I speak to many people about the importance of having a Will but a common question, especially amongst younger people is 'Why do I need a Will?'

Alot of people think that a Will is something you write when you are 'older' however the truth is that it makes sense to have one when you become an adult.

What happens if you don't have a Will?

Without a Will you are considered to have passed away intestate. In this instance the Rules of Intestacy apply and your estate is passed by this. If you are married it passes to your spouse however if you are in a relationship but not married, have children or share your lives together everything will either pass to your parents or children if you have any. This can cause many issues as you can probably imagine.

In addition to this someone in your family would have to apply for a Grant of Probate to be able to deal with your estate. There can be a high cost to this and probably an unexpected one. The cost of a Will is much less than this so it makes sense to make one to avoid future stress for your loved ones.

The benefits of having a Will:

• You can appoint your Executor/s to manage your estate for you when you pass
• You can appoint Trustees, atleast one of them is usually an Executor too, they will ensure that your wishes are met including taking care of savings etc for children.
• You can appoint your Legal Guardians who are those people you choose for your children to live with if you passed away whilst your children are under 18. Without this the decision is taken by the Local Authority and often children are placed into care atleast temporarily.
• You can appoint your beneficiaries, these are the ones you wish to benefit from your estate. You may also wish to exclude particular family members (this may sounds strange but often a breakdown in relationships can mean you wouldn't want them to benefit.
• You can make specific gifts, this might include jewellery, family heirlooms etc.
• You can make some basic wishes for your burial and funeral.

So there are many benefits to making a Will and consequences for not having a Will.

If you have any questions and would like to discuss Wills or any other estate planning concerns please don't hesitate to contact us.

Most people will have seen Life Insurance advertised on the TV, on Social Media and on comparison sites but perhaps haven't heard about Income Protection.

Over the past 4.5 years I have worked with many clients who previously had Life Insurance and Critical Illness Cover but sadly without Income Protection.

What is it and why is it so important?

Instead of providing a lump sum on diagnosis of a critical illness like Cancer or Heart Attack, Income Protection pays out a monthly income if you are ill or injured.

If you have an accident and suffer an injury such as a broken leg that prevents you from doing your job or if you are diagnosed with a more serious illness you can continue receiving an income.

You can receive upto 70% of your income tax free.

What about Employers Sick Pay and Stautory Sick Pay?

If you know that your employer will pay you I can factor this in to your cover. For example, if your employer will pay you in full for 3 months I can ensure that your policy would start paying after this time if you are still unable to work. 

If your employer doesn't provide sick pay or perhaps only for a short time you can claim Statutory Sick Pay for upto 28 weeks. The current rate is £109.40 per week.

For most people this simply isn't enough which is why most, if not all of my clients take out Income Protection.

Self-employed? No problem, I can help you determine what you need and provide cover that is suitable for you.

There are many options to suit all situations and budget, in my opinion, it is something you should take advice on.

Get peace of mind, knowing that if you are ill or injured you can still receive an income and contnue paying your bills to take care of you and your family.

- Leanne

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:

• 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.

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.

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.

Please contact me or book an appointment here.

-          Leanne

Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan