But what do you do if you split up with your partner?
Life insurance can give you the precious peace of mind of knowing that any dependents will be financially secure in the event of your death. But if you are in a couple or partnership, should you opt for a ‘single’ or ‘joint’ policy?
If you are in a relationship it might seem obvious to take out a joint policy, but this is not necessarily the best option. See below for the pros and cons of single and joint policies.
7 Common misconceptions you may have around Income Protection
It’s a frequent misunderstanding that employers don’t think Income Protection is important. They do, they just don’t know enough about it, it is the one protection policy every working adult in the UK should consider.
Your will tells everyone what should happen to your money, possessions and property after you die (all these things together are called your ‘estate’). If you don’t leave a will, the law decides how your estate is passed on – and this may not be in line with your wishes.
Parents putting financial health at risk to fund university costs
When it comes to funding a university education, it is parents and grandparents who typically look to provide the money. But even though this may be the case, last year’s graduates from English universities still left with an average of £44,000 debt (source: Sutton Trust), with some parents still, on average, expecting their children to leave university with £23,000 debt.
Students are closer to the mark, predicting an average debt of £35,000. Students expect, on average, to take 17 years to pay off their debt once graduated; research from the Sutton Trust suggests three in four graduates will be paying off student debts into their 50s.