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Term Life Insurance Policy

There is a big difference between term life insurance and your usual life insurance policies. The difference is that term life insurance covers you for a period of time, and not for your entire lifetime. It is common to see this insurance being taken for 10, 15, 20 or 25 years. In this insurance, the premium you pay every year remains the same.

Where the term life insurance is concerned, the most common duration it is taken for is one year. In the case of this insurance, the insurance company is not obliged to pay you anything after your term is complete. If you, having taken a one-year insurance policy, happen to die during that time, your insurance company pays your death benefit to your beneficiary. Insurance claims even a day after the expiry date of the insurance policy will not be entertained.

The term life insurance is picking up and the main reason for that are the low interest rates. It can be said that there are three aspects of term life insurance that you must scrutinize properly.

• Amount that will be your protection.
• Premium (the cost and the duration of the policy)
• The time period

There are three most common type of term life insurance.

• Level term insurance
The person insured is required to pay a fixed premium for about 20 years.
• The annual renewable term insurance gives you the option of reviewing your policy. But at increasing premium rates. This policy, although only one year, is quite cost effective.
• The third, which is the decreasing term, means that you have to deal with gradually diminishing death benefits.

Term life insurance policies are the favorite with doctors, lawyers, engineers and other professionals. Those who have the urge to setup their own business, but unfortunately do not do too well in the first few years, prefer to opt for the term life insurance policy. Another couple of reasons what term life insurance policies are selling fast is that the initial premium is considerably small and also that it is one of the most reasonable ways to purchase a death benefit on coverage per premium per pound basis.

If you’re thinking of term life insurance for long-term risk, please keep the following points in mind. A term life insurance policy can meet your mortgage payments in case you already have a conventional life insurance. The second thing is that the insurance company may not renew your policy if your health starts to decline. This is true of the annual renewable policy. To avoid this complication you could go for the guaranteed renewable policy. It must be borne in mind though that the premium will rise each time you renew the policy. Another option that you can exercise is to go for the convertible term insurance. This allows you to convert the policy from a term life insurance policy to the permanent coverage kind.

Also, be careful from American Insurance agent named "Jun T" from Bolton/Manchester who always advise clients to take the policy as a SAVINGS for there's a money back guarantee feature. Remember - You will only get the premiums back if you finish the term, if not - Sorry, but you've just been added to his collection of casualties! -Remember - Your Money is His Savings oh! I mean Commission.

PLEASE READ the Terms and Condition and please make sure you can afford to pay premium each month and can finish the term he's offering. If not, you should have taken an Endowment Policy Instead for there is a surrender value if in case you want to get out of it.

Buying your first home

Buying a home is most people's biggest financial commitment. It can be time-consuming, expensive and frustrating. To make matters worse, horror stories abound of gazumping, duff surveys and rogue estate agents. You can make the process smoother by equipping yourself with the right information.

The most you will be able to borrow is at the discretion of the lender. You could traditionally borrow up to three and-a-half times the main earner's income before tax, plus one times any second earner's income, or alternatively two-and-a-half times their joint incomes if this is larger.

Many lenders have thrown out these multiples in favour of 'affordability' measures. These also take into account additional costs, such as other debts or whether you have dependants. Childless couples will be offered more by some lenders and some banks and building societies will advance larger loans to professionals who they consider to have higher earning power in future years.

It's important not to get carried away, despite the large sums many lenders will now offer. Remember that interest rates can and do go up, so it's best not to go right up to these limits. Even if you opt for a fixed rate for security, this initial deal will come to an end and rates may be higher at that point.

Working out the costs

Buying a home will inevitably cost more than you think. The table below outlines the minimum you can expect to pay, including VAT where applicable. Figures will vary around the country. A rising cost for many home buyers is that of mortgage arrangement fees. Lenders offering the best rates can add more than £1,000 worth of fees to deals, or percentage of loan charges which can be very expensive. You will generally be offered the chance to add fees to a loan, this can be useful but be aware you will pay much more then the upfront cost of the fees as interest will be charged on the sum over the life of the mortgage.

You need to also be aware of your home's running costs. You will have to pay for buildings insurance, life insurance if you have a joint mortgage or dependants, contents insurance, gas and electricity bills, council tax and water rates, ground rent and perhaps service charges.

