Life insurance Essex
September 29, 2017
It’s a little known fact that 75 per cent of parents could be at risk of disinheriting their children after they die, leaving many without parents or an inheritance. This is due to the ‘sideways disinheritance trap’ which allows the person who is left everything in the deceased’s will to alter it.
When a couple decide to write a will, they often leave their assets to the other spouse or partner in the relationship. However, most are unaware that when they die, their partner will have the ability to alter the will and leave the assets and estate to someone who is not their children.
This is a common case when the surviving partner decides to remarry or lives with another partner. However, if the other partner remarries and forgets the old will is cancelled, the new spouse will be entitled to everything anyway under the rules of intestacy.
With 70% of the population yet to make a will and the number of blended families on a rise, it’s important parents are aware that they could potentially be leaving their children without any inheritance.
At Bespoke Support Network, we’re raising awareness of this trap that is causing lots of children to be left without anything if their parents were to pass away. Together with Winston Wish, a charity supporting bereaved children in the UK, we have created the campaign #SupportingWishes to encourage parents to protect their children’s future.
Our campaign is hoping to get parents to put measures into place such as a Will to avoid falling into the ‘disinheritance trap’.
Over the last few months, the pension experts Essex with BSN have been offering completely free advice to British parents encouraging them to start making a will and look into getting life insurance.
We’re also helping to raise donations for Winston’s Wish via our website as well as our own company donations.
If you want to donate to this worthy charity, or take advantage of the services BSN can offer you, get in touch with our team on 0300 303 3441 or email us on firstname.lastname@example.org
August 24, 2017
A good financial advisor can help you through difficult financial times as well as making sure you make the more suitable financial choices for your future. However, it can be hard to determine whether a situation seems worthy enough to seek the help of financial planning.
With the world of finance constantly changing, there are new opportunities and rules that will help you save money like increases in ISA limits, meaning you can save more money tax-free. Other changes to inheritance tax mean you will be able to leave more money to your children and grandchildren for the future.
While this gives many new, exciting opportunities to save money, it also gives more chances for making mistakes which could be costly and irreversible for your finances. This is the perfect reason to get in touch with a financial advisor and start discussing financial planning.
So in what circumstances should you get financial advice?
- Pensions – The pension market is extremely difficult to comprehend and so the chances of you making a mistake is huge. Your pension is a huge asset to your future finances and therefore needs to be planned very carefully in order to make sure you can retire while maintaining the lifestyle you are used to. So whether you’re just starting out in your working life, or you’re getting close to retirement age and have accumulated a number of company pensions along the way, a financial advisor can help you manage your assets to make sure they meet your objectives when the time comes.
- Investments – Say you have received a lump sum of inheritance, or are planning on generating some income prior to your retirement, you will need a good financial advisor to question you about your goals and ambitions. They will be able to provide you with the relevant solutions to achieving these goals. They should also inform you of the risks associated to making the investment and work with you to create an investment package should you need it.
- Life Insurance – Most life insurance products are relatively easy to understand, however there are some that are complicated. If your particular circumstances and finances are not as straightforward as you would hope, you should get advice from an advisor. They will ask you about your goals and find out what your financial situation is like. Once the advisor knows about your situation, they will be able to guide you to the right solution.
- Tax Planning – For high earners, tax planning is invaluable in minimizing the impact of Inheritance Tax, dealing with tax on a second property or helping self-employed to manage their taxes.
Are you in need of a financial advisor? The team at Bespoke Support Network have a database of thousands of trusted financial advisors throughout the South East. With experts providing business advice Essex to qualified will writers, we have professionals for every aspect of individual and business finance and legal practice.
August 21, 2017
Facts and figures:
Are you aware that right now, Britain is facing a deficit of 5 trillion pounds? The reason? People are taking endless amounts of loans out and not repaying their debt. Instead of allowing your family to be left in such a situation, it is important to cover yourself and your loved ones for when you do pass.
One of the main concerns you will need to sort out is making sure your life insurance is put into a trust. Without doing so, you could end up paying the tax man 40% of your savings. You shouldn’t pay the premium of losing 40% of your hard saved money, without even touching it!
With one in four people not having any type of life insurance, it means 8.5 million people in the UK are risking their families having to payout £31,000 should a family member die.
Keeping your family financially stable is another important reason for life insurance. For example, covering education costs could allow a family member to achieve their dream of working in a particular job, or even add security to paying off those university debts.
Of course, life insurance also covers any additional costs you may need. Along with the added stress and emotions your family already have, the cost of funerals can amount to thousands of pounds. Do the right thing to avoid having this shadowed over your families heads, and look into getting life insurance.
Funding a home is one of the hardest things to do. The last thing you want is your loved ones having to sell their home because they can no longer afford to live there. Talk to one of our team members today to ensure this never happens to your family.
With life insurance, you choose the amount of cover you will need, how long you need it for and how you pay it, making it completely personal to you! In return your family will have the reassurance they need, knowing that if you sadly pass while covered by the policy, they would receive a cash sum pay out if a valid claim were made.
