It’s October, and as we prepare for Halloween, let’s take a look at how you can avoid a fright with your finances and enjoy the festivities on a budget, whilst still having fun!
With the clocks going back at the end of the month, we explore how you can reduce the risk of your home being burgled and whether your home insurance will cover your burglary claim.
Read on and remember, we are here if you would like to discuss your bespoke personal needs.
A green mortgage is a specialist type of mortgage that incentivises homeowners to make their properties more energy-efficient and environmentally friendly. These mortgages are designed to encourage sustainable practices within the housing sector. They typically offer favourable terms and financial incentives to those who buy or improve energy-efficient homes.
Life is unpredictable and we never know what’s around the corner.
With this in mind, have you thought about what would happen to you or your loved ones if you couldn’t work due to illness or an accident which resulted in a loss of earnings?
Here’s 5 reasons why income protection is worth discussing with your adviser:
Income protection insurance is particularly important if you do not have substantial savings or other financial resources to fall back on in the event of illness or disability.
With income protection, you're covered for any medical reason, so long as you've been signed off work by a medical professional.
Income protection pays out until you can start working again – or until you retire, die or reach the end of the policy term – whichever is sooner.
You can claim as many times as you need to – while the policy lasts.
Income protection comes with lots of options, so it’s best to talk to an adviser so they can build you a plan that’s right for your life and budget.
Remember, life can change in a second, and knowing financial support is in place can make a world of difference.
Watch this short video from the Income Protection Task Force, where several families discuss the need to be prepared.
Mr and Mrs Edwards are both in their late 60s, they have their only daughter Rebecca who has a son of her own called Michael. Michael, Mr and Mrs Edwards grandson, has recently finished his degree and started full time employment as an accountant. His girlfriend has recently fallen pregnant, so Michael is desperate to move out from living with his mum to be able to provide for his new baby on the way. Michael has next to no savings as he needed them to help him through his time at university. He wants to stay in the same area as his mum and his grandparents but due to costs of houses in the area, he and his girlfriend are unable to save enough for a deposit.
The solution?
Mr and Mrs Edwards contact their financial adviser to see if they would be able to help Michael and his girlfriend. However, in conversation, their financial adviser let them know that Mrs and Mr Edwards are able to gift Michael his inheritance early. As Mr and Mrs Edwards own their house outright, they are able to use a lifetime mortgage to take out £20,000 of tax-free cash from their property and gift it in its entirety to Michael – giving him a great head start to be able to get on the property ladder. In fact, he is able to get a property right in the village with his mum and grandparents.
7 years later
After a few years in retirement, with their state pensions and a bit of a private pension, Mr and Mrs Edwards seek advice again from their financial adviser about the prospect of using a lifetime mortgage to enable them to enjoy their retirement a bit more comfortably. Their financial adviser went back to the lender to discuss a re-mortgage. As the property had already gone up in value, they were able to receive another £30,000 in a form of a drawdown. This meant, Mr and Mrs Edwards could take out the money as and when they wanted to spend it and they only accumulated interest on the amount they spent. Rebecca was more than happy for her parents to use their tied-up equity as funding, so she can see them live the rest of their lives as best they can.
Get in touch today to explore how a lifetime mortgage can help your loved ones onto the property ladder.This is a lifetime mortgage. to understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
In today's rapidly changing world, health and well-being have become paramount concerns for individuals and families alike. Ensuring access to quality healthcare is a fundamental need, and one way to achieve this is through private medical insurance (PMI). However, PMI often carries with it a fair share of misconceptions and myths.
What Is private medical insurance (PMI)?
Private medical insurance, often referred to as private health insurance, is a form of coverage that individuals or families purchase from private insurance companies to help cover the cost of medical expenses. It provides access to private healthcare services, which can include quicker appointments, specialist consultations, and hospital treatment. PMI is designed to complement, not replace, the services provided by the NHS.
Myth #1: PMI is only for the wealthy
One of the most widespread myths about PMI is that it's only for the affluent. While it's true that some premium plans can be costly, there are a wide variety of PMI options available to suit different budgets. You can choose coverage levels, deductible amounts, and add-ons that fit your financial situation. It's all about finding a plan that meets your needs without breaking the bank.
Myth #2: PMI covers everything
Another misconception is that PMI covers every conceivable medical expense. In reality, PMI plans vary widely in what they cover. Most PMI policies cover essential medical services like hospital stays, surgeries, and specialist consultations. However, coverage for elective procedures, cosmetic treatments, or pre-existing conditions may differ from one plan to another. It's crucial to read your policy thoroughly and understand what's included and excluded.
