How can we save for our grandchildren?
QI WANT to save regularly for my grandchildren. Am I able to set up accounts in their names and what options do I have? ATHE most common option is a Junior ISA, which can be set up in your grandchildren's own names but it must be set up by their parents. You could also consider National Savings & Investment products, such as Children's Bonds or Premium Bonds. You can buy these for grandchildren or greatgrandchildren under 16, but they must be held in your name until the child's 16th birthday is reached.
QWE are not going abroad for our summer holiday this year. Do we need to take out travel insurance? A friend has said she takes out cover for UK holidays but it seems an unnecessary expense.
AYOU don't need to but if you have paid out a lot of money for your holiday, you could lose the lot if you have to cancel for any reason and you haven't got the break covered with travel insurance. It's up to you whether you are prepared to take that risk.
QMY WIFE is expecting our first baby. We don't own our own property yet and rent. Do I need to think about taking out any insurances if we don't have a mortgage? AYOU should consider income protection if your employer doesn't provide any sick pay over and above any state statutory sick pay. Also family income benefit. FIB, is a type of life insurance that provides an income, rather than a lump sum, if you die. It pays out until the end of the term of the policy. People usually set up cover to run until children are grown up or sometimes until their intended retirement.
QWE OWN our own home 50/50 as tenants-incommon and we also have mirrored wills. How would this affect the new social care cap? AAS FAR as I understand, the actual cap or cost limit is a very grey area. The Tory manifesto included an element on social care that would mean people would pay for their own care if they have combined savings and property worth more than PS100,000.
However, this caused such a backlash they then announced that a cap will be placed on the total contribution people will pay - but without any idea of the figure.
||| FINANCIAL editor Tricia Phillips answers your questions each week.