Self-employed? Is your family exposed?

New research has shown that millions of self-employed people are leaving their families financially exposed. Over recent years, the number of people who are self-employed has increased significantly; with nearly five million of us working for ourselves (Source: ONS). But it seems most are making no provision should they be unable to work due to illness, a decision which could have catastrophic consequences for their loved ones. The research, from Scottish Widows, found that: Only 7% of self-employed people have Critical Illness Cover to protect them, and their family, if they become ...

If you die or get ill, how long before the money runs out?

If you die or become ill how long before the money runs out 150pxA new report makes sober reading for anyone with a family or other financial dependents. The 2013 Deadline to Breadline Report from Legal & General,  looks at the impact of the main breadwinner dying suddenly or becoming ill. It's clear many households are worse off this year than they were in 2013.  Despite this some of the findings are both surprising and extremely worrying In the event of the main breadwinner dying ...

6 tips to avoid paying Inheritance Tax

6 tips to avoid paying Inheritance TaxIn 2007 George Osborne announced his intention to increase the nil rate band, the amount you can leave in your estate without paying Inheritance Tax, to £1 million. Fast forward six years and the government has announced that to help meet the cost of changes to how long term care is paid for, the nil rate band will be frozen at £325,000 until 2019 at the earliest. If the nil rate band had been increased to £1 million, ...

Long term care Q & A: Everything you need to know about the changes to social care

Everything you need to know about the changes to social care_istockPoliticians have wrestled with the problem of how to meet the cost of caring for an aging population for many years, yesterday saw the latest attempt, this time by the coalition government, to address the issue. The new reforms follow the Dilnot report and are certainly bold, but how will they affect you? Do you need to take any action now? Will you be better or worse off if you ...