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  1. I wanted to write this blog post as we are all in the same boat right now. Some of us are employed and working from home whilst attempting to be 'Teacher'. Some of us are Furloughed and now have lots of time at home to do things that we don't normally have time for or being Mummy/Daddy/Teacher. Some of us are Self-Employed and are working around being Mummy/Daddy whilst trying to keep a business afloat.

    Last week was the first week for most people where panic might have set in and all routines went out of the window. This week people are starting to get into some sort of routine and see the wood for the trees.

    Regardless of the time you have right now it is really important to take care of you, take care of your mental and physical state. Find the time to enjoy your hobbies, do some exercise, de-clutter your home as these will all help you. Playing with your children can also help you to unwind and free up some mental space.

    I have found that often I feel guilty when I am with my daughter if I have some work to do and other times I feel guilty for working when I want to be with my daughter. Now I have put a structure in place, ensuring that my day is filled with a morning and afternoon activity for my daughter, whether that is with me or her daddy. I then know that she is content and I can find the time to work.

    This time has also meant alot have taken mortgage holidays and looked at their finances. Here are some things you might also want to review:

    • Your Life Insurance - does it suit your current mortgage and lifestyle?
    • Your Income Protection - does the 'waiting' period and benefit amount fit with your current work?
    • Your Home Insurance - when is it due for renewal?
    • Your Gas and Electric - are you on a fixed rate deal? When does it end? Could you save some money?
    • Can you review your heating and water programmer now that it is getting warmer?
    • Can you turn your water temperature down?
    • Are you on a fixed rate for your mortgage? When is it due? 
    • Do you have credit cards that you are paying interest on? Can you do anything with them?
    • Have you got any Wills in place?

    Now is an ideal time to review your finances and I am sure there are more ways than the above. I can help you with:

    • Wills, Trusts and Lasting Power of Attorney - currently 20% off and done remotely
    • Life Insurance
    • Critical Illness Cover
    • Income Protection
    • Home Insurance
    • Business Insurance - Keyperson cover, Shareholder protection, Loan protection

    I can also refer you for Mortgages, pensions, investments and other financial advice.

    Enjoy de-cluttering, getting organised, taking care of yourself and having fun. 

    Please take care.

  2. I fear many people avoid approaching an Advisor as they are unsure as to the cost of Life Insurance. The truth is there are many variables and factors that affect this.

    There are a couple of different types of Life Insurance that affect the  cost, these are:

    • Decreasing Term Assurance – recommended to protect a mortgage or other loans. This is the cheapest form of Life Insurance whereby the premiums remain the same throughout (on Guaranteed Premiums) but the cover decreases at a set rate which is chosen when taken out.
    • Level Term Assurance – recommended to a specific term length, for example to retirement or even to age 90. Also recommended for an interest only mortgage. This type costs more than the above.
    • Family Income Benefit – recommended if you would like a monthly income rather than one lump sum. This is particularly attractive for those with young children where funds can be paid into a trust.
    • Whole of Life Insurance – Guaranteed to pay out no matter the age and because of this does come with a higher premium.
    • Over 50’s Life Insurance – Guaranteed acceptance so no medical underwriting to be completed. Aslong as premiums are paid it pays out no matter what age you die.

     

    How much cover do you need?

    The amount of cover you want to have will affect the premiums. I firstly look at protecting the mortgage and then speak to my clients about other priorities taking their budget into consideration.

    As you have probably guessed, it is very difficult to tell you exactly how much Life Insurance will cost based on the above considerations but there are also other factors:

    • Your age
    • Your health
    • Whether you smoke or not
    • Your lifestyle
    • Family History

    The younger and healthier you are the lower the premiums will be. I meet with clients on a regular basis and unfortunately many are either declined cover or are required to pay a higher premium due to their health.

    Follow us on Facebook where I will be providing examples of cover amounts and their costs.

    Talk to me and receive a personalised quote for you and your family. If you have any questions relating to any medical conditions I can advise on this and carry out any research prior to providing quotes.

    -          Leanne