Speak to the experts:
Start putting towards the protection of your family today, by taking out a life insurance policy. Unsure of where to start and what all this means? We are here to help. today and we can advise you on the best possible solutions for you and your loved ones.
Here at BSN we have partnerships with hundreds of experts in the finance industry, including qualified and trusted insurance brokers and advisors.
Get in touch with the team on 0300 303 3441
May 16, 2017
As a support network BSN offers advice and assistance to many businesses across the UK. However, it’s important to note that we can help individuals too. There are many services that could be of use to you and help you in some way should you need it.
Below are just a few of the services we can offer you as an individual today:
Life insurance – Taking out a life insurance policy may not seem like your most urgent task but it can protect your loved ones should the unthinkable occur. It can be hard to see the benefits of the insurance until someone needs to make a claim but it’s important nevertheless.
At BSN we can help you to find the right policy for you. We will offer advice in understanding all terms and conditions, save time in your search and ultimately ensure that you and your family receive full protection should they need it.
Will’s and estate planning – Again, another task that you may think you can keep putting off but in reality, is more important now than ever.
Writing a will can be confusing and taxing but our trusted professionals are here to help. They can go through the process with you step by step and make sure your will is fair and to your wishes. Don’t take the risk of doing it yourself and leave your loved ones with nothing but an invalid will.
Accountancy – If you are self-employed your accounts can become more than confusing rather quickly. Don’t let it get to the point where you no longer know what the pile of invoices on your desk mean, get in touch today. We will be able to listen to your needs and tailor our financial experts to meet your individual requirements.
Financial advice – This may seem like such a simple task but if you get yourself in a sticky situation or need to know if an investment or risk is worth taking, we can help. We will be able to put you in touch with contacts that will measure the risk you will be taking and recommend their professional opinion.
With these being just a small selection of the services we can offer you it’s safe to say we can help you in a number of ways. If you would like to speak to one of our advisors then get in touch by calling 0300 303 3441 today.
May 5, 2017
In recent surveys, it’s been found that over £400 billion worth of property is to be passed on from grandparents to the younger generation over the next few decades. However even with this amount in mind, a lot of people under 45 are not set to benefit from this.
New research from Royal London has shown that out of 17 million people between the ages of 25 and 44, only 4 million will be likely to inherit property from their grandparents.
To collect this information a report took place involving over 5,600 people from various generations. The research revealed that on average, grandparents were looking to leaving a typical estate, at a value of between £400,000 and £500,000.
Should this amount be left in the wills of 1 million people we could be looking at over £400 billion being passed down across the UK.
However, 50% of these grandparents have said they plan to leave their wealth directly in the hands of their grandchildren.
Due to the current uncertainty around the future state of the economy 62% of people aged between 45 and 64 are expressing concern over the financial position of the younger generation. In conjunction with this 40% of these people feel they are under pressure to pass on wealth.
Are you concerned over your future finances? Relying on the older generations in your family is simply no longer an option which is why Bespoke Support Network are keen to help you firm up your future.
Our team of financial experts can help with any concerns you may have. From planning your future, considering mortgages and savings, to protecting your loved ones by writing a will or looking into life insurance. We can help you to control your future finance and put plans together to ensure your financial security.
For more information, get in touch with a member of our team today on 0300 303 3441.
May 5, 2017
May 2nd is National Life Insurance Day, celebrating the first day that life insurance became available in the US. Life insurance can be that extra help for your loved ones when they most need support. It can buy them time to grieve and pay off debts and loans, providing your family a chance to move on with a clean financial slate. This could be the chance they need to help fund school education, keep a family business going or even just provide enough income for a family to live on comfortably till they have time to think of their next step.
Here at Bespoke Support Network we understand the importance of having life insurance and believe you should too. Here are just some of the reasons for taking out an insurance policy today:
Protect your loved ones – In the event of your death your loved ones will depend on financial support to help cover any income they may be used to each month. This is especially important when you have young children or adults that could find it difficult to sustain a standard of living if they no longer had your income. Life insurance can help to cover the costs of activities such as cleaning, cooking, childcare and anything else they may need.
To leave an inheritance – You may not have any assets for your heirs to inherit but by having a life insurance policy you can name them as beneficiaries. This way you will be setting your kids and spouse up for a solid financial future. This will provide for any issues that could arise in the future.
To pay off debts – Life insurance won’t just provide income to cover your everyday lifestyle. Your family will need protection over any outstanding debts that may have been left behind, for example; credit cards, mortgage and car loans. It could also help to cover funeral and burial expenses, as these can easily run into the thousands. You should consider the emotional stresses they will already be experiencing without the added burden of debt and financial issues.
These are just a few of the reasons having a life insurance policy in place could help you and your loved ones in the longrun. If you would like further information or advice on life insurance, please get in touch today or visit our website.