstract point of view, I focused on only part of the building, taking into consideration the shapes and patterns formed by the structure.

Joint third place - Gemma Palmer- Waves and Alexandra Mole - Selfridges

The idea to create the image that I entered came from a few different elements from the brief. First of all I wanted to ensure I had the colour scheme in mind and also I wanted to include feel ofBirmingham and the Midlands. I then came up with the idea of capturing iconic landmarks which resulted in me capturing the photographs of the Selfridges building.

Offering some more detail on the concept, Beaufort's website states that the firm's financial advice to consumers combines the 'art' of knowing and understanding life goals, with the 'science' of identifying the best financial solutions to achieve them.

Reflecting on the competition, Paul Gorman said This has been a great opportunity to work with local students and give them the opportunity to work with us. The results have provided us with high quality stimulating imagery that will help to establish our local brand. I look forward to working with Walsall college again in the future..

If you would like to keep a look out for upcoming use of imagery you can visit beaufortfinancial.co.uk/birmingham

by danielashby

Beaufort Financial sponsors cycling club

Away from the office, our Chartered Financial Planner, Paul, is a very keen and enthusiastic cyclist.

Most weekends, he'll be out on his road bike trying to keep fit and at the same time enjoying the local scenery.

We recently agreed to support and sponsor Bridgtown Cycling Club, which is the club that Paul predominantly rides with.

The cycling club has a growing membership and typical rides around the roads and lanes of Staffordshire & Shropshire and sometimes Warwickshire.

Paul said I find cycling a great outdoor activity. It's the combination of getting a good workout, discovering new countryside and meeting some lovely people, that really appeals to me

On Paul's cycling radar next month is a 100 mile charity bike ride from Wolverhampton to Aberdovey, followed the week after by The Dragon Ride - another 100 mile ride, this time a very hilly route, in the Brecon Beacons.

by danielashby

Retiring on time: Five tips for giving up work on your own terms

Do you have a dream retirement age in mind? Most people do.

Unfortunately, many people believe that, no matter how hard they wish to retire on time, they will be beholden to their employer long past the age they'd like to be putting their feet up.

The situation

According to research from Scottish Widows, more than 10 million UK adults estimate that they will need to continue working until they are no longer physically able to do so. Furthermore, three million people say that they have no choice but to work until the end of their life.

Less than a quarter (24%) of people expect that they will have left working life behind completely by the time they reach 65, with the least optimistic outlook held by younger generations.

51% of people expect to remain employed on at least a part-time basis; and just 18% say that this will be down to preference, rather than necessity.

Your options

Retiring at a reasonable age shouldn't be impossible, but it will mean planning ahead and might mean making some changes to your current financial habits.

1. Know your position

Look at what you are currently doing to prepare for retirement and use a calculator (such as this one) to work out:

• How much you are likely to have in retirement, without making any changes
• What age you could retire
• How much you will need (lump sums and income) to retire on your own terms
• What the shortfall is

You can then use this information to determine what needs to change between now and the age you want to retire, to ensure that you have enough money to support your desired lifestyle.

2. Save more

Putting more money aside now, will give you more income when you choose to access it. It sounds simple enough, doesn't it? But, according to the research, 23% of 25-54-year olds are concerned that they are not putting enough away for the future. Meanwhile, 39% fear running out of money completely after they give up working.

3. Take advantage of the helping hands offered

If you are paying into a workplace pension, you already have a great foundation for sensible saving habits. However, for those who have joined a pension through the introduction of automatic enrolment, the minimum contributions made by you and your employer are unlikely to be enough to provide an adequate retirement income.

Currently, your employer must contribute the equivalent of 2% of your pensionable earnings (the income you receive between £6,032 and £46,350 each year), whilst a further 3% is taken from your salary before you receive it. Unfortunately, current expert guidelines state that the average worker will need to put a total 12% of their annual earnings to one side, meaning that many people currently contribute less than half of what they will need to live the retirement lifestyle they aspire to.

4. Repay debts

If you can retire without debt, you will be able to do more with your income. Reducing your living costs as you enter retirement will make a big difference to your ongoing budget. With a smaller portion of your retirement income being lost to repaying debts, you will have more available to enjoy the retirement lifestyle you want.

How you achieve this will differ, depending on your circumstances. But it could include moving into a smaller property, cutting back on non-essential spending and even smaller changes, such as shopping around for better deals from utility providers.

5. Talk to a professional

Engaging with a financial adviser or planner will help you to get on the right track to retiring on your terms; your income and age of choosing.

Research has shown that, those who seek the help of advisers and planners can save up to £98 per month extra toward their retirement income, which could give you an additional £3,654 per year to live on when you stop working.

Planning for retirement can be a daunting task. But, by talking to the right person, you can ensure that you are able to stop working, when it suits you, and with the retirement income you want. For more information or to get started, why not get in touch with us?

by danielashby

Further interest rate rises predicted: How to stay ahead

We're almost half way through 2018, and it's likely that you've already thought ahead about some things. Maybe you're planning a trip abroad during the summer holidays, or you're a really eager Halloween costume aficionado (and we won't mention those who are already thinking about tinsel and stockings!).

