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In today’s unpredictable world, financial protection is increasingly important, especially for young adults. While many may think that critical illness cover (CIC) is something to consider later in life, recent trends suggest otherwise.Reports highlight that an increasing number of young adults (79%) are now contemplating purchasing critical illness cover to safeguard their financial future. The changing landscape of health and lifestyle factors has prompted a shift in perception. Young adults are becoming more aware of the risks associated with critical illnesses such as cancer, heart disease, and strokes, and are taking proactive steps to protect themselves financially.CIC Benefits The decision to invest in CIC at a young age comes with several benefits. Firstly, premiums are typically lower for younger individuals, making it a costeffective option to secure comprehensive protection against critical illnesses. By locking in coverage early, you can enjoy potential long-term financial security.CIC provides peace of mind, knowing that in the event of a serious illness diagnosis, financial support is readily available. This support can help you cover medical expenses, ongoing treatment costs, and even provide financial assistance for everyday living expenses if you are unable to work.Another crucial aspect to consider is the impact of a critical illness on long-term financial goals. Whether you are just embarking on your career path or planning for major life milestones such as homeownership or starting a family, a critical illness diagnosis can derail these plans without adequate protection in place. CIC serves as a safety net, ensuring that financial aspirations remain achievable.&nbsp;As the saying goes, “prevention is better than cure.” Investing in CIC early can allow you to take a proactive approach to your financial well-being. It’s never too early to consider protecting yourself against unforeseen circumstances. By understanding the importance of CIC and taking action to secure adequate protection, you can navigate life’s uncertainties with confidence and peace of mind.For more information, contact your adviser who can support you and discuss the options available to you.

Critical Illness Cover for Young Adults

As a landlord, the prospect of renewing your mortgage may be met with a mix of anticipation and trepidation. With mortgage rates fluctuating and economic conditions evolving, the worry of increased cost looms large for many.&nbsp;How can I control costs? If your mortgage is due to be renewed soon, it’s crucial to carefully consider your options and to plan ahead to ease potential financial strains. Economic shifts, changes in interest rates, and alterations in lender policies can all contribute to an increase in mortgage costs.Whether you have one property or a portfolio, higher mortgage payments can significantly impact profitability. It’s essential to understand that you’re not powerless in the face of rising costs. There are several strategies and options available to help mitigate the impact of increased mortgage expenses.First and foremost, understanding the terms of the existing mortgage, such as the interest rate, repayment period, and any potential penalties for early repayment, can provide valuable insight into the feasibility of renewal. Exploring alternative mortgage products and lenders can present opportunities for cost savings. In a dynamic market, mortgage rates and terms vary, and switching to a different lender or negotiating with the current lender may result in more favourable terms.Professional advice Additionally, consider seeking professional advice from your mortgage adviser or financial expert. These professionals can offer tailored guidance based on individual circumstances, helping you navigate the complexities of mortgage renewal and secure the best possible outcome tailored to your circumstances. While the prospect of increased costs may be daunting, there are options at your disposal to manage any financial strains.If you’re a landlord facing mortgage renewal in the coming year, don’t hesitate to reach out to your adviser to discuss your options and formulate a strategy that aligns with your goals and circumstances.

Renewing your mortgage: Navigating costs as a landlord

Seeking a second medical opinion can provide reassurance and valuable insights into your health condition and treatment options. A second medical opinion involves consulting another qualified physician or specialist for an independent evaluation of your diagnosis or treatment plan.&nbsp;Many insurance plans offer coverage for second opinions as part of their benefits package, through Life Insurance, Critical Illness Cover (CIC) or other plans. Policyholders can typically request a second opinion if they have concerns about their current diagnosis, treatment options, or if they simply desire more information before proceeding with a recommended procedure.Policy Plan A second medical opinion will depend on your policy and the provider you are with. A variety of plans will provide this option on Life Cover, Income Protection, Critical Illness or Children’s Critical Illness policies. Most providers will allow you to use this service once or a limited amount per policy, with most contributing to cover the average consultation fee. However, these plans may vary and in the event of a consultation costing more, you will need to fund the remaining balance. Benefits The benefits of obtaining a second medical opinion are numerous and can significantly impact a patient’s healthcare journey. Firstly, it can offer confirmation or clarification of a diagnosis. If a patient receives a complex or serious diagnosis, consulting another expert can provide peace of mind or alternative perspectives. Secondly, an extra opinion can explore additional treatment options. Different specialists may suggest alternative therapies or procedures that could be more suitable or effective for the patient’s condition. Seeking a second opinion can empower patients to make informed decisions about their health. It encourages patients to take an active role in their healthcare and ensures they have explored various options before committing to a particular treatment path.For more information, contact an adviser who can support you and discuss the options available to you.

Second medical opinion: what are the benefits?

