We don't need life cover because we have it at work!

A very useful benefit indeed, and not to be sniffed at.

 However it stops when you leave work and how many people take out private cover on leaving a job?

Then there is the question of how old are you? How do you know what health you will be in over the next few years, and will you be offered cover at all, or with a loading? If you have a health issue now that may not be too bad, but if you have two health issues cover can be more difficult to obtain.

 

Ideally a family unit should be independent of work. It's not really your employers job to cover every family need, after all it's only a company benefit. You should be prepared to pay out of your own pocket to cover your OWN family, not to transfer the responsibility to someone else.

Sounds harsh, but best to be realistic!

When you leave the company normally the cover stops, it's not transferrable as the insurance company will not want the risk.

 

Ideally then you would have, in addition to the usual group life cover at work, some cover, preferably that can be converted to further cover without evidence of health, in your own name so that what ever happens to your employment you still have some cover available.

Then of course have you written it under trust to avoid tax? And of couse have you made a will?

YOU MAY NOT BE IN THE SAME HEALTH AT 56 AS YOU ARE AT 31!

Dont worry! if you want some advice, no problem, just give us a call, or send an e mail.

Thanks!

 

 

 

 

Free Consultation

You can have a free initial consultation, with a financial adviser/advisor. There's no fee, no catch and no obligation on your part.  We can call you to arrange a time that suits you. No pressure, no problems!

It takes time to provide quality investment advice, so Millhaven, (Reading), gives plenty of time to gather all the necessary information, to provide the required investment advice, that you require and deserve.

Please feel free to call Millhaven on, (Reading), 0118 958 6562

E Mail Millhaven on:- stuart@slawes.fsnet.co.uk

Or click on NEXT below for direct message service.

And remember Millhaven, (Reading), offers:

Mortgage solutions, remortgaging strategies, pension planning, investment advice, protection plans, retirement options, drawdown, pension transferrs, and finanial planning for private clients and for corporate clients.

Some of the areas Millhaven cover:-

Reading, Wokingham, Newbury, Windsor, Eton, Ascot, Maidenhead, Henely On Thames, Marlow, Oxford, Bracknell, Slough, Cookham, High Wycombe, Wallingford, Hungerford, Swindon, Basingstoke, Camberley, Berkshire, South of England, London.

 

Economic Situation For:-

March  2011  (released 12/04/11)

Economic Cycle: Coming from recession into slow upswing.

Inflation (annual):

CPI (index used across Europe)   4.0%

RPI (all index)                                    5.3%

RPI (excluding mortgages)            5.4%

GDP (country's income) up 1 yr     1.8% 

GDP for the last 3 months up         0.5%

Average pay (2009 figs)               £25,948

Unemployment rate, Dec/ Feb 2011   7.8%,

Average house price Dec 2010 £162,763 (over 6 times average earnings - high). Too high for first time buyers. House prices expected to drop by up to 10% during the first part of 2011 according to commentators. Market semtiment - rather gloomy, with increases in fuel duty, VAT, and national insurance coming up early in 2011.

 

 

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Smoothing life’s path

Life is surprising. Unfortunately, some revelations are more welcome than others. During emotional and tough times, financial worries can simply escalate the challenges facing you and your family.

With a bit of forward planning and the right protection products on your side, some peace of mind can be restored, leaving you to focus on what’s really important.

Protection can cover you or your partner if you:

· are diagnosed with a critical illness;
· suffer an accident or illness and are unable to work;
· lose your job;
· want to be treated privately;
· die.

Enjoy life

Understanding the products that are around and the sort of financial assistance they can deliver can be reassuringly comforting. Information featured on our website can educate you on the different products and options available.

To get the right answers to your personal circumstances though, it’s usually best to call in professional advice. We can help you decide on:

· which steps to take to protect you and your dependants;
· the best products for your evolving needs;
· what needs doing first.

Current family circumstances or a change in job could influence how much protection you need. To keep your life on track, whatever the knocks, contact us today.

Attention to detail at Millhaven

A lot of people take out life cover through the internet, doing the work themselves. However, have you thought of writing your life plan under trust?

If you don't then on your death the benefits may well just add to your overall estate. The inheritance tax level for 2010/2011 tax year is £325,000, so anything above this may be taxed at 40%. So without realising, you could be providing the government with extra funds when you die!

In order to satisfy the situation you could consider writing the plan under say a flexible trust, which in itself has its own nil band rate inheritance tax allowance, so providing you with two allowances in effect, and all can be done without charge if we use one of the insurance companies in house trust forms, which most people find most adequate.

So instead of pressing a few buttons on the internet and thinking that you have sorted out the problem, why not let Millhaven do the work for you, and do it properly - its not quite so easy as it looks! I know I have been doing this for 28 years now!

We are licensed to provide advice on whole of market term products.

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