But have you thought about interest base rate rises?

They're not as exciting as holidays and parties, granted, but it is important to act now if you are going to protect your finances from the impact of the predicted increases over the next 12 months.

What's likely to happen?

According to experts, the Bank of England (BoE) is likely to raise the base rate twice in 2018, with another two increases expected to follow next year (Source: EY ITEM Club. Naturally, all financial predictions should be treated with an amount of scepticism, however, it seems certain that when rate rises do come, they will be gradual in nature.

Nonetheless, borrowers should not underestimate the impact on their personal finances, nor should savers overestimate the benefits of them.

If the predictions made come to fruition, the base rate may increase by as little as 0.25% each time, but that will still be a minimum increase of 1% over the next 24 months. Whilst it might not sound like much (especially if you remember the late 80s and early 90s), it is likely to impact you.

What will an increase mean for you?

There are two sides to the potential effects of base rate rises; the negative impact on borrowers, and the benefits it can bring for savers.

For borrowers:

Last year, it was estimated that 3.9 million homeowners had variable, or tracker mortgages (Source: Council of Mortgage Lenders). That means that just over two fifths of homeowners face a rise in monthly repayments every time the base rate is increased.

Variable and tracker rates are, by definition, not fixed. Therefore, when the BoE increases interest rates, this rise is passed on by the mortgage lender to those people with these types of mortgages, pushing up their monthly payments.

If you have a tracker or variable mortgage, the first thing is to understand how much your mortgage payment will increase by if interest rates rise, then ask if you can afford it. If not, it is time to start looking at your options. These include:

• Moving to a fixed rate mortgage
• Cutting back on other expenses to free up the money to cover the increased payments
• Use the time you have to head off any rises and start putting a financial buffer in place which can absorb the extra costs for a while

Fixed rates are usually offered on a fixed-term basis, so it is likely that you will need to shop around every two-to-five years to find a product that suits your needs.

For savers:

Increases in interest rates are mostly good news for anyone building their savings. Whether it's to be used as a deposit on your next home, or you are concentrating on making sure that you have enough to live on in retirement, higher interest rates should give you better returns on your savings.

However, it is unlikely that providers will be rushing to pass any rate rises onto their customers, so where you choose to keep your money now, will matter in the long run. That means that you will need to shop around if you are to see the best possible growth in your savings.

It is also important to keep inflation rates in mind. Even though they may show signs of having peaked last year at a post-Brexit-vote high, it is still tough for savers to find a real return on their money and this is unlikely to change anytime soon.

Our three top tips for finding the best saving account are:

1. Shop around; using more than one comparison tool
2. Consider differ types of account; could locking money away in fixed-growth options be better for you?
3. Do your research into how providers reacted to the previous rate rise; if they were reluctant to pass the increase onto savers, they are unlikely to act differently during future rises

Where to go from here

Whether you're currently borrowing or saving (or, most likely, a mix of both) you will undoubtedly be looking for ways to stay ahead of the potential base rate rises over the next 24 months. The best way to do this is to engage with a financial planner or adviser to develop a strategy and gain insights which will enable your money to work for you and allow you to meet your financial goals.

For more information, or to get started, feel free to get in touch.

by danielashby

Gender pay gap does not need to continue into retirement

Historically, men have received more money annually from the State Pension than women. In a recent Which? survey it was shown that over 20 years, women would receive £29,000 less on average than men; however there are a few factors at play that mean the annual discrepancy may be largely offset. These include women receiving their state pension earlier than men at 60 and not 65. With the state pension age now being very close to equalised, how will this effect women going forward - will they continue to take a reduced annual benefit than men?

How the State Pension is calculated

To be eligible to receive any State Pension, you must have at least 10 years of National Insurance contributions on your record. How much you receive each week will depend on how many qualifying years you have in total, and to receive the Full State Pension, you will need a minimum of 35.

Qualifying years can be accrued in three ways:

• By paying National insurance through an employer or self-assessment
• By receiving National Insurance Credits, which are awarded by claiming some State Benefits
• By making voluntary payments

Where is the gender gap?

The main reasons for the gap in pension benefits are: women are more likely to work less hours, women have historically earned less than man, have taken time off work or leave employment altogether for periods of time during their lives to take care of children and or elderly and infirm relatives.

The new flat rate of state pension benefit that was introduced in April 2016 (currently £164.35 per week) is designed to rectify the previously mentioned issues that currently negatively affect women. In the past, a part of the state pension was based on earning and the more you earned the more you would receive from the state in retirement. This has been replaced and you are now awarded a flat credit for each year you earn more than £6,032 per annum no matter how much you actually earn in any one year.

