5 Financial Favourites for 50 Somethings

LEEDS, UNITED KINGDOM--(Marketwire - Oct. 21, 2012) - The number of financial commitments that UK adults take on could increase later in life. Mortgages, over 50s insurance, financial family responsibilities and more means that the list of outgoings could continue to grow.

It can be overwhelming to keep track of all the financial outgoings that a single person has. However, there are some essential products that may need to be in place, depending on your stage in life.

Here are five financial products that 50-somethings might want to consider.

1. ISA

Individual Saving Accounts (ISA) can be a useful way of saving either small or large sums of cash, tax-free. There are two different types of ISA accounts, a cash ISA and a stocks and shares ISA. There is an annual threshold on what can be deposited into an ISA over the financial year. This can either be split across the two types of account or all within a stocks and shares ISA. Only half of the ISA limit can be saved in a cash ISA.

2. Life insurance

Life insurance is a way to leave a lump sum to loved ones when you pass away. There are a number of different life insurance options available on the market.

3. Pensions

As 50-somthings edge closer towards the typical retirement age, and they do not already have a pension scheme in place, they may want to consider setting establishing a pension plan.

4. Content and building insurance

Some mortgage providers will only lend on the agreement that building insurance is taken out on the property in question. Building insurance covers the outside of a property such as the structure of the building, including the walls and floors. Content insurance is typically in place to cover personal possessions.

5. Car insurance

It is a legal requirement for motorists who own a vehicle and drive in a public place to have car insurance*. There are a number of different levels of cover available including, third party fire and theft, third party only and comprehensive cover.

Notes to editor

*Motor insurance information http://www.direct.gov.uk/en/motoring/owningavehicle/motorinsurance/ dg_067630.

About Asda Over50's Cover

• Asda Over 50s Life Cover, provided by LV=
• For UK residents, aged 50 to 80 years old
• From just £5 a month, that's about 17p a day
• Full amount of cover payable after just 1 year
• Fixed Premiums that never go up
• Free £30 ASDA gift card
• An affordable way to make sure your family aren't left with a financial burden when you die
• You can leave your loved ones a useful cash lump sum to help towards funeral costs, help clear any unpaid bills or simply to make their lives a little easier
• Get an extra 10% amount of cover towards your funeral with Dignity.

Guaranteed acceptance

All UK residents aged 50 to 80 will definitely be accepted without a medical.

No medical and no health questions-Guaranteed

You won't need to visit your GP for a medical and you won't be asked any questions about your health.

A guaranteed cash lump sum-Guaranteed

To help towards funeral costs or unpaid bills. Your amount of cover is fixed from the start of your plan, so inflation could reduce the buying power of the cash lump sum you leave behind. Normally, the lump sum we pay out when you die will go into your estate so may be subject to inheritance tax. The plan has no cash-in value. If you cancel our plan you won't get back any of your premiums and you won't receive a cash lump sum when you die.

Fixed payments that will never go up-Guaranteed

You can choose how much you want to pay and that premium will never increase.

Full cover after just one year-Guaranteed

Your full cash lump sum will be paid out if you pass away 12 months or more after taking out the plan. If you pass away within the first 12 months, you may only get back the premiums you've paid in.

Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth, BH1 2NF

Asda Financial Services Limited and Asda Stores Limited act as Introducer Appointed Representatives to Liverpool Victoria Friendly Society Limited (LVFS) for Asda Over 50s Life Cover. Asda is a trademark of Asda Stores Limited. LV= and Liverpool Victoria are registered trademarks of LVFS and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF. Tel: 01202 292333.

2012-10-21 06:21:53

Source: http://www.marketwire.com/mw/release.do?id=1715864&sourceType=3