WHAT IT COSTS TO BUY A HOME

Arranging the mortgage	from £200 up to £1,000
Legal fees	from £400 for selling and £500 for buying
Land registry fee	£220
Other searches	from £70
Local authority search fee
In London	Around £200
Rest of England and Wales	Average £140
Stamp duty
properties worth less than £125,000	nothing
properties worth from £125,001-£250,000	1% of purchase price
properties worth more than £250,000	3% of purchase price
Survey
Mortgage valuation survey	from £170
Homebuyer's survey	from £300
Full structural survey	from £400

Finding the right place

Once you have located a home you like, ask to see it again, and go round with someone you trust. Most people only take in a small amount of the property first time they see it.

On the second visit be methodical and take notes if you like. Don't be sidetracked by colour schemes or furnishings - these are superficial and can be changed. Instead check what state the kitchen and bathroom are in - a new kitchen or bathroom suite can cost thousands - and if there is central heating. Be aware that a house with no furniture can look deceptively large.

Ask the seller how much council tax bills are, and if there are any service charges.

From August 1, 2007, all houses for sale will require a home information pack. This will include information about title deeds, local authority searches, leasehold information if applicable, and a home energy assessment.

Once you are sure, it is time to put in an offer. The opening offer is crucial, so work out where you want to finish before you start. If the house is selling for £150,000 and you can afford to pay £140,000, offer £130,000.

If the bid is knocked back, add £1,000 more at a time until you reach an agreed price. If, however, you think the house is a steal or undervalued, or in a housing hotspot where several people could be after the property - act fast.

Say then and there that you want it, on condition that the seller takes the house off the market. This makes gazumping - when another buyer comes in with a higher offer - less likely. Say you'll buy it on condition that a survey is done. But don't let emotion get in the way. If you can't strike a deal at a price you want - walk away.

Finding a mortgage

Beware of estate agents who offer you financial services or agree to set up a mortgage for you. They will be tied to a life insurance or mortgage firm and will only be offering products from that company. They might not be suitable for you, and you'll also have to pay the salesman a hefty commission.

These days most mortgage lenders can agree a mortgage in principle over the phone. Some can do it over the internet. You supply bank details, employer's details and other documents later, which allows you to agree an offer with the seller and get moving on the next stages. Most lenders will charge on average £500 for setting up a mortgage, with higher fees for better rates and lower or no fees for their less value loans. Depending on the size of your loan, it may be worth choosing a high fee/low rate option. To compare costs work out the lonthly payment, multiply it by the length of the initial deal period and add fees.

Ask an expert

If you have a money question, consumer problem, or financial puzzler? Always ask an expert.

Solicitors and surveys

Next you need to find a solicitor to do the conveyancing. This means checking the legal aspects of the sale: that the seller has the legal right to sell the property, that no one has right of way over it and that there are no land disputes. Your solicitor will check the local authority searches and other information detailed in home information packs for homes sold after August 1 2007. Personal recommendation is the best way to find a firm.

Your mortgage company will also insist on a basic survey to check the value of the home. But it is advisable to have a more detailed survey conducted to find out whether your home has problems that could cost you thousands to put right in the future. For example subsidence, dry rot or a decaying roof.

There are three types of survey, starting with a mortgage valuation, which is the cheapest at around £150. This is a cursory affair and simply tells the lender that if you were to default on the payments it would be able to sell the property and get its money back. It won't spot major faults.

A homebuyer's survey is far more thorough and should reveal any serious defects. It will normally cost around £300-£400. It can even save you money, as one in four people who have a homebuyer's survey go back and renegotiate the price. Nearly half save money.

The third option is a full building survey, which goes into the condition of your property in even greater detail. This is recommended for older properties or unusually designed ones. It costs from £400 to £1,000. Be prepared for a lot of technical jargon in the survey, rather than any hint that you are making a brilliant buy.

If the survey suggests big problems, you could ask for the house price to be cut. But if it is okay, your lender should then be prepared to make you a formal mortgage offer.

You will, however, have a problem if the valuation is less than your offer. The maximum you can borrow may not be the same as what the lender will advance you. This is because the lender's valuation of the property may be less than the asking price. Unless you can persuade the seller to reduce the price, you will have to make up the shortfall.

The final steps

When contracts are exchanged between you and the seller - a process carried out by solicitors - both parties are committed to the deal. If you pull out, for whatever reason, you will lose your deposit. Conversely, the seller cannot accept a higher offer. This is also when the completion date - when you get the keys and can move in - is set. Most completion dates occur around a fortnight after exchange of contracts, if for some reason you need to move swiftly it is possible to exchange and complete on the same day, although solicitors prefer to avoid this.

Happy buying!

FSA names top five insurance questions

New figures from the FSA show that people are savvier when shopping for home gadgets than they are when searching for life insurance to protect their families.

During research to devise a checklist of five questions to help people when shopping for insurance, the FSA uncovered worrying consumer trends.

