Are you confused by an aspect of your money or are you seeking help with a more specific financial matter? Then please send your query to our Ask Gaynor section.
Each week we choose up to five questions for our panel of experts to answer – and publish the results on the FMWF site. Unfortunately we are unable to answer all the questions we receive or send personal replies.
To increase your chances of being chosen, please write your question carefully in simple, concise English and include any facts and figures that you feel will help us fully understand your situation. Email: women@financialmail.co.uk
My sister is recovering from breast cancer, where can she find travel insurance?
My sister is recovering from breast cancer – she completed her chemotherapy six months ago and her prognosis is good. However, we are really struggling to find reasonably priced travel insurance so we can go on holiday. Can you recommend a specialist insurer who will provide a good policy at a reasonable price? Sandra, Southampton
Kate Marsden of Very Nice Advice replied: I’m sorry to hear about your sister’s illness, but its great news that things are looking up.
Unfortunately, as you’ll have experienced, cancer leaves a legacy in more ways than just the medical.
Insurance companies are in the business of weighing up what you’re paying them for cover (your premium) against the risk of them having to pay out if you make a claim. Theoretically, with a good prognosis, the risk of your sister falling ill on holiday is pretty small – but the cancer is still relatively recent and many insurers will think otherwise.
If you and your sister feel confident about her health while you’re away, you could speak to a general travel insurer and ask for a quote to cover normal eventualities but excluding anything cancer-related.
If you’d prefer to ensure that cancer is covered, just in case, then both the Cancer Research and Macmillan websites offer guides to travel insurance for cancer sufferers, including links to specialist insurers.
Finally, remember that both of you should also get hold of an EHIC card (the replacement for the E111 form), which should ensure you get access to basic-level local health services within Europe, if you happen to fall ill. However it won’t cover additional costs such as flying you back to the UK – which is where your travel insurance should kick in.
Good luck hunting, and bon voyage!
Links:
Cancer Research: http://www.cancerhelp.org.uk/coping-with-cancer/coping-practically/travel/travel-insurance
My partner has left me – will I be responsible for his bills?
My partner and I split up two months ago and he moved out of our rented accommodation. During this time I paid the rent and he covered all the bills. I’ve now discovered there is money outstanding on all the utilities, amounting to hundreds of pounds. As the utilities are in his name, is he responsible for paying this debt or will it fall to me to pay. I am worried that I will be cut off. Alex, Maidnhead
Kate Marsden of Very Nice Advice replied: The most important thing to do is talk to the utility providers and explain the situation: delaying that conversation is not going to help matters at all. If you can, before you call, get up-to-date meter readings so you can ensure that at least from now on the charges are fair and representative… assuming that you can afford to take on the bills on an ongoing basis, as well as the rent.
Technically, as the bills are in your partner’s name, they should be his responsibility to pay. You may want to supply his new address and contact details, if you have them, to ensure that if he continues to ignore the debts, the utility companies chase him, rather than you.
Once everything’s set up in your name, you can use one of the many utility comparison services out there to make sure you’re getting a good deal on your bills. Also remember that you can reduce your council tax bill if you live alone, so get in touch with them too.
How much money should we be putting into our pension?
My husband and I are really struggling financially. There seems so little money left at the end of each month, after paying our mortgage and bills. At 30 we know we should be putting money into a pension pot but we can’t afford more than £50 month between us. What do you suggest? Francesca, London
Kate Marsden of Very Nice Advice replied: Firstly, well done on getting in touch: many people know that they should be saving towards their pension but just put off tackling until it’s too late. At 30 you have at least another 30, if not 40 (eek), years to go until you retire: and that’s a good length of time for your investments to grow.
A rule of thumb regards how much to save towards your pension: halve your age as a percentage of your annual salary (so 15% in your case) to get an index-linked pension of two-thirds of your standard earnings…
If that’s unfeasible, then don’t worry, every little helps. But if you have the opportunity to contribute to a pension through work, particularly if your employer puts money in as well, then make sure you’re taking as much advantage of this as you can.
And in terms of your wider budget – again there’s no magic answer, but it’s worth just checking the basics:
Can you earn more? Is there any opportunity for a promotion, a job change, or taking on extra work (or charging more if you’re self-employed)?
Can you spend less? Are you confident you’re on a good deal with your mortgage? Are you on the best deals for your utility bills?
Do you have any emergency savings? It’s good practice to have enough ‘rainy day’ money to one side that would cover at least three months’ worth of your living expenses – so you know that if something happens you’ve got a bit of a cushion.
One of the features of saving into a pension plan is that once you’ve put your money in, you can’t get at it until you retire. You could also (or instead) look at saving into ISAs – each of you will be able to save up to £5,100 a year into a cash ISA (and the same into stocks and shares). Just like a pension plan, your savings and investments will grow tax-efficiently – but you have the added benefit that you can still access your money in an emergency.
Kate Marsden is founder of The Very Nice Advice: an independent financial advisory company that concentrates on financial planning for the financially reluctant. Many of Kate’s female clients arrive at her door somewhat jaded from owning financial products they do not want or understand, and Kate helps them tackle their financial affairs, stop worrying about money and get on with their lives.
http://www.veryniceadvice.co.uk
Tags: Ask Gaynor, breast cancer, cancer, Divorce, Gaynor Pengelly, ill health insurance, Women and pensions
This post has been commented once
1
October 20th, 2010 at 7:39 amSam Driscoll says:
hmmm, this is the month of October, known as breast cancer aware month, so all the women should aware of this, if you have such problem, you can have travel insurance from multitrip.com