Worried You’ll Have Nothing To Leave Your Loved Ones?
We’ve all be affected by recent changes in the economy one way or the other, but a new survey has shown how the downturn has made it difficult for some people to make financial provisions for after they’ve gone.
Engage Mutual, which provides products such as over 50 life cover, conducted the poll and spoke to 3,000 people across Britain. Principally, researchers wanted to know about the nation’s plans to leave a will behind when they die.
Major Concerns of Leaving a Will Include:
- That one-third of people who have already made a will are worried that when the time comes, they will have spent everything they had planned to pass on.
- Some 20 per cent of respondents admitted that they had re-jigged the contents of their will after a change of heart over who should receive inheritance.
Reasons Why You Need a Will
Discussing the study, Karl Elliott, a spokesman for Engage Mutual, said: “Wills are an important part of life planning and are there to ensure that your wishes are carried out when you die. It can be a complex process, and sometimes life’s twists and turns can make it more so, but a will can be changed to account for changes of mind.”
Other Ways to Pretect Your Loved Ones
Some people may also decide to look at taking out an over 50s life insurance plan to give their loved ones a little “financial help“ when they’re gone. Different providers offer different policies, but in most cases you will need to fall into a certain age bracket, usually between 50 and 80. You’ll also need to be a resident of the UK. Once the cover is set up, the benefits are payable upon your death, provided that you’ve stuck to the terms and conditions and have maintained your monthly premiums.
When you take out this type of cover, there are a few important points to remember:
- An over 50s life insurance plan is not a savings plan and carries no cash-in value.
- The policy only pays out when you die and any benefits.
- While free from income and capital gains tax, may be subject to inheritance tax – unless the policy has been written in trust.
Appling Onine is Easy
When it comes to applying, you can sort out the cover online, over the phone or by post. Providers will offer you the opportunity to get a quote that outlines how much cover you could arrange based on a specific monthly premium. It should also be remembered that you could pay more in premiums than the plan pays out in death, but this will depend on how long the premiums have been paid.
When looking to complete a will, the following resources are available and will worth taking a look at: (excuse the pun!!)
Money Saving Expert – http://www.moneysavingexpert.com/family/free-cheap-wills