Savings and investments

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Making the right savings and investment choices for you and your family is a big decision. Circumstances can also change which is why it’s so important to review your financial situation on a regular basis to ensure you are on target to achieving your financial goals.

Use our range of guides, product information, and useful links all of which are designed to help with your financial planning.

Savings and investments guide

There are lots of good reasons why you should be saving. This guide will help you decide what’s best for you and explain how you could make your money grow.

Download our Savings and investments guide

We recommend that you speak to your financial adviser when considering if taking the full cash in value is suitable for you. We’re unable to give you financial advice. If you don’t have a financial adviser, you can find one by visiting Unbiased.  

Surrendering your policy

If you’re thinking of surrendering (cashing in) your policy earlier than expected, please contact us – we’re here to help.

There are important things you’ll need to consider and there might also be better options you can take.

 

Questions you need to consider

Does my policy have a surrender value?

Not all policies have a surrender value. This means you may lose the money you’ve paid in if you stop the policy.

Will there be a penalty if I surrender my policy?

Some policies have additional penalties if you surrender early and you may lose any bonuses that are due.

Will surrendering my policy affect tax? 

There may be a tax charge or other tax implications when you cash in your policy. If you decide to cash in your policy, you should speak to your tax adviser.

Do I have other options instead of surrendering?

Your options depend on the type of policy you have. You might have other options, such as making your policy paid up, surrendering just part of your policy, or selling it on .

Early cancellations?

Usually, there are more charges on an investment policy in the early years. If you cancel your policy early, you might not get back as much money as you were hoping – and this could be less than you’ve paid in.

What will happen to any protection benefits I currently have if I surrender my policy?

Any protection benefits your policy has, such as life cover or critical illness cover, will be lost. If you still need these protection benefits, it could cost you more to purchase those again now.

To discuss your options, please contact us.

 

Maturity

If you have an investment plan that’s about to mature, you’ve probably thought of lots of ways to spend the money. For instance, you could settle your credit card bills, pay off part of your mortgage or take a holiday. Alternatively, you might want to re-invest the money in a savings plan or a pension for the future.

If you have a policy with a life insurance element that is coming to an end, you might want to think about whether you need some separate cover so you and your family are still protected. This means that if you die, a payment will be made to your family.
 

To talk through your options, please call us.

 

Inflation

Inflation is the rise in prices for goods and services over a period of time. For instance, if the inflation rate is 3% this month, it means you’re paying 3% more for something than you did this time last year. So, something that would have cost you £100 last year will now cost you £103.

Inflation can affect your savings, too. If your savings account has an interest rate of 0.5% and the inflation rate is 3%, your money might not be working as hard for you as it could.

Inflation is usually measured using the Retail Prices Index (RPI) or the Consumer Prices Index (CPI). The RPI measures the change in price of a ‘basket’ of around 700 household goods and services in 150 different UK areas. The CPI is similar, but doesn’t include housing costs like mortgage payments or council tax.

You can find out the current rate of inflation on the Office for National Statistics website and it’s worth shopping around to see if you can get a better deal for your savings. You can also take a look at our inflation calculator in the tools section above, to see how inflation can affect the real value of your money.

Office for National Statistics website