Here at Simple Financial Planning we wanted to reach out and let you know something that’s very important and to reassure you that we are here to help if you need us.
Increased Cost of Living
We have all seen the headlines about National Insurance costs rising in April, inflation, the general cost of living, petrol, gas and electricity all on the rise. Its quick becoming a decade to forget since it started so badly with Covid… Then all of this.
We have all seen the headlines about National Insurance costs rising in April, inflation, the general cost of living, petrol, gas and electricity all on the rise. Its quick becoming a decade to forget since it started so badly with Covid… Then all of this.
At Simple Financial Planning we are here to help in any way that we can, one MASSIVELY important point to make though is regarding your life insurance policies, something that you might not know is that if you miss a payment/lapse on your insurance, the insurer is likely to ask you to confirm there have been no changes in your health since the policy was taken out, now obviously if your health (weight, blood pressure, cholesterol, medication (including for stress)) has changed and you DON’T declare it this could lead to a rejected claim should you ever need to make one on the basis of “non-disclosure”.
Don’t Find Yourself Unable To Get Insurance
Insurance is arranged on what called good faith basis which means that its assumed you have told the truth at the outset, this also means that as long as you maintain your payments to the policy any changes to your health DURING your policy are irrelevant, it’s your health at the start of the policy that’s assessed, however any arrears or lapsed policy will require a declaration that your health is the same as when you took out the policy – If its not then it lead to increase premiums or even worse no insurance at all.
We have recently had a client approach us who cancelled a direct debit with their insurer (they advised in error) and the policy lapsed – Due to an change in health the client is unable to get a new policy through ANY insurer in the UK – Thereby leaving themselves un-insured for their mortgage and children’s benefit.
How We Can Help FREE
lease reach out and speak to us before cancelling any direct debit, we would not want the same thing to happen to you, we understand that things will be tight financially, let us see what we can do – It may mean reducing your cover to fit your budget, but trust me some cover is better than no cover. We have been helping clients for a long time in setting up the best cover we can given the clients budget, albeit it sometime very restricted.
On a side note a lot of clients in the UK have remained on their mortgage lenders “SVR” (Standard Variable Rate which is the rate the mortgage goes on to after the fixed rate ends) – With the bank of England Rate increase recently and set to continue to raise, in addition to the cost of living going up as above it might make sense to look at your finances, we can help with this – From straight remortgage (like for like moving away from SVR) to a debt consolidation mortgage (or separate loan if more appropriate) – Lets book in a review and see where we can help
Get in touch with Simple Financial Planning
Get in touch with us today to help you with your financial needs, our aim is to make it simple for you!