The Gazette 1989

GAZETTE

APRIL 1989

gets no monetary gain, will still

have got a return by way of many

years of peace of mind. So it is

important for any financial adviser

to ascertain what the client needs

before offering any advise.

Protection is obviously the first

consideration. And the newly

married couple on a tight budget

can get this through term assur-

ance. Unless the budget is ex-

tremely tight, convertible term

assurance offers the best bet

providing, as it does the flexibility

to convert into other types of assur-

ance as the family circumstances,

and possibly budget, improve.

So the first policy should be a

convertible term assurance either

providing a lump sum on the death

of the husband or else the guaran-

tee of a regular income over a set

number of years. It may be that the

husband is in a pension scheme at

work which provides adequate

protection. So, first check if there

is adequate cover through an

occupational pension scheme. If

not, then term assurance is the

cheapest way to get protection. A

25-year-old might take a policy over

a 30 year term - the cover ceasing

at age 55, by which time other

policies will have been taken out.

If a house is being purchased on

a mortgage, it makes sense to take

out a special kind of term assur-

ance, called a mortgage protection

policy. For a very low premium this

will provide enough funds to pay

off the mortgage should the

breadwinner die within the set

term. Basically it is a declining

balance term assurance i.e. the

amount paid out on death goes

down each year in line with the

reduced indebtedness to the

provider of the mortgage. It is also

possible to get a term assurance to

cover the full value of the house

without any decline in the amount

payable on death, but this is more

expensive.

The next thing to consider is

possibly a policy on the wife's life.

Few people think of the costs

imposed on a family by the death

of a wife and mother, even if she

is not wage-earning. The husband

who wishes to keep his family

together might need to employ a

housekeeper and will certainly be

involved in some expense in looking

after the children. Such cover might

take the form of an endowment

policy say over ten or fifteen years.

By the end of such a period the

children will be older and the costs

of keeping a family together a good

deal less than with younger children.

If the wife survives the ten or

fifteen years, as hopefully she will,

then the policy will pay out a useful

lump sum which can be put

towards the children's education.

When these protection needs

have been taken care of it is time

enough to start looking at the

attractions of endowment assur-

ance as a method of saving. Those

will be considered in a future

article.

•

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Legal

e r r u i t m e n t

LONDON/HOME COUNTIES

Our clients range from small firms in the Flome Counties to the largest practices in the City. Many of them are

interested in recruiting Irish solicitors, newly qualified or with up to 3 years' post qualification experience in

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LONDON

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This leading City practice is seeking two solicitors, with at

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Commercial Conveyancing

To £25,000

This large firm in the West End, requires a solicitor with a

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Our consultant, Anne Stephenson, is an Irish solicitor with extensive legal recruitment experience in the English market.

With this background she is able to fully understand your requirements, advise and assist you inmaking the move.

HOME COUNTIES/SOUTH

Company/Commercial

To £30,000

A company/commercial solicitor with at least two years'

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or write to her, with a full Curriculum Vitae, at Laurence Simons Associates,

33 John's Mews, London WC1N 2NS. All approaches will be treated in strict confidence.

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