Level Term Life Insurance News - protected.co.uk

Now is a good time for people to consider cash individual savings accounts (ISAs), one financial expert suggests, while such a cash pot could provide financial security for a household.

Cash ISAs do not need to be taken into account when individuals are sorting out their tax, Paul White, from Belgravia Insurance Consultants, advises, although another way to provide a financial lifeline for loved ones could be through a life insurance policy.

Indeed, Nationwide has found that 47 per cent of Britons claim that they save regularly, but with the latest Bank of England interest rate cut lowering it to one per cent, people may find their returns are not as high.

Talking about the self-assessment tax deadline, he states that "now is a good time to consider cash ISAs, as they do not need to be taken into account, which simplifies tax calculations".

Another way to simplify finances during difficult times could be through level term life insurance, which may provide a cash pot for children until they reach the age of 18.

Nearly a quarter of individuals also admitted to Nationwide that they do not stash any cash to one side.

Britons may want to get their life insurance on track if they are to follow in the footsteps of their colleagues.

A survey by Standard Life reveals that many individuals have no intention of slowing down once they leave the workforce and plan to embark on life's adventures.

Over half of those aged between 46 and 65 want to spend more time with their loved ones.

Moreover, a third would like to learn a new skill such as a new hobby or language, the poll reveals.

"Our research proves that baby boomers' attitudes to retirement have fundamentally changed and they are now more ambitious for this third stage of their life than any generation before them," states John Lawson, head of pensions policy at Standard Life.

Indeed, level term life insurance could cover the costs of everyday expenditure for loved ones should they find the household income is reduced.

But Britons may need encouragement by the government to stash their cash away because of the current confidence crisis about saving money, PricewaterhouseCoopers claims.

Consumer confidence took a tumble during January and now stands at 40 - a drop from 48 in December, a survey shows.

The Nationwide Consumer Confidence Index highlights the cash concerns of individuals who are witnessing the credit crunch bite harder on people's finances.

While many households may be tightening their belts, the economic downturn could highlight the importance of having a financial backup - and this for some may be a life insurance policy.

Indeed, paying into level term life insurance could mean that should the worst happen, there is a sum of cash available to cover the costs of children's education and other financial commitments.

"Growing concerns about the economy have been added to by further reports of job losses and this is clearly affecting consumers' views of the present and future economic and employment situation," comments chief economist at Nationwide Fionnuala Earley.

Such a confidence crash should be dealt with by the government by cutting personal taxes, claims head of personal finances at Fool.co.uk David Kuo.

People who force themselves to go into work despite being ill could be jeopardising their health further down the line, according to one employment expert.

Individuals should not feel guilty about not going into work if they are genuinely poorly, claims Gill Trevelyan, head of good practice services at the Advisory, Conciliation and Arbitration Service.

As such, employees who go into work regardless of their health could find it takes them longer to recuperate than if they had taken time off their job in the first place, she states.

Furthermore, people may find that a more serious condition may develop, which could require the financial assistance of a life insurance policy.

"In the case of infectious illnesses, you can also spread the problem to colleagues and increase the overall level of sickness in the organisation," Ms Trevelyan continues.

Taking out level term life insurance could mean that should a wage earner be diagnosed with a serious condition, the education costs of youngsters and other everyday outgoings are covered.

Patients who have hoped that they could one day be treated with lenalidomide may be encouraged to hear the latest news.

The drug for multiple myeloma - which the National Institute for Health and Clinical Excellence (NICE) previously rejected on cost grounds - may be made available to individuals after NICE and the drug company have struck a deal.

Such news could be important for life insurance policy holders who are unsure about their future health.

Under the new guidance, the cost of drugs for the first two years - 26 treatment cycles - will be covered by the NHS in England and Wales.

Commenting on the result for blood cancer patients, chief executive of Myeloma UK Eric Low says: "This is a great win for myeloma patients and a good example of all stakeholders taking responsibility, overcoming barriers and finding a workable solution."

Taking out cover such as level term life insurance could make sure that the loved ones of those suffering from a blood cancer are financially protected should the worst happen.

Life insurance holders may also be interested to hear that according to the British Geriatrics Society, older hospital patients are often thought of as a hindrance.

Cutting personal taxes will help boost the coffers of Britons who can then decide what to do with this extra cash, it has been stated.

While some individuals may place some of this money into a life insurance policy, others may save or invest it, head of personal finance at Fool.co.uk David Kuo suggests.

The confidence of consumers is currently heading towards a record low, he says, although some individuals with life insurance may feel secure in the knowledge that should something happen to them, their loved ones could be financially protected.

Unless the government takes some action to boost the outlook - such as a personal tax reduction - then confidence will hit the floor, Mr Kuo continues.

"Britain does not need a nation of heavily indebted consumers, but instead a nation of people agile enough to pay off their debts quickly," he adds.

Indeed, level term life insurance could ensure that a partner need not financially struggle when it comes to paying childcare or education fees should their household's income be reduced.