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7 Things To Teach Your Kids About Money
Did you know that many people retire broke? It's true. After a lifetime of hard work and having earned literally hundreds of thousands of dollars, they end up with nothing. So where did all their hard-earned cash go? The answer is, it passed...
First Checking Account – When is it Time?
We all know that money doesn’t grow on trees, but we all need it to survive. The use of cash will only go so far in life, as you can’t send it through the mail. Checking accounts are relied upon to manage our finances and to send in payments for...
Life Insurance – Wise Investment In Personal Finance Or Excessive Caution?
Life insurance is typically taken out to offer valuable financial protection for your family in the event of your death, upon which a payment is made to your financial beneficiaries, heirs or family members. The extent of this payment will depend on...
The Economics of True Love
In the real world, can there be romance without finance? A common saying: No romance, without finance. But what does it mean really? After a little thought about it and a hard look at the big picture, we see that it actually derives from the...
Work as a Spiritual Calling - 7 Steps to Heeding Your Life's Calling
People have now begun trading
Work as a Spiritual Calling: 7 Tips to Heeding Your Life’s Calling by Bud Inzer, Career Coach
Since September eleventh many of us have begun to look for what...
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Life Insurance: Why There’s No Need To Be A Desperate Housewife
Contemplating what may happen to your wife (or husband) and children if you die is not likely to be a thought you wish to contemplate. However, avoiding the issue may make life more difficult for your family after your death.
Life insurance looks set to make a comeback in the UK, after a period of neglect by consumers who were simply occupied with affording a home. The stabilising of the UK house market has made many consumers take a broader view to their personal finances.
LifeSearch (a life insurance broker), in the September issue of Money Observer, highlighted a few common mistakes people make when buying life insurance:
* Believing life insurance is relevant to everyone
Life insurance is only relevant to people who have financial dependents. If you have no financial dependents, it might be more appropriate to consider income protection or critical illness insurance.
* Paying too much for life insurance
According to Money Observer, research for Sainsbury’s Bank Life Insurance revealed that many people take life insurance policies from their mortgage providers and as a result could be paying too much.
* Opting to buy joint life insurance policies instead of single life insurance policies
The advice to married couples is to avoid taking out joint life insurance policies which pay out when the first spouse dies over the term of the policy, but not on the second. Single policies could provide additional cover by paying just an extra £3-4 a month.
* Missing out on a trust
The Tax Man can claim up to 40% of your life insurance payout as inheritance tax. According to Money Observer, those with assets totalling £275,000 or more (including a house) are especially prone to tax inspection. Writing your policy in trust is a way to avoid this and as a trust does not have to go through probate,
beneficiaries of the policy will receive the payment without delay.
* Only insuring the main earner
Whilst it is important to cover the main breadwinner, by neglecting to additionally insure the housewife or househusband may result in extra child care costs. Family income benefit (FIB) may be an appropriate policy to put in place.
* Opting for a lump sum over income
If your dependents are likely to require an income, then buying a policy that pays out a lump sum is a mistake. Many people invest lump sums for an income, but when they invest it, they have to pay tax. Family income benefit provides a larger payout – tax free, though the majority of banks and building societies do not offer FIB, so ask an Independent Financial Advisor for recommendations.
* Not proving full medical records or detailing comprehensive medical history
Failure to disclose a complete picture of your health, no matter how trivial, could invalidate a claim later on.
There’s no excuse for not conducting your own homework, as there is an abundance of information available online. Sites such as moneynet, provide not only price comparison research on difference life insurance products, they also offer downloadable consumer product guides. Lowermybills proffers a similar service stateside.
Resources:
http://www.moneynet.co.uk/insurance/life-assurance/index.shtml
(Prince comparisons) http://www.moneynet.co.uk/life-insurance-guide/index.shtml
(Life insurance guide) http://www.lowermybills.com/
About the Author
Rachel writes for the personal finance blog Cashzilla. http://www.cashzilla.co.uk/
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