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Questions and Answers; THIS week's advisers are John Stewart of PMI and John Cooper of Weston Financial.

Byline: John Stewart and John Cooper

QI AM a widower and wish to buy an annuity. What sort of return could I get for pounds 20,000?

AAN annuity bought with money from your savings and not from a pension fund is known as a Purchased Life Annuity. A sum of pounds 20,000 should secure around pounds 2,260 a year. If your health is poor, you could get more.

QI WANT to put some money away for my children. Where can I save pounds 40 a month?

AYOU can choose between a building society account and a National Savings Childrens' Bonus Bond. Both offer tax-free returns. If you want to be more adventurous, pick a unit trust investment linked to the stock market. Call 0800 544644.

QI AM looking for life insurance for my wife until our six-year-old son turns 18. How much is it going to cost me? She is 34.

ATHE cheapest pounds 100,000 policy over 12 years would cost pounds 10.05 a month if your wife smokes, and pounds 6.60 if she doesn't - based on the assumption she is healthy. For details of our "check a quote" service, ring 0800 544644.

QI AM self-employed and want to insure myself against being unable to work through illness. Most policies include redundancy cover, which I don't need. Is there anything to suit me?

AYOU need an Income Protection Plan, which can safeguard your future earnings up to retirement age if necessary. With state benefits being hard to get and much lower than before, this is a very important area that is often overlooked.

QI WANT to give money to my children without paying tax. How much can I give in a year?

AYOU can give pounds 3,000 each tax year - April to April. The limit applies to you, not your children. If you are married, you can give money to your wife and she can then pass it on. For a factsheet on inheritance tax, call 0800 544644.

QMY late mother had an insurance policy with Refuge Assurance. Where can I find them?

ATHEY'VE been take over by Royal London. Call 01625 605 040.FOR advice, send an SAE to Mirror Money Independent Investment Advice Bureau, 1 Canada Square, Canary Wharf, London E14 5AP. Give your age, income, family circumstances, details of mortgage, savings and pension plans and home phone number.
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Title Annotation:Features
Publication:The Mirror (London, England)
Date:Apr 18, 2001
Words:398
Previous Article:Move or improve?; BIG DECISION OVER HOMES.
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