• 17Feb

    When people leave their full time employment and are about to retire, they will have changing financial needs throughout the different of their lives in retirement. One of the most important things to consider is the age 75 which is the time Government legislation requires an individual to purchase annuities. When it comes to purchasing annuities, there are different types of annuities available which people can consider. Out of the many types, one of the new types that has become really popular is the fixed term annuity which is also known as FTA.

    Fixed term annuity has been designed in a way that it allows an individual to consider their options at the end of their plan term and it also provides security. There are two stages in which an individual will be able to make financial decisions with a FTA. Firstly, it gives you the chance to invest in a more flexible annuity when you are about to reach the age of 75. Secondly, once you have reached the age of 75, you are given the chance to reconsider your options and get a better idea about your financial requirements and personal circumstances.

    Everyone is different, and every individual’s circumstances are most likely going to change during the retirement period. Fixed term annuities allows an individual to choose from a wide range of income options as well as benefit options now. Moreover, you alos have the option to decide what maturity amount you would like to have returned at the end of the specified term. At the end of the specified period, you will receive a maturity payout (guaranteed) that can be further invested in a drawdown plan or in an annuity.

    A fixed term annuity can also be set up on joint life basis. this means that if you a partner, you partner will continue to receive periodic payments once you have died. There are two types of fixed term annuity that you can opt for. firstly, there is fixed term annuity for a definite number of years which is usually minimum of three years. Secondly, you can opt for an annuity scheme to age 75. no matter which option you choose, the below mentioned features applies to both the types:

    Guaranteed income until the end of the specified period

    Income level can be chosen at outset. This can range from nil to the maximum which is allowable under the existing legislation.

    Choice of death benefits

    Guaranteed maturity amount which will be received at the end of the specified period


    – once your plan reaches maturity, you have the option to choose the best plans just in case your future circumstances have changed

    – you may be able to benefit from a higer income in the future just in case your health conditions worsen

    – advantages of annuities and advantages of drawdown are combined


    – until you have chosen the death benefit options, maturity amount will not be paid if you die before the expiry of the plan term

    – Income received will depend on rates at that particular time. it may be worse or better.

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  • 03Jan

    Before we learn about what self employed loans are, we must first have reasonable knowledge of what self employed people are. In other words, self employed people are people who work as their own employee, but at the same time they are also their own employer, it seems amazing to be one of those self employed people, you get to control everything, like no time limitation and all these boring stuffs. But it is very troublesome when it comes to borrowing money, because they are self employed, they can say whatever they want that can benefit them, which lenders does not often believe everything the self employed borrower said, they will do their own research to find out if you are hiding anything.

    So why is it so hard to apply for self employed loans when you are self employed? It all comes back to one basic reason, the lenders are worried that after they give out the money, they might not be able to get it back, because they doubt the borrower will have the ability to repay the lender, since they are self employed, the lender thinks that their income are not as stable, and the borrower usually apply for self employed loans under their own name, which worries the lenders. But of course, if your business has been running for long enough, your chance of successfully apply for self employed loans generally increases. But in most cases, for self employed people, their business usually are not very long established, most the time they are within the time frame of 2 years, which is not really enough to convince to the lenders that you are a worthy trusted borrower.

    Most the time when you go and apply for self employed loans when you are self employed, the lender will make you wait for a long time before they can tell you if your application has been approved, that is because they need to check all the details you have provided, see if they are real, and they also need to do further research about your self employed status, before they can give you the self employed loans, that is one of the problems self employed people will face when they try and apply for self employed loans. But for self employed people who cannot successfully apply for self employed loans, do not give up in applying for self employed loans, there are many different kinds of loans out there you can choose from, self employed loans are just one of the options out there.

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  • 15Dec

    Any kind of budgeting can be difficult but can be even more difficult if you happen to have a family to support. But, it is one of the most important things that you can do for your family and their security. Without a good budget you could find yourself getting behind on bills and owing too many debts that could actually end up looking at the possibility of bankruptcy and you really don’t want to have to face that. In order to make sure that you finances are in order you should come up with a budget that will suit you and your family.

