Bertie, 50, has watched the demise of his brother to Alzheimer's without any financial protection. Bertie is a managing director for a department store in Edinburgh. He has private medical insurance through his company but no other cover. He can afford £200 a month. He would like his wife Ethel, 55, who is a housewife to be protected too. Both have been tee-total for the past six years. Ethel smokes 20 a day. They do not have a mortgage but have a 17 year old son living at home. What are their cover options?
Matt Morris, LifeSearch As Bertie and Ethel have no mortgage and their son is old enough to look after himself, their need for protection is not immediately urgent. As they are both in their 50s, cover will not be cheap but they do have a decent-sized budget of £200 which will help them purchase a good level of protection. Assuming Bertie is a high earner, as his job suggests, he may want to consider a whole of life policy to offset any Inheritance Tax liability that may be payable on death. Any policy they take out should be written into trust to make sure payment is not held up. The...
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