Myth #3: PMI is redundant if you have public healthcare
Some people believe that private medical insurance is redundant if they already have access to public healthcare. While public healthcare is an invaluable resource, PMI can provide certain advantages. For instance, PMI may offer shorter wait times for elective procedures, access to private specialists, and the choice of a private hospital. It can be a valuable supplement to the NHS, ensuring that you receive prompt and personalised care when needed.
Myth #4: You can't switch to PMI if you have pre-existing conditions
Many people wrongly assume that if they have pre-existing health conditions, they won't be eligible for PMI. While it's true that pre-existing conditions can affect your premiums and coverage, it's not an absolute barrier. Some PMI providers may offer coverage, albeit at a higher cost. Shopping around and discussing your specific needs with insurance providers can help you find a plan that works for you.
To make the most of private medical insurance, it's essential to do your research, compare policies, and understand the terms and conditions.
Keen to hear more?We would be more than happy to hear from you and answer any questions you may have.
Burglary statistics reveal a strange fact. Each time the clocks go back one hour for Daylight Saving Time (DST), the number of break-ins increases by one-third*.
Most home insurance policies will cover you if your home is burgled, but there are limitations which could lead to your claim being rejected.
Some of the scenarios that may catch you out include:
Security failures
Most home insurers will offer lower premiums if your home is protected by a minimum level of security.
Generally, this would include deadlocks on external doors and locks on accessible windows. If you forget to lock your doors while popping to the shops, for example, your home insurer may reject your claim.
High-value items
High-value items, such as phones, laptops, and jewellery, are often sought after by thieves, but may not be automatically covered by your home insurer.
Depending on your home insurance policy, you may need to get additional cover to protect items above a certain value.
Long trips
Most home insurance policies specify that your home should not be left unoccupied for more than 30 consecutive days.
If a burglary takes place while your home is empty for a period longer than 30 days - due to an extended holiday for example - your claim may be rejected. Some insurers may allow you to put extra cover into place while you're on an extended trip but be sure to check with your provider first.
Get in touch today to find the most suitable home insurance for your needs.
Get in touch today to find the most suitable home insurance for your needs.Risk warning: Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.
Halloween is just around the corner, and while it's a spooktacular time for children, it can also be a frightful hit to your wallet. But fear not! With a bit of creativity and some clever planning, you can enjoy all the thrills of Halloween without breaking the bank. Here are some tips to help you save money this Halloween:
DIY costumes
Instead of splurging on shop-bought costumes, get creative and make your own. Raid your wardrobe for costume inspiration or visit charity shops for affordable costume pieces.
Costume swaps
Consider organising a costume swap with friends or family. You can exchange costumes from previous years, giving everyone a chance to wear something new without spending a penny.
Shop early
Don't wait until the last minute to buy Halloween decorations or sweets. Shop in advance to take advantage of early bird sales and discounts. This way, you can stock up on decorations and treats without paying a premium.
DIY decorations
Get crafty and create your own Halloween decorations. Pinterest and DIY websites offer tons of ideas for inexpensive, homemade decorations like paper bats, ghostly garlands, and carved pumpkins.
Bulk buys
Purchase Halloween sweets in bulk at warehouse stores or online. You can often find better deals when buying in larger quantities. Just make sure you don't indulge before Halloween night!
Opt for potluck parties
If you're hosting a Halloween party, consider making it a potluck. Invite friends to bring their favourite spooky dishes or snacks. This way, you'll save money on food and drinks while enjoying a variety of delicious treats.
Free or low-cost activities
Look for free or low-cost Halloween activities in your community. Many neighbourhoods host haunted houses, costume parades, or outdoor movie nights that provide entertainment without the hefty price tag.
Reusable décor
Invest in reusable Halloween decorations that you can use year after year. It's a one-time expense that pays off in the long run, reducing the need to buy new decorations annually.
Online coupons and deals
Keep an eye out for online coupons and deals from shops that specialise in Halloween supplies.
DIY treat bags
Instead of buying pre-made treat bags, make your own using inexpensive supplies like brown paper bags or small Halloween-themed containers. Fill them with sweets bought in bulk to save even more.
Limit extravagance
Halloween is about having fun, but you don't need to go overboard. Set a budget and stick to it. Avoid unnecessary expenses on high-end decorations or costumes that you'll only use once.
Plan ahead for next year
After Halloween, stock up on clearance items for next year's celebration. This is the perfect time to grab discounted decorations, costumes, and sweets for future Halloweens.
By following these money-saving tips, you can have a fantastic Halloween without the financial scare. Whether you're trick-or-treating, hosting a spooky soiree, or just enjoying the season, these ideas will help you make the most of your Halloween while keeping your budget in check.
Happy Halloween!