Over two thirds of people (69%) said they hated shopping for insurance and more than half of those polled (52%) found it too complicated to compare insurance products.

The checklist of five questions is:

Are you covered already? 49% of people in our survey said they never quite know what they're covered for.

Must you buy insurance when it's offered with something else? 1 in 4 thought it was compulsory to buy travel insurance when buying a holiday from a travel agent. It isn't – you can shop around.

Have you shopped around? 52% of people find it too complicated to compare one product against another. And 46% don't know if they are getting a good deal.

Do you know what will you be covered for? In the survey we found that 52% of people rarely, if ever, checked their life insurance policy details to make sure it provides them with adequate cover.

Have you given your full details? 52% of people assumed that insurance companies would make it difficult to get a claim settled. However, customers have a responsibility to give their full details because the deal they make with the insurer is based on the information they have provided.

To help consumers cut through the confusion, the FSA's jargon-busting website www.moneymadeclear.fsa.gov.uk has been designed in response to the need for clear, impartial information on money matters.

Vernon Everitt, director of retail themes at the FSA, said: "Insurance plays an important part in protecting our families, homes and possessions. But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions. Our jargon-free information will help empower consumers to do just that."

HIP Scrapped

A motion to scrap home information packs (HIPs) has been approved in the House of Lords, after a vote went narrowly against the Government.

The motion, which was approved by a vote of 180 to 160, is not fatal to the initiative however. Baroness Hanham for the Conservatives led the debate, and described HIPs as a “ridiculous policy”.

She added: “Without the energy performance certificate, what does the HIP give you? Remarkably little. It does not produce anything much and, despite all the efforts of the Minister and the Government, it still has not improved an enormous amount on the way through the system. There should be a complete rethink about the energy performance certificates. They should be introduced on their own. They should not be part of the HIP process, which does not look as if it will be of benefit to buyers.”

Mike Ockenden, director general of the Association of Home Information Pack Providers commented: “Despite this latest vote, which went against HIPs by a small majority, it is reassuring that Government’s resolve, has not been shaken. Clearly Tory politicising is not going to get in the way of delivering this vital reform to the benefit of consumers and the environment.”

Excerpt from Mortgage Solutions UK. 19.07.07

Do you really need to be rich to face inheritance tax?

Many people mistakenly think inheritance tax (IHT) is solely the preserve of the rich and won’t affect them.

The truth is, with continually rising house prices an inheritance tax liability is becoming an increasing possibility for more and more people.

What’s more, if someone dies without having made a Will it can lead to legal complications over exactly who benefits from an estate, even resulting in the State taking a significant share on top of any IHT due.

Financial adviser and stockbroker in London said: “Many people don’t realise how much their estate can amount to once everything is taken into account – house, car, possessions, business interests, savings, shares, jewellery and so on. It’s very easy for an estate to be worth a lot more than the current £300,000 inheritance tax threshold, with tax charged at 40 per cent on everything above this limit. So, for example, an estate worth £500,000 would leave a tax liability on the balance of £200,000, meaning £80,000 would have to be paid before the estate was released to beneficiaries.

“It’s also wrong to assume on death everything passes to ones nearest and dearest. This is often simply not the case. But interests can easily be safeguarded by making a Will and taking advice. It is simple, inexpensive and can also help limit any inheritance tax liability.”

Beat the Rate Rise

I got this write up from what mortgage website and is written by Jennifer Lowe. I find this one so important because of the continuous increase of interest rate that's why I'm sharing this one to all of you.

As expected by many and predicted by the so called "experts", the interest rate was increased today by 0.25 per cent, leaving many homeowners in a financial pickle.

The Bank of England has confirmed today that interest rates will rise to 5.75 per cent, adding an extra £16 a month on an average £100,000 repayment mortgage and £23 per month to a £150,000 home loan.

And many experts are predicting more increases before the end of the year, but here’s what you can do to protect yourself.

If you're paying your lender's Standard Variable Rate (SVR), switch!

If your mortgage deal has run out, you will no doubt be currently paying your lender's SVR.

As one of the most expensive ways to borrow, you must start looking for a cheap deal immediately and remortgage!

If you don't like surprises, fix.

The most obvious solution to avoid the pressure of rising interest rates is to opt for a fixed rate mortgage. This way, you’ll know how much you’ll be paying for a set amount of time and be shielded from any future increases.

And with many industry experts hinting and more rate rises this year, fixing your mortgage is a very sensible idea. Although, if predictions are wrong and rates fall you won’t benefit.

