TAILORED ADVICE AND FINANCIAL SERVICES FOR SELF-EMPLOYED PEOPLE
Bankfield can offer specialist advice to self-employed people, including health, medical and life insurance, as well as pensions and tax planning.
Bankfield will search the whole market and negotiate the most suitable plan to suit your needs and budget.
“The number of self-employed has grown by more than 1.5 million in the past 13 years to 4.5 million and now accounts for more than 15% of the labour force” *1
Some self-employed people choose to take out medical insurance because they want to guard against being off work and losing earnings if waiting for NHS treatment.
“By the end of 2016, more than a thousand people will be diagnosed with cancer everyday in the UK” *2
Critical Illness Cover
If you were diagnosed with a serious illness, how would this affect you and your family?
This is a long-term insurance policy kept in force for many years, usually paid as a lump sum, where you’ll get a tax-free lump sum if you are diagnosed with one of the serious illnesses covered by your insurance policy, such as some cancers, heart attack and stroke. In our experience, when such a life-changing event occurs, the last thing you want to think about is the financials.
“4 in 5 cancer patients suffer a loss of income and/or higher costs as a result of their diagnosis” *3
This is where we as Independent Financial Advisers can take the unneeded stress away from you and look at all the options available to examine individual circumstances and recommend which type of cover is most suitable for you and your family’s needs, within your budget.
“Worryingly, around one in four (25%) people in the UK already face poor health or disability after treatment for cancer. If this number continues to rise by over 3% a year, this could see four million people living with cancer by 2030” *4
This insurance will pay your dependants a lump sum, or regular payments, if you die unexpectedly. You might have had life insurance as part of your package when you were employed – this is often known as death-in-service benefit. This will have ended when your employment ended.
As Independent Financial Advisers, we will examine your individual circumstances and recommend which type of cover is most suitable for you and your family’s needs. If you already have life insurance, Bankfield can review your existing cover, ensure that it is cost effective and has been set up and structured in the correct manner, so it pays out to those that matter, in the most tax-efficient way.
Income Protection ensures that if you are unable to work due to illness, you will receive a tax-free income until you are fit to go back to work. If you become permanently ill, the plan will pay out an income until your chosen retirement date.
As Independent Financial Advisers, Bankfield has access to some of the most competitive terms and we will examine your individual circumstances and recommend which type of cover is most suitable for you and your family’s needs, to suit your budget.
Pensions and Retirement
If you’re self-employed, saving into a pension can be a more difficult habit to develop than it is for those that are in employment. There are no employer contributions and irregular income patterns can make regular saving difficult. But preparing for retirement is crucial for you too.
Retirement planning, pensions and investments are highly complex areas of financial planning. Bankfield advisers are highly qualified in pensions, investments, trusts and taxation to ensure you receive the very best and most up to date service.
Tax planning is a complex subject as it is and by being self-employed, things are even more complicated, which requires a detailed understanding of your personal circumstances and objectives.
It can be very difficult for a self-employed individual to obtain a mortgage, the reason being not having a stable income and being unaware of when and where your next pay-check will come from. The standard requirement from a lender is to typically see 2-3 years’ proof of income. We will take away the stress of the whole process, by working with the solicitors, lenders and estate agents to help ensure your mortgage loan completes quickly and efficiently.
“The number of over 65s who are self-employed has more than doubled in the past 5 years to reach nearly half a million” *5
Call us now on 0116 253 5600 to speak to a qualified adviser in confidence and with no obligation or complete the enquiry form.
Source: IPPR thinktank*1
Source: Macmillan October 2014*3