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Income or Lump Sum? The Life Plan Conundrum

Life plans are an investment opportunity whereby part of the monthly premium buys life insurance and the balance is invested by the provider into various vehicles to, hopefully, grow the savings portion of the plan. Once the plan reaches maturity, the savings are paid out to the investor. If the customer dies before maturity, the life insurance will provide a lump sum to family.

There are many types of insurance policy to help provide essential financial protection for investors whether they reside in the UK or as an expat in the EU or elsewhere. Such policies offer various benefits to individuals and families, which is, surely, the point of any wealth management strategy, regardless of whether it is growth or preservation-focused.

Protection policies include:

  • Life, Critical Illness & Family Protection Plans
  • Income Protection & Accident, Sickness & Redundancy Cover
  • Whole of Life Cover
  • Private Medical Insurance
  • Long Term Care Cover

Your choice of insurance policy or regular savings plan should be carefully considered and it is always wise to seek regulated financial advice before signing on the dotted line. Your financial adviser should be able to answer all your questions about any product they recommend and explain the key points from the outset before you sign any agreement.

Finding the right balance of growth and protection

Blacktower Financial Management can help you achieve the right balance of growth and protection so that you can have confidence your assets are safely working towards your personal wealth management goals. We can also help you decide which products, including those which pay an income or a lump sum, are right for you.

For more information contact us today.

Other News

Rise in Red Flag Activity Not as Simple as Stats Suggest

Red flagUK pensions consultancy, XPS Pensions Group (XPS), has reported a concerning rise in “red flag” pension transfer scam activity. It says that the number of red flag incidents rose from 13% in June 2018 to 34% in June 2019 and calculated the total value of the pensions savings placed at risk during the 12-month period at £73,000,000*.

It is possible that the rise in red flags could be a by-product of the enhanced reporting processes that came into effect with the June 2018 revisions to the Pension Scams Industry Group (PSIG) Code of Good Practice (originally published in 2015). These served to highlight pension scam warning signs, to encourage greater awareness of fee and charging structures, and to improve communication between pension schemes and their members.

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City watchdog to probe pension freedom rip-offs

The Financial Conduct Authority (FCA) has launched the investigation amid concerns that savers are in danger of being ripped off when they cash in their pensions. Insurers are to be probed by the City regulator over fears they are offering poor deals to savers who take advantage of new pension freedoms to dip into their nest eggs.

As you are probably aware from previous articles, new rules were introduced last year to allow savers to cash in their pension pots to spend as they like, rather than turning them into an annuity to pay for an income for life.  Reportedly, fears are growing that many customers are choosing the first pension their insurer offers them and risk missing out on the best deals. Findings suggest that in the final quarter of last year, 53 per cent of savers who chose to dip into their pensions stuck with the same insurer, while 57 per cent of those who signed up for an annuity didn’t move elsewhere.

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