The majority of people, particularly those who are homeowners or with families or dependents will have taken out a life assurance policy and will be aware of the need for this type of cover. But how many people are aware of the benefits of having a life assurance policy written in trust? A recent survey suggested that 3 out of 4 people in the UK who have life assurance do not have their policy written in trust.

Without a trust, they may face problems. By its very nature, life assurance pays after the death of the policyholder and without a trust, the proceeds might not go to the person intended or there may be a delay in getting to the beneficiaries. However a policy written in trust will not be subject to probate, so the value of the policy can be paid out immediately.

Another major benefit of trusts is that they can help with Inheritance Tax Planning. Inheritance tax is currently levied at 40% on estates in excess of  £325,000 (2010). This includes the value of property – so it’s not difficult to see how this tax has gone from being a tax for the rich to a tax affecting large proportions of the population. If a life assurance policy is written in trust, it can mean that it does not form part of an individual’s estate for inheritance tax planning.

It’s been a few weeks full of emotions. It’s very sad to loose someone we love even though that person did have a rich and healthy life. To compensate, tears of sadness were followed by tears of joy on the birth of my second granddaughter – Evie Joyce.  Evie was born at 20:32 hrs  on 15th March 2010. She is beautiful in every way. Congratulations to mum Tracy and proud dad Howard. A lovely sister for Ava born 04th April 2006. My mind is also taken back to the 15th March 1980  – that was the day that my beloved grandmother died aged 97. God Bless her.  Following on, I find it kind of  funny how things from school affix themselves in one’s mind. I can remember playing the part of the Soothsayer in the Shakespearian play – Julius Caesar,  in Act 1, Scene 2 I had to say to Caesar ‘ Beware the Ides of March’.  The IDES refers to the 15th March -the day that Caesar was apparently murdered.  Without the fear of being morbid in any way – it does remind us that this life is real and not a rehearsal.  Live each day to the best of your ability, it may be your last. Protect yourself and your family. Ensure that you plan your future and theirs. The future  will come around very quickly.

 As a  Qualified Lifestyle Financial  Planner it’s my job to help you through the process of meeting your life goals through effective, ongoing management of your finances. My advice is completely impartial as we partner with you over the long term to ensure you stay on track.

 Ring me on my private number 07973 187256 for a quick chat. Its good to talk

I was recently referred to a 42  year old man with no pension,no life insurance, a mortgage, very worried wife and two children under 10.  He has Cancer and been told he has no more than 18 months to live. Being very concerned for his families future well being he said he wanted some life cover urgently. He wanted as much life cover as he could get for £20 per month. There was nothing in the way of financial advice that I or experts could offer, but some of the non-financial or heath related ones might help.

Original query was “Can you get me life insurance” Answer, YES but look at the conditions http://www.sunlifedirect.co.uk/life-cover/guaranteed-over-50-plan?gclid=CKLHwLyH64CFRk IAODGRSVda as death was within two years will result in a payout of the premiums +50% – not the sum -asssured. His age would also be a factor is setting up this type of insurance. 

As much as I would have liked to have helped this chap and more importantly his family, he had obviously left it too late.

None of us know what’s around the corner.

I can remember another chap who asked me when was the cheapest time to buy Life Insurance rather flippantly I said the day before you die. He asked if we could arrange a meeting on that date. He was serious. Being factual Financial Planning is without doubt something that needs to be done today rather than left until  tomorrow.

Makes you think doesn’t it?

Stop beating yourself up about what you haven’t done yet.

It doesn’t matter how old you are – whether you’re 16 or 80 – you can start your life plan now. You have 365 days every year to make your life the way you want it.

              Plan your GOALS and FOCUS on doing them

When you set up and review your plan and see your achievements, you’ll be motivated to make even more progress