Childcare and National Insurance credits

Parents who receive Child Benefit and are caring for a child under the age of 12 receive National Insurance credits automatically. If a parent is not entitled to Child Benefit they should still apply and ask for no payments as this will activate the automatic credit and count towards the state pension.

Grandparents and other family members aged over 16 but under state pension age that provide care for a child aged under 12 may also be able to get Specified Adult National Insurance credits. These are not credited automatically and need to be applied for (using form CF411A).

State pension credits for carers

If you receive Carer's Allowance, you'll automatically receive credits on your National Insurance record and therefore credit for your state pension.

Understanding your State Pension should be seen as part of the wider retirement planning process. So, to make sure that you have enough retirement income to achieve your goals, you can:

• Calculate how much you will get:

Using a State Pension forecast calculator, you can see how much you will have when you stop working and need to access your pension.

Knowing how much you will have if you don't make any changes to your current situation will help you to identify any shortfall.

• Fill in any gaps in your record:

You can view your National Insurance record and make any voluntary contributions by clicking here.

• Evaluate your other pensions:

Knowing what you can expect to get in retirement income from your workplace or personal pensions will give you a better idea of the overall income you can expect to receive when you stop working.

• Seek financial advice:

Research has shown that those who engage with a financial adviser or planner could put an additional £98 toward their pension each month. This equates to an extra £3,654 in annual retirement income for later life.

Talking to a financial planner will also enable you to make better financial decisions and create a plan which will see you meeting your long-term retirement goals by making adjustments and changes in the short-term.

To get started, please feel free to contact us.

by danielashby

UK homeowners more financially stable than other countries

UK adults who own their home are less vulnerable to financial shocks than those in other countries, according to HSBC.

Financial resilience

The UK has the second lowest number of people who would struggle to cope if mortgage interest rates increased by 2%; worldwide, 22% of people would face instability should interest rates rise, in Britain, it is just 16%.

Even a 5% rate rise would only negatively affect 35% of the UK's homeowners, compared to almost half (47%) of the global population.

Big spenders, bad savers

The study also shows that, on average, UK mortgage holders spend 34% of their monthly income on repayments, 4% below the global average. However, despite the tendency to spend large amounts on housing, many people looking to buy a house will struggle to save a large enough deposit. Globally, 80% of prospective homebuyers find saving a deposit to be difficult, compared to 84% of people getting ready to buy in the UK.

Despite this, current UK homeowners take an average of just four years to accumulate their deposit. While the worldwide average is a year longer, and French buyers spend around seven years saving.

One of the reasons behind the length of time people spend saving is growing deposit aspirations; 69% are planning to put a 20% deposit down. The main source of this money is regular savings at 78%.

So, whilst buying a house in the UK might be tough, it is comparably easier than in many other countries.

How interest rate rises affect homeowners

Tracie Pearce, HSBC UK's Head of Retail Products says:

Interest rates have been at historic lows for many years, and many people who got onto the property ladder in the last decade have never experienced anything else. In fact, the recent increase in the UK's Bank of England Base Rate would be the first time they have seen one.

Many home owners are heading into uncharted territory having entered the housing market with record low mortgage rates. They may have taken out a fixed rate that is due to come to an end or are on a Tracker rate and will possibly see their rate creep up over time.

While it is positive to see UK homeowners' resilience and confidence in their finances, it's important they are conscious of potential interest rate rises and how they might affect household budgets.

Preparing for a financial shock

The research shows that 41% of people are willing to stretch themselves financially to buy a better home. Consequently, leaving a larger safety net in place is sensible, because without it, the smallest financial shock could leave you in danger of:

• Being unable to make mortgage payments and potentially losing your home
• Falling behind on essential costs, such as household bills
• Falling into debt and negatively impacting your credit score
• Needing to borrow from friends and family to make ends meet

There are two forms of financial protection which can make riding out an income shock, or interest rate rise much more manageable:

1. An emergency fund

Emergency funds can be used for all kinds of financial trouble, from a broken-down car, to home repairs, or even to cover the costs of medical equipment after an accident.

Put simply, an emergency fund is money which can be used if your income cannot cover an essential expense. It is recommended that this fund is equal to three-to-six months of living costs just in case your household unexpectedly loses an income.

This will also provide a buffer if your interest rates rise more sharply than expected.

2. Insurance

The purpose of insurance is to pay out when something goes wrong. It is something that you never want to need, but you always need to have. There are three types of insurance to consider, which will protect you and yours from the financial implications of ill health or death:

• Life Insurance: Pays out a lump sum if you die of an illness which is covered within the terms of the policy
• Critical Illness Cover: Pays a lump sum or income upon diagnosis of a serious illness
• Income Protection: Replaces a portion of your income if you are unable to work due to illness or injury

The importance of financial planning

Taking financial advice and having a clear plan of action surrounding your finances can keep you financially confident and stable, no matter what trouble you may face. A good financial plan will include safeguards to protect you and your family, should the unexpected become reality.

To talk about the best ways to reinforce your family's financial stability, get in touch.

by danielashby