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wills, life insurance, other grown up things i needs to do... ideas?

(8 Posts)
Notmadeofrib Sat 15-Dec-12 15:53:37

critical illness etc - not really feasible for the self employed *

er, yes it is! !! Not saying I would always recommend this, but it is certainly possible if you're self employed. Even income protection is possible (not as easy, but still possible).

TalkinPeace2 Thu 13-Dec-12 22:36:21

Wills.
Life cover (two separate policies is a better bet than joint)
SAvings - I'm anti pensions, but do suggest that people make sure they have a good buffer of ISA and other savings

critical illness etc - not really feasible for the self employed

CogitOCrapNotMoreSprouts Thu 13-Dec-12 07:21:52

Good move getting a will drawn up. Life insurance should cover any big debts such as the mortgage and, after that, it depends what you can afford and how much you want to leave behind. Then I'd look at 'retirement planning' rather than pensions per se because the earlier you start salting money into various savings, investments and pensions, the better. If you have access to a company pension scheme, take advantage. Heard a radio prog yesterday suggesting that a good benchmark is to take the age you are when you start retirement planning, halve it and put that percentage aside for old age. So if you're 28 when you start, put 14% away.

specialsubject Wed 12-Dec-12 11:50:58

life cover IF you would leave debts for someone else to pay, or if you have dependents.

THEN the emergency fund savings - six months of living costs. No-one has a stable job any more.

guardians for kids should both you and partner go under the same bus.

pensions

organ donor card if you want to do it.

living will/advance statement if that is an issue for you. Statement of funeral wishes. List of where all the 'stuff' is for your executors.

critical illness cover MAYBE - although it is so expensive, self-insuring with savings may well be better.

then get on with life. :-)

PickledInAPearTree Tue 11-Dec-12 23:03:45

Life cover first
Income protection - what your employer provides see if its enough or get more
Savings for an emergency fund
Pensions

Yawn!

Fuchzia Tue 11-Dec-12 23:01:50

Do you have a death in service benefit? You should make sure you have nominated a recepient. It may automatically be be paid to your spouse but you may be able to nominate more than one person to receive a share (I.e your partner and each of your kids) this may make sense from and inheritance tax perspective.

Stopsittingonyoursister Tue 11-Dec-12 22:59:26

Pension provision?

blankrocket Tue 11-Dec-12 22:56:53

i've got a will now. i'm thinking about getting life insurance. are there any other grown-up morbid financial/legal type things that should be on any good grown-ups checklist?

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