Personal Clients

The ability for one or more people to insure their life or lives of others for whatever amount they select, for a specified length of time. For this type of contract to pay out a claimable event would have to take place within the specified term. Should the insured survive the specified term of the contract, the contract will then cease without any value whatsoever. Normally one of the cheaper forms of insuring a life. Careful consideration needs to be given to not only how much cover is required and for how long, but also who the money should go to. As this is a simple insurance some overlook the fact that in many cases an appropriate Trust arrangement would be of great benefit at the time of a claim. At One Life Financial Planning Ltd we can help you arrange the appropriate trust.

As it's name suggests, this contract provides cover for the whole of ones life. This type of contract can have an investment content and clients should be aware that there is potential risk, the nature of which should be understood prior to entering into a contract.g This type of contract can be extremely effective when used to assist with Inheritance Tax Planning. There are many variants to the contracts available and good independent advice should be sought to determine which contracts are best suited to address your needs.

Critical illness cover gives you financial protection against certain illnesses and medical conditions of a specific severity.

Your cover will provide you with a tax-free lump sum cash payment which can be used to help you and your family. For example, it could help you pay off your mortgage, pay for treatment to help you recover or pay your household bills.

Protection of income if unable to work through illness or disability assists the insured and their family to maintain a decent standard of living by providing income over the long term, usually until retirement age. For those in employment and Directors of companies, the contract can be tailored to fit in with sick pay arrangements, which will have a time limit to them. For the newly self employed, a specifically designed product is available to meet your needs in this area.

Structured pension planning for income in retirement and tax efficiency today, (the latter often overlooked) has been in use for several decades. It is only in recent years that it has become apparent that central government are looking for individuals to make more provision for income in retirement. At One Life Financial Planing Ltd we can advise you on the most suitable pension plan for your future needs.

The UK Government is currently in the process of compelling both employers and employees to contribute to employee pensions, thereby relieving some of the pressure on future Governments. 

Workplace pensions

A workplace pension is a way of saving for your retirement that’s arranged by your employer. Some workplace pensions are called ‘occupational’, ‘works’, ‘company’ or ‘work-based’ pensions.

How they work

A percentage of your pay is put into the pension scheme automatically every payday. In most cases, your employer and the government also add money into the pension scheme for you. The money is used to pay you an income for the rest of your life when you start getting the pension. You can usually take some of your workplace pension as a tax-free lump sum when you retire. If the amount of money you’ve saved is quite small, you may be able to take it all as a lump sum. 25% is tax free but you’ll have to pay Income Tax on the rest. You can’t usually take the money out before you’re 55 at the earliest - unless you’re seriously ill.


‘Auto enrolment’

A new law means that every employer must automatically enrol workers into a workplace pension scheme if they: are aged between 22 and State Pension age
earn more than £9,440 a year, work in the UK.

This is called ‘automatic enrolment’. Check if the new law applies to you and when you may be enrolled into your employer’s scheme. You may not see any changes if you’re already in a workplace pension scheme. Your workplace pension scheme will usually carry on as normal. But if your employer doesn’t make a contribution to your pension now, they will have to by law when they ‘automatically enrol’ every worker.

For those that are not prepared to be subject to the "postcode lottery" for treatment on the NHS or those that do not want or cannot afford to be on a lengthy waiting list due to family or work/business commitments. The perception of Private Medical Insurance is that it is expensive; indeed some contracts are exactly that. An area where it is notoriously difficult for the layman to make direct comparisons and obtain the most appropriate contract at the right price. This type of insurance is annually renewable and unfortunately (at the present time) does increase in cost the older you get - all the more reason to make sure that you have the right contract at outset and that you are advised if and when a better value contract comes to market.

Regular savings are the backbone of individual national wealth. There are a huge variety of products in the market to choose from, ranging from bank or building society deposit accounts to stocks and shares ISA's. Others that incorporate additional benefits that may be of use such as life cover. It is sensible for the client to identify the purpose for which they are saving and when they will require access to the monies.

The Government currently offer tax incentives for those wishing to invest via ISA's (Individual Savings Accounts). However they do place limits on their generosity and the amount payable into ISA's in any one tax year is capped and reviewable by the Government. For those that wish to invest even small amounts, specialist advice should be sought. Those that wish to invest in excess of ISA annual limits need to consider portfolio structuring, identifying on or off shore placement, and also select from the myriad of different products and the theousands of funds to choose from. Putting together a well structured and flexible portfolio with the advice and assistance of a professional makes selection and placement so much more straightforward and also engenders genuine understanding of the investments held. Establishing levels of risk is essential to ensure that the portfolio spread reflects the clients attitudes to the risks that should or should not be taken with their monies.
 

The current "cash cow" for the Government and likely to be relied upon by them for many years to come. Successive legislation introduced since 1997 to remove many of the tools for retaining family wealth and for the first time that we know of, legislation introduced that had a retrospective effect (Pre Owned Assets Tax), going back to 1985. Many people who made certain Trust arrangements at that time are either having to "unpick" these at great cost, or face greatly increased income tax bills. An unenviable position to be in at any time of ones life. Current legislation allows for certain Trust arrangements to be used, but specialist advice surrounding which Trust works best for a particular situation is really a must prior to making any commitment that cannot be undone. Plan this well and wealth can be passed onto the next generation, plan it poorly and all you could leave the next generation is huge bills and worry.

Another type of term assurance contract that potentially has the lowest costs of all. Invariably this contract would be used to protect a "repayment" mortgage.  Careful selection of the right contract for the job and an understanding of what it will not do as well as what it will do are terribly important, even for such a simple contract as this.

If you live in England and Wales in particular you are expected to pay for your own Long Term Care, whether it be in a residential home or the more expensive nursing home. Some Local Authorities have been forcing people to sell their own homes to fund for the care that they thought the NHS would provide after years of paying National Insurance contributions. Being forced to sell your own home would deprive you and your heirs of the benefit and worth of your house. Various products are available to assist with funding for Long Term Care, but a word to the wise; take great care before entering into any agreements and do seek qualified and independent advice.