    Probably one of the most important things that you will need to include in your family budget is health care. All of the different things that a family needs like checkups, vaccinations and other medical issues can add up quite fast and it can become a burden quite fast. So it’s important that you not only set aside money for monthly health insurance payments but also try and set up an account that has money in it that is set aside only for medical issues, because even with insurance, not everything is covered.

    A good budget is going to have goals. So, you need to figure out what your financial personal goals are and you will need to recognize these goals and their importance. You need to do your best to separate things that you want to spend your money on, for example vacations and then things that you should be spending your money on like clothing, food, or things that should be fixed around the house.

    You can separate your expenses into two categories. Once category should be for fixed expenses and then the other should be a discretionary expense category. The fixed one is for things you know that you will definitely have to be spending money on like your rent or mortgage, car insurance, utilities, etc. The discretionary ones are things that you don’t really have to spend money on but things that you spend it on anyway. That would be like going out to eat or travel for example.

    If you want to make sure you know how much money you really are spending make sure that you keep track of your bank account and all of your credit cards by checking the statements on a regular basis. Make sure that you analyze these statements at least on a monthly basis. This will help you see where you need to be spending less each month.

    Having a good budget means that you will be able to better manage your payments on your outstanding debts. You will always need to make sure that you allow room in your budget for at least the minimum monthly payment on your debts. It’s better however if you try and pay more, but never pay less, that’s why it’s important that your budget always include the minimum payment at all times.

    Another good thing to do for your budge is to try and avoid using your credit cards. Using them once and a while is OK, but don’t get in the habit of using them on a regular basis. You are going to end up drowning in finance charges if you do this. If you want to buy something special and you don’t have the cash for it, then start setting aside money for it. Do this by taking an envelop and labeling it with the item you want to buy and then put extra cash in the envelop on a regular basis until you have the amount of money you need to buy it.

    Within your budget you should include allowances for the children in your family that are old enough to do chores. If you start them early enough, it’s a good way to teach them the concept of saving, earning and budgeting.

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  • 09Nov

    Choosing a health plan for your family can be quite confusing. There are many health plans in the market today that might confuse you. These plans come with different coverage and different benefits to each of them. It is important that you go through a number of health plans before you select one for yourself. There is nothing more disastrous than selecting a health plan before keeping your considerations in mind. You don’t want to be after all paying for something that you can’t even use in your time of need. You should be clear about the premiums that you are paying and the coverage that your policy offers to make the best out of your insurance.

    There are certain things that you should keep in mind before you purchase insurance for your family. First you should evaluate the things that you would require out of your health insurance. Think about the coverage that you are going to get. Do you really need the coverage? There are many policies that would give you extensive coverage. However you would be hardly using so much coverage. So basically you are actually paying for something that you would never use. Therefore you should first list out the types of coverage that you need. If you can list these down then you can choose a plan which covers these needs. You can save a lot on not paying for unnecessary coverage and have help at hand when you need it the most.

    Next you should consider your budget for premium every month. Health insurance is very essential and you have to make sure that you have allocated a part of your monthly budget towards health insurance. However, it should get to a situation that paying your health insurance would make it hard for you to make your ends meet. You should have a budget planned out for the month and allocate a feasible amount out for your health insurance. You should make sure that you get the best out of the money that you are paying for the health insurance. Therefore research the market well and get a policy that is within your budget and also which covers all your necessities. This is why it is essential that you take a look at a number of policies before you select one. By this, you will not only have a general idea of what the rates are in the market but you will also know the various offers that are being given out by the various insurance companies and can choose the one that is the best for you.

    Consider how often you go to a doctor. Are all these trips essential due to a condition that you have or are they just general wellness visits. There are insurance policies that cater to special trips to the doctor as well as wellness trips. You should choose the policy that fits your needs. There are many online insurance comparison websites that will help you make the right decision.

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