Family Income Benefit
When considering Protection Policy options, many people think about Life Insurance, but do not typically consider Family Income Benefit. Family Income Benefit is a type of Life Insurance, specifically aimed at parents. The main difference between it and more mainstream life insurance policies, is that is pays out regular monthly payments to your dependents, rather than a lump sum. It can provide peace of mind when most needed. Of…
Critical Illness Cover
Critical Illness Cover provides you with a tax-free cash lump sum, should you be diagnosed with a specified life-threatening or chronic illness. This lump sum can be used in whichever way you see fit, such as to pay down a mortgage, cover private medical costs, replace income, or generally support your family and cover household bills. The lump sum will be paid out once you have passed the ‘survival…
Income Protection
Have you ever thought about how you would continue to afford to live and provide for your family if you were unable to work? Income Protection is specifically designed to protect you in this instance. If, for whatever reason you are not able to work, Income Protection pays you a percentage of your current monthly income to ensure that you can continue to pay bills and afford basic living…
What is Life Cover?
Life cover is a term used to describe life insurance or death cover which can provide a cash lump sum in the event of your death (or if you become diagnosed with a critical illness in some instances). It is generally split into two types – Life Insurance and Life Assurance. Life Assurance is referred to as ‘whole of life’ cover and will pay out a cash lump sum at…
Have you sorted your LPAs?
A legal power of attorney (LPA) allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so. It is a really important piece of financial planning, as it should provide continuity in the event that you are unable to make important decisions. We’ve summarized below the key reasons for creating a POA and the main types available. Reasons to Create…
Budgeting
Times have been unusually tough for a lot of people in recent years. Even those with a decent income have been squeezed by inflation. For them, the process of budgeting extends beyond mere expense tracking. It’s about strategically managing resources to sustain and grow wealth, aligning spending with values, and preparing for future financial goals. Here’s a guide to help you navigate the essentials of budgeting effectively. What are…
What is Fiscal Drag?
It’s never been more important to use all of your tax allowances. The latest data from HMRC shows that their total revenues from tax receipts and National Insurance Contributions were £827.7bn from April 2023 to March 2024, up £39.1bn on the previous year. It has increased by a striking 83% since the Conservatives came into government in 2010, when it was £453bn. Inflation over the same period has only…
What might the Labour Government mean for your Finances?
Now we know that Labour will be in government for the next five years, we’ve reviewed their Manifesto promises to see what might be in store from a personal and business finance perspective. How closely they stick to it and what else might be in store will only be revealed in the forthcoming months, but we’ve checked what was published just weeks before they came into power. In May,…
What is a Safe Withdrawal Rate from your Pension?
The concept of a safe withdrawal rate is a common ‘rule of thumb’ in retirement planning, used to determine how much you can withdraw from your retirement savings each year without running out of money. The safe withdrawal rate helps retirees manage the risk of outliving their assets, balancing the need for current income against the preservation of capital over the long term. Here’s a breakdown of the concept…
Pensions and Politics
Pensions have been a big topic in UK politics for some time, nevermore so than in an election year. That’s no surprise to us given their crucial role in the financial security of millions of citizens, but not everyone is as interested and engaged in pensions as we are! Here’s a quick summary of why pensions have been at the forefront of UK politics in recent years. The UK…