If you have Savings, try offsetting your mortgage

With rising inflation, it can be almost impossible for taxpayers to make money on a variable rate savings account, especially if they pay higher rate tax.

Rather than keeping your cash in a savings account (which is taxable), by linking it to your mortgage the cash can work to reduce your debt. As most modern mortgages calculate interest on a daily basis, every pound will work to reduce the interest payable on your largest debt, no matter how short a period of time it is in there.

And whilst the money is used to reduce your mortgage debt during the time it is in the account, it can still be withdrawn at any point -- just like traditional savings

UK family trusts - why is it important?

Trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Used in conjunction with a will, they can also help ensure that your assets are passed on in accordance with your wishes after you die. Here we take a look at the main types of UK family trust.

What is a trust?

A trust is an obligation binding a person called a trustee to deal with property in a particular way for the benefit of one or more 'beneficiaries'.

Settlor

The settlor creates the trust and puts property into it at the start, often adding more later. The settlor says in the trust deed how the trust's property and income should be used.

Trustee

Trustees are the 'legal owners' of the trust property and must deal with it in the way set out in the trust deed. They also administer. There can be one or more trustees.

Beneficiary

This is anyone who benefits from the property held in the trust. The trust deed may name the beneficiaries individually or define a class of beneficiary, such as the settlor's family.

Trust property

This is the property (or 'capital') that is put into the trust by the settlor. It can be anything, including:

• land or buildings
• investments
• money
• antiques or other valuable property

Examples of when a trust might be created

A trust might be created in various circumstances:

• when someone's too young to handle their affairs
• when someone can't handle their affairs because they're incapacitated
• to pass on money or property while you're still alive
• under the terms of a will
• when someone dies without leaving a will (England and Wales only)

The main types of private UK trust

Bare trust

In a bare trust the property is held in the trustee's name - but the beneficiary can take actual possession of both the income and trust property whenever they want. You might, for example, use this type of trust to pass gifts to children while you're still alive.

Interest in possession trust

In an interest in possession trust the beneficiariy has a legal right to all the trust's income (after tax and expenses), but not to the property.

You can, for example, set up an interest in possession trust in your will. You might then leave the income from the trust property to your partner for life and the trust property itself to your children when your partner dies.

Discretionary trust

The trustees of a discretionary trust decide how much income or capital, if any, to pay to each of the beneficiaries - but none has an automatic right to either. You can use a discretionary trust as a way to pass on property while you're still alive and still keep some control over it through the terms of the trust deed.

Accumulation and maintenance trust

An accumulation and maintenance trust is used to provide money to look after children during the age of minority. Any income that isn't spent is added to the trust property, all of which later passes to the grandchildren.

In England and Wales the beneficiaries become entitled to the trust property when they reach the age of 18. At that point the trust turns into an 'interest in possession' The position is different in Scotland, as, once a beneficiary reaches age 16, he could require the trustees to hand over the trust property.

Mixed trust

A mixed trust may come about when one beneficiary of an accumulation and maintenance trust reaches 18 and others are still minors. Part of the trust then becomes an interest in possession trust.

Tax on income from UK trusts

Trusts, like limited companies, are taxed as entities in their own right. The beneficiaries pay tax separately on income they receive from the trust - at their usual tax rates, after allowances.

Taxation of property settled on trusts

How a particular type of trust is charged to tax will depend upon the nature of that trust and how it falls within the taxing legislation. For example a charge to Inheritance Tax may arise when putting property into some trusts, and on other chargeable occasions like for instance when further property is added to the trust, on distributions of capital from the trust, or on the ten yearly anniversary of the trust.

Setting up a trust - get professional advice

Trusts are very complicated, and you may have to pay Inheritance Tax and/or Capital Gains Tax when putting in property into the trust. If you want to create a trust you should seek advice from a solicitor, who can also draw up the trust deed and give you advice on related legal and taxation matters. It's also advisable to speak to a tax adviser or accountant before agreeing to be a trustee.

Making a will - why it's important

There are lots of good financial reasons for making a will:

• you can decide how your assets are shared out - if you don't make a will, the law says who gets what
• if you aren't married or in a civil partnership (whether or not it's a same sex relationship) your partner will not inherit automatically - you can make sure your partner is provided for
• if you're divorced or if your civil partnership has been dissolved you can decide whether to leave anything to an ex-partner who's living with someone else
• you can make sure you don't pay more Inheritance Tax than necessary

It's easy to put off making a will. But if you die without one your assets may be distributed according to the law rather than your wishes. This could mean that your partner receives less, or that the money goes to family members who may not need it.

Who inherits if you don't have a will?