Heart shape in lights in downtown district office business buildings at night

According to recent data, approximately one in four of us will experience a mental health problem each year. This statistic sheds light on the critical importance of addressing mental health concerns, and implementing effective solutions to help manage your well-being.One solution that stands out in safeguarding mental health is income protection, by serving as a financial safety net for those who are unable to work due to injury or illness, including mental health conditions.While the impact of mental health issues can be significant on day-to-day life, income protection offers stability and peace of mind by providing a steady stream of income during periods of incapacity.Mental health problems can significantly disrupt your ability to maintain employment and financial stability. The worry of managing regular expenses without a reliable source of income may compound mental health symptoms and hinder recovery. Income protection could address this challenge by ensuring that support is available, allowing focus on recovery without the added financial&nbsp;burden.Many policies also include access to support services such as counselling, rehabilitation, and mental health helplines. These resources can offer invaluable support and guidance throughout the journey to recovery.Find support at Hub of Hope - the UK’s largest and most comprehensive mental health support directory:&nbsp; <a href="https://hubofhope.co.uk/" target="_blank" data-mce-href="https://hubofhope.co.uk/">www.hubofhope.co.uk</a>For more information, please contact an adviser who can discuss and tailor the options available to you

Income protection: supporting your mental health

Couple being congratulated after signing paperwork

Equity release can be a good idea for retired people with a need for cash in the short term. This could be due to a desire to help children or grandchildren save for a deposit, pay medical or care bills, home improvements, or even spend on a ‘once in a lifetime’ cruiseEquity release allows borrowers to access cash immediately, but with no repayments of either interest or capital until death, which means that interest costs will compound over time.&nbsp;The obvious objection to equity release is that it can deprive family of an inheritance. However, this isn’t necessarily true for several reasons:<ul><li>It is possible to leave an inheritance in other tax-efficient ways, the most obvious being a defined contribution pension, which is outside of the estate altogether</li><li>As mentioned above, it is possible to use equity release to effectively provide children their ‘inheritance’ immediately. This could be far more beneficial if the children’s own need for money is immediate (for example university fees, purchase their own home, or start a business), and will allow the giver the pleasure of seeing how their money helps their children</li><li>Many lenders will offer an Inheritance Protection Guarantee, meaning a proportion of the equity in the house is ring-fenced from being subject to the loan repayment</li><li>Even if the wish is to allow children to inherit a family home, many lenders can offer children the option to buy back the home before it is sold to recoup the costs of the equity release, provided the money can be raised within a certain period after the death of the borrower </li></ul>An important fact to keep in mind if you choose to release equity from your home, is that you can minimise costs by ensuring you only draw down money as it is needed, rather than accessing a large lump sum at once. Finally, because some benefits, such as Pension Credit, are calculated based on your cash savings, it is worth emphasising that using equity release may affect your entitlement to benefitsThe equity release industry developed a reputation for poor value in the 1990s due to lack of regulation. In the past few decades, the <a data-mce-href="https://www.equityreleasecouncil.com/" href="https://www.equityreleasecouncil.com/" target="_blank" rel="noopener">Equity Release Council</a> (ERC), a trade body, has done much to impose minimum guarantees and service standards for equity release products across the industry. All firms advising on or selling equity release must be regulated by the <a data-mce-href="https://www.fca.org.uk/" href="https://www.fca.org.uk/" target="_blank" rel="noopener">Financial Conduct Authority</a> (FCA). This provides protection, security and access to the <a data-mce-href="https://www.fscs.org.uk/" href="https://www.fscs.org.uk/" target="_blank" rel="noopener">Financial Services Compensation Scheme</a> if you ever need itIt is vital to seek professional advice when considering whether equity release is an appropriate solution for you, and our accredited equity release adviser can help you understand the options available

Introduction to Equity Release mortgages

young mother reads through mortgage agreement

Research indicates that 10 million young adults are without life insurance, and 51% have no coverage at all.* Whether you have never thought about it or can’t afford it, getting life insurance is easier than you may realise and can significantly support you when you need itOne aspect that sometimes gets overlooked in the excitement of securing a mortgage is the importance of life insurance. While it might seem like an unnecessary expense, especially if you’re young and healthy, life insurance is a crucial safety net that can protect your financial future and provide peace of mindLife insurance ensures that your mortgage is covered in the unfortunate event of your death. Imagine leaving your loved ones with the burden of paying off the mortgage without your income. Life insurance can help cover this debt, ensuring that your family can stay in the home you’ve worked so hard to buy.&nbsp; This is particularly important for young adults who might not have significant savings or investments yetAdditionally, premiums are generally lower when you’re younger and healthier, making it a cost-effective way to secure your financial futureKnowing that your loved ones are protected financially can alleviate stress and allow you to focus on building your career and enjoying your life. It’s a way of taking responsibility and showing your commitment to those who depend on youAlongside life insurance, other types of insurance such as income protection and critical illness cover offer a complete financial safety net for different situationsIncome protection pays part of your salary if you can’t work due to illness or injury, helping you maintain your lifestyle.&nbsp;Critical illness cover provides a lump sum if you’re diagnosed with a serious illness, helping with medical costs and other expenses. Together, these insurances cover both immediate and long-term financial needs, offering strong protection against unexpected life eventsIntegrating life insurance into your overall financial plan ensures that it complements your mortgage and other financial obligations, helping to secure your future and the future of those you care aboutIf you’d like to discuss the options available to you, contact your adviser todayYour home may be repossessed if you do not keep up repayments on your mortgage*research as at June 2024

Our latest blogs

Critical Illness Cover for Young Adults

Renewing your mortgage: Navigating costs as a landlord

Second medical opinion: what are the benefits?

Income protection: supporting your mental health

Introduction to Equity Release mortgages

Life Insurance for Young Adults