A new survey by Saga Insurance has found that the grown up children of elderly parents may well end up financing their parents long term care from what was their inheritance.
As a company that works exclusively with the over 50’s Saga Insurance took the opportunity to discuss their plans and found that only 10 percent of people have actually discussed long term care for elderly parents. More worrying still perhaps is that nearly half of them fail to appreciate the actual costs, which are around GBP25 – 30,000 per year.
The view of nearly 60 percent of those who discussed the matter with Saga Insurance is that any inheritance will be used to finance the long term care parents may need. A large part of this may be that, with all the other financial pressures on people, trying to put aside money for parental care is just not possible, at least for the majority of the population.
Egg, best known for their Egg card, has just announced a new interest rate on their savings account of 6.05 percent gross.
Requiring a minimum deposit of just GBP1 and open to both existing and new customers the Egg card savings account is expected to be very popular. It also allows free access to the money held, with no penalties or notice periods needed. After the first 12 months at the introductory rate the account reverts back to the standard variable rate, currently 4.75 percent gross.
An Egg card spokesman, discussing the savings account, said that the introductory interest rate is one of the best available for easy access accounts and, with the rate guaranteed for 12 months offers an excellent vehicle for savers.
A new Legal and General Portfolio bond will be available from 21 July, ideal for financial advisors to use when putting together an investment portfolio for their clients.
Three different charging options are available, a wide choice of funds as well there being no charge to swap between different funds. Legal and General have listened to the needs of financial advisors and come up with a portfolio bond that seems to deliver what they have asked for.
The different options provided by Legal and General also cater for different risk profiles along with the option to take regular withdrawals. All in all investors will find all their bases covered with this new bond offering.
