How much life cover should I have?
Your appropriate level and type of life cover should be based on the financial loss that would be suffered in the event of your death by those who are financially dependent on you. Ages of children is an important factor in calculating how long the financial loss would be suffered for. At Financial Companion, we will help you understand the different types and levels of cover that will most suite your circumstances.
I have health insurance, do I still need Serious Illness Cover?
While health insurance is important for covering medical bills, it is very different from Serious Illness Cover. Serious Illness Cover pays out a lump sum on diagnosis of one of the specified illnesses covered. It does not matter how long you may be in hospital or off work, or even if you are in paid employment. The lump sum is paid to you to do with as you choose. Contact us for a free, no-obligation quote to find out the cost of this valuable cover for you.
I think I’m paid if I am off work due to illness or injury but only for a few months. Can I protect my income?
Yes, Income Protection can be tailored to start paying a portion of your income from a period that suits you, depending on your situation, right up to when you either return to work or reach the maturity age of the plan. Premiums are dependent on factors such as occupation. Contact us for more details.
I updated my various plans and policies just a few years ago. Is there any need to review them?
It is widely accepted as good advice to review your financial planning annually or in the event of a major life event such as a new baby, getting married or moving home. Even if there is no need to alter anything that you have in place, taking the short time, just once per year is a small price to pay for peace of mind. You might even be able to save some money! There is no cost and no obligation to arrange a review and appointments can be flexible and in the comfort of your home or workplace.
When should I start a pension?
Simply put, the earlier you start contributing to some form of pension, the better your income in retirement is likely to be. You are likely to spend more than a third of your adult life in retirement and a sharp drop in income is not what most people look forward to. There are some generous tax benefits with pensions. Contact us to find out what is best for your circumstances.
I used to pay into a pension in the Construction industry but I no longer do. Does that have to stay in that pension?
In May 2013, rules were changed that now allow people that were in the construction workers’ pension scheme to transfer their pension sums to other options if it is deemed more beneficial for them. Contact us to find out how this would work for you.
What do I need to apply for a mortgage?
A number of items will be required to apply for a mortgage. How you conduct some things such as your current bank account can have an important part in getting mortgage approval. Contact us to find out how you can best prepare for a mortgage application.