KEVIN Simpson of Bluetrust finanicial advisors answers some commonly asked financial questions.
Q: I’m thinking of taking out an Equity release plan to give me some income in retirement, what should I consider?
A: Unlocking the cash tied up in your home can be one way to raise money be be aware that it will affect your estate and you should really discuss this with your family. This is a major decision and you need to go through all of your options with your Independent Financial adviser before you do this to make sure it is the right way forward for you.
Q: I have an inheritance from my grandmother and I am thinking that I should use it to clear some debts but don’t want to let go of the cash as I have no other savings. What should I do?
A: Your first instinct is correct, pay things off first and then use the money saved to rebuild your savings every month. Set up a standing order and watch the money grow.
Q: I have applied for some life and critical illness insurance to protect my mortgage that have had the premiums increased. What factors affect the insurance premiums?
A: The criteria taken into account when deciding your insurance premiums include height and weight, age, gender, smoker or non smoker, current medical conditions as well as family medical history.
These questions were answered by St Helens Based IFA Kevin Simpson of Bluetrust ltd