A Guide To Life Insurance - Savings And Insurance ....

 

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Savings And Insurance...

On the question of your own savings, you are as a self-employed person eligible to invest in a personal pension plan.

The advantages would be the larger benefits you can achieve for yourself on retirement because of the tax-free investment of your money. However, the drawback is that you cannot draw any benefits until you are aged 60 and from what you have said I take it that you would prefer to have the ability to use the money earlier if you wanted to.

In fact, as it is possible that you may want the money within the next 10 years, then you should not really consider a conventional life insurance policy at all and would do better to use the index-linked Save-as-youEarn scheme or a building society.

A life insurance policy linked to building society investment which you can surrender for a good return after the fourth year could also be suitable.

In the fairly near future you reckon to be able to increase your earnings, and that may be a better time to commit yourself to a longer-term plan.


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Read On: click here for A Further Case Study 2


The background.
George Elmer runs his own wholesale greengrocery business.
He is unmarried and has no intention of marrying. His younger sister, who is separated from her husband, and her daughter, live with him and his sister helps him with the business website-keeping.
George is now 46 and starting to think about the future and retirement.
He is doing well with his business and in the past two years the amount of tax he has had to pay has risen sharply.
He has a........ see: click here for A Further Case Study 2


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