i personally wouldnt recommend an online will or a budget one you can buy for £10 from the post office.
in my opinion there are some things you dont skimp on and this is one of them. too many DIY wills have failed because they were incorrectly executed by someone wanting to save a little money which inevitably ended up costing their estate even more by having to follow the rules of intestacy and not only that the emotional impact it has on family.
if you cannot afford to pay for a will from a solicitor, a simple single person will is around £100 plus vat then often there are charities that will offer a free will-writing service with the proviso that you might leave them a small bequest as a gesture of goodwill.
products marketed as over fifty usually dont need to be underwritten which means that if you are in poor health you can at least take out some cover.
But for people in reasonable health even aged over 50, an underwritten "standard" policy will still tend to work out cheaper and will often be more flexible in terms of how long the cover can run and being able to change the cover mid policy.
lots of the building societies promote these plans and often they give you M&S vouchers as an incentive - why? well they can afford to as they are a real money spinner as they are sold on a non-advised basis which means you take responsibility for whether the product is actually suitable.
having said that i have used these products for clients in the past but as a last resort as i have been able to place cover more appropriately using more traditional methods.
Assuming you've got a plan in place, then it is best to increase the existing plan, but only if the insurer allows it. With many you have to wait for a special event to occur such as a marriage, birth of a child or moving house. So, with this in mind, if your health is still good, it may be best just to cancel the existing plan and start a new plan with the correct sum assured. But take care not to cancel the existing plan until the new is in force.
However, if you have a term assurance plan, this will expire at some point, as they are designed for fixed terms. If you're looking for funeral expenses to be covered, you may want to consider a plan just to cover these costs. Dignity offer a plan where you pay for your funeral expenses over a 2 year period, if memory serves me right, by means of a monthly payment and the funeral expenses are covered, irrespective of inflation
A bit off-topic, but for any non financial advisers out there, I think that Paul is being somewhat modest about his approach to the work. All competent financial advisers have some knowledge of the law, particularly as it relates to financial matters - and I would be surprised if Paul, like me, has not from time to time outlined information for a Solicitor, whose knowledge is occasionally very basic on such issues. The three professionals who may have impact on an individual's financial affairs - Solicitor, Accountant, and Financial Adviser - have complementary, occasionally overlapping but essentially different specialisms.
long term care is designed to cover the cost of care in old age and is usually associated with people that need care either in their own home or who have decided to move into nursing care.
although in the past it has been possible to pre-fund (to buy your care before you actually need it) most people have ended up buying/funding their care once the need has arisen.
however, given that the coalition government announced a wholesale review of the funding issues that surround longterm care, it wouldnt be wise to rush into making a decision now.
i would suggest that you contact an IFA for further assistance but you will need to ensure that they have passed exam CF8 or similar as it will demonstrate their awareness of the issues that surround care-fee planning and how state benefits interact with them.
it is a specialised area and that is why when i have seen clients for these types of needs, sometimes it can be of benefit to all parties for family members to become involved in the planning process.
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