News from Ascot Lloyd Financial Services

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Please contact Ascot Lloyd about investments on 0845 345 5111 or email us

Ascot Lloyd are pleased to announce the opening of their new Wokingham office at Edward Court, Wellington Road, Wokingham, Berkshire RG40 2AN. Our Wokingham team provides Investment, Pension, Mortgage and Insurance expertise. Please contact us on 0845 3455111.

We are pleased to announce that we now have an office open overlooking the new Wembley Stadium where we will be happy to provide our clients with the full range of financial services.


The address is:

10th Floor
York House
Empire Way
Wembley
Middlesex
HA9 0PA

Phone: 0208 902 1482

I hope you’re enjoying some pre-summer sunshine and that your critical illness cover is up to date.

Perhaps not the most agreeable way to start this month’s update! Nevertheless, a topical subject for you, as critical illness cover has received some negative publicity recently. Several policyholders’ claims have been rejected, but if you’re diagnosed with cancer, you need to know yours will pay out. What can you do to bullet proof your policy, as well as your financial security?

At Ascot Lloyd we ensure our clients recognise the significance of full medical disclosure. The ABI (Association of British Insurers) give clear critical illness ‘definitions’ to which all providers must adhere – it’s mandatory. This ‘black and white’ approach makes it fair for everyone.

Some providers go above and beyond the ABI code, offering even more comprehensive protection. The cheapest policy does not always offer the most peace of mind. My clients know the difference, hence their willingness to refer me to their friends, family and work colleagues for an unbiased recommendation.

People pay good money to insure against, for example, a broken freezer, wine-stained carpet or a chipped car windscreen. Although irritating, these events are not life changing, nor likely. Especially when you consider:

• 1 in 3 of us will be diagnosed with cancer before age 75 *
• 1 in 10 males aged 30 will suffer a heart attack before age 65 **
• 1 in 8 females aged 30 will contract cancer by age 65 **

Could you pay for your mortgage, bills and food on £81.35 per week?*** This is your state benefit. Should you be one of the 1 in 3, would you rather lose your house or your mortgage?

Phone me, or my colleague Johnathon, today on 0845 345 5111 for more information. Having assessed your circumstances, we’ll be delighted to make an independent recommendation for your protection needs. Have a healthy and happy month – see you in June.

* Office for National Statistics, 2002
** GE Frankona Re estimate, 2002
*** Incapacity benefit (long term rate), 2007

Happy Easter to one and all and I hope the year is shaping up nicely for you. Now the clocks have gone forward we can start looking forward to our well-deserved holidays, summery evenings and ripe strawberries and cream!

Meanwhile, the tax year-end is a very busy and interesting time for us and our clients. My client Colin is needing to maximise his tax-free savings entitlement by making good use of his ISA allowance. Not before time, in my view, has the Chancellor seen fit to increase this. His recent budget announcement gives us all a further allowance of £200 per year, although regrettably not available until the 2008/09 tax-year.

Bigger changes are afoot in the financial protection arena, particular with regard to illness insurance. Many people are familiar with Critical Illness Cover (CIC), which is designed to pay out a lump sum following diagnosis of one of a number of serious illnesses or medical conditions.

However, improvements in medical care and research are moving the goalposts and affecting payouts. CIC is evolving, and not to everybody's liking. Illnesses such as early-stage breast and prostate cancer are considered much more treatable than a decade ago and are now excluded from many CIC policies. As medical science progresses, more such exclusions are likely, leading to more confusion.

I recommended Mark, a client of mine, a new type of cover which is 'severity-based'. This type of insurance covers a wider variety of medical conditions than with CIC, and the payout can vary, depending on how serious the condition is. This policy could potentially pay several lump sums, should Mark experience either more than one illness, or an original illness become more severe.

This type of insurance was introduced in South Africa several years ago, and has proved very popular out there. A couple of the UK's more forward-thinking insurers have now made severity-based cover available in the UK. It won't be suitable for everyone, and CIC still has its place. Don't forget that Income Protection, in combination with CIC, forms the foundation of a sensible financial plan for most people.

You can be sure that at Ascot Lloyd we keep a close eye on new developments such as severity-based cover and will always tailor a solution to your individual needs. Please accept my best Springtime wishes on behalf of us all at Ascot Lloyd, and do look out for my next blog entry, coming soon.....