A review of your finances ought to be a main priority in 2006.
This is what the Co-operative Insurance Society (CIS) states is crucial, as many of us have financial products and plans which are no longer of any use.
Buying a house, birth of a child, getting married, changing jobs, or establishing a small business are life-changing events which affect our finances.
As we get caught up in events, we overlook the effect on our existing finances. Therefore, it is crucial to take stock of short and long term financial needs.
Average UK house prices have doubled in the past six years. We need to be aware that life protection insurance and home insurance needs should reflect those changes.
So there are key factors to consider around each life changing event:
First home/moving house - mortgage, life cover, home contents insurance, savings, will making, pension
Marriage - savings, life cover, critical illness cover, pension, Will making
Birth of first child - will making, life cover, savings, critical illness, child trust funds
Critical illness - critical illness cover, life cover
Redundancy - income protection, pension planning
Self-employment- pension, commercial insurances, commercial health cover
Divorce - life cover, pension
Death of partner/spouse - savings, life cover, pre-paid funeral plans, pensions
Retirement - savings, inheritance tax planning
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Review Your Finances as A Major Priority for 2006 Fri, 10 Feb 2006
     Recommended linksHome Owners Expect House Price RisesCredit down, mortgages up Friends acting as financial advisers, poll reveals Guide to buying a house FSA: Guide to Financial Planning Mortgage Guide |
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