If you don't have a will there are rules for deciding who inherits your assets, depending on your personal circumstances. The following provisions apply only in England and Wales, the law differs if you die intestate (without a will) in Scotland or Northern Ireland:

If you're married or in a civil partnership and your estate is worth £125,000 or less

Everything goes to your husband, wife or civil partner.

If you're married or in a civil partnership and your estate is worth over £125,000

Your husband, wife or civil partner won't automatically get everything, although they will receive:

• personal items, such as household articles and cars, but nothing used for business purposes
• £125,000 free of tax or £200,000 if there are no children; however this is restricted to £55,000 if you were domiciled (had your permanent home) in the UK and they were not
• a life interest in half of the rest of the estate (on his or her death this will pass to the children or as detailed below)

The rest of the estate will be shared by the following:

• children (or if none, grandchildren) will get an equal share
• if there are no children or grandchildren, surviving parents will get a share
• if there are no children, grandchildren or surviving parents, any brothers and sisters (who shared the same two parents as the deceased) will get a share (or their children if they died while the deceased was still alive)
• if the deceased has none of the above, the husband, wife or registered civil partner will get everything

If you are partners but aren't married or in a civil partnership

If you aren't married or registered civil partners, you won't automatically get a share of your partner's estate if they die without making a will.

If they haven't provided for you in some other way, your only option is to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975. See the section below 'If you feel you've not received reasonable financial provision'.

If there is no surviving spouse/civil partner

The estate is distributed as follows:

• to surviving children in equal shares (or to their children if they died while the deceased was still alive)
• if there are no children, to parents (equally, if both alive)
• if there are no surviving parents, to brothers and sisters (who shared the same two parents as the deceased), or to their children if they died while the deceased was still alive
• if there are no brothers or sisters then to half brothers or sisters (or to their children if they died while the deceased was still alive)
• if none of the above then to grandparents (equally if more than one)
• if there are no grandparents to aunts and uncles (or their children if they died while the deceased was still alive)
• if none of the above, then to half uncles or aunts (or their children if they died while the deceased was still alive)
• to the Crown if there are none of the above

It'll take longer to sort out your affairs if you don't have a will. This could mean extra distress for your relatives and dependants until they can draw money from your estate.

If you feel you've not received reasonable financial provision

If you feel that you have not received reasonable financial provision from the estate, you may be able to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975 - applicable in England and Wales. To make a claim you must have a particular type of relationship with the deceased, such as child, spouse, civil partner, dependant or cohabitee.

Bear in mind that if you were living with the deceased as a partner but weren't married or in a civil partnership, you'll need to show that you've been 'maintained either wholly or partly by the deceased' - this can be difficult to prove if you've both contributed to your life together.

You need to make a claim within six months of the date of the Grant of Letters of Administration.

This is quite a complicated area and a claim may not succeed. It's advisable to ask a solicitor's advice. They would charge for this service.

Inheritance Tax and your will

If you leave everything to your husband, wife or civil partner

In this case there usually won't be any Inheritance Tax to pay because a husband, wife or civil partner counts as an 'exempt beneficiary'. But bear in mind that their estate will be worth more when they die, so more Inheritance Tax may have to be paid then.

However, if you are domiciled (have your permanent home) in the UK when you die but your spouse or civil partner isn't you can only leave them £55,000 tax-free.

Other beneficiaries

You can leave up to £300,000 tax-free to anyone in your will, not just your spouse or civil partner (tax year 2007-2008). So you could, for example, give some of your estate to someone else or a family trust. Inheritance Tax is then payable at 40 per cent on any amount you leave above this.

UK Charities

Inheritance Tax isn't payable on any money or assets you leave to a registered UK charity - these transfers are exempt.

Wills, trusts and financial planning

As well as making a will, you can use a family trust to pass on your assets in the way you want to. You can provide in your will for specific assets to pass into a trust or for a trust to start once the estate is finalised. You can also use a trust to look after assets you want to pass on to beneficiaries who can't immediately manage their own affairs (either because of their age or a disability).

You can use different types of family trust depending on what you want to do and the circumstances. Setting up a trust is complicated and you'll need to get specialist advice, so it's normally only worthwhile if you've got a large estate. If you expect the trust to be liable to tax on income or gains you should inform HMRC Trusts as soon as the trust is set up. Also bear in mind that since 22 March 2006, for most types of trust, there will be an immediate Inheritance Tax charge if the transfer takes you above the Inheritance Tax threshold. There will also be Inheritance Tax charges when assets leave the trust. Read our related articles to find out more.

So if you die without a will, the law decides who gets what. I guess, you and your loved ones would not be happy if this happens, would you?