Page 40 - Phonebox Magazine July 2006

Finance Matters
brought to you by Advison Independent Financial Advisers
Are you being overcharged for your Life Cover?
Although the level of Life Assurance that the average person in this country has is still vastly lower than it should be, most people of working age have some form of cover in place. This could be to pay off the mortgage in the event of death, in connection with work or to cover the costs of raising a family should one of the parents die. In addition, critical illness policies have become increasingly popular over the last few years to provide funds in the event of a major illness.
The cost of Life Assurance is affected by a number of different factors. An individual’s age, gender and state of health are all pertinent facts that will contribute to the amount a company will charge you for the cover. This is because they all affect the life expectancy of the individual and this is the most important factor for a Life Company when calculating rates for life cover.
Of course, as well as the individuals circumstances, there are also all the general factors to take into account such as improvements in diet and medical advances, which have enabled us all to look forward to a longer life.
Although the medical profession and our diet are contributing to greater longevity, now and again the trend is reversed, or perceived to be reversed, due to individual factors. During the 1980’s and early 1990’s HIV/AIDS was one such factor.
The fear of an epidemic meant that life cover costs went up across the board and in particular for those under the age of 40 at the time. The life industry was facing a threat which it could not quantify and often the worse case scenario was assumed by the actuaries calculating the rates. However, whilst there were (and still are) areas where HIV is a problem, its spread to the population in general was way below the forecasts.
Once this became apparent, the life companies started to reduce the cost of cover and this has continued over the last few years. However, those who took out life policies when the rates were higher are still likely to be paying the increased level of cost for their cover.
Could this be you?
If it is, then a review of your cover would be recommended to ensure that you are not paying over the odds.
Advison regularly undertake reviews for clients to ensure the most appropriate and cost effective policies are in place for them. As we are independent we have access to a vast range of polices from different life companies and we can do your shopping around for you.
Remember – It costs nothing for an initial meeting, so why not contact Kevin or Andrew and benefit from their 40 years of experience in the industry. d
Whether you are considering making an investment or have a portfolio already, Advison is able to help you. With over 40 years of investment experience, Kevin and Andrew can help plan an investment strategy to suit your needs.
Unlike most IFAs, Advison provide its clients with regular personalised reviews of their investments, enabling us to ensure the assets they hold are still relevant to their circumstances and suitable for their needs. We would be pleased to discuss your specific situation and plan the most appropriate course of action for you. For full details about Advison please see our advert below.
advison
Independent Financial Advisers
Advison is a small, friendly and reliable firm specialising in Investments, Retirement Planning and IHT Mitigation.
We offer a return to the traditional values only a smaller company can offer, a service we find is appreciated by the more discerning client. We are happy to see you in the comfort of your own home or at our relaxed, award-winning offices (with plenty of free parking).
All staff at Advison are either AFPC or FPC qualified.
----------------This is your opportunity to speak with the experts----------------
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No 7, Water End Barns, Eversholt (Nr Woburn), Beds. MK17 9EA T: 01525 288488 E Mail: ifa@advison.co.uk
advison ltd is an appointed representative of IN Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Services Authority. Registered (England) No. 5009271
42 Phonebox Magazine