There is a lot of fuss in the press about buying protection insurance from the Internet as it is much “cheaper” than using a regulated adviser. Unfortunately, there is not much coverage about the downsides, like “computer says no” or not selecting the correct additional features.
Imagine for a moment that you are an unsuspecting IFA who arranged for a married man to receive a single life annuity when he came to retirement. Ten years later, the annuitant dies and the wife visits you and says,
“Where’s my pension?”
“You don’t get one. Your husband took a single life pension to maximise the income that came in during his lifetime”.
My son has his first proper full time job, so he has disposable income to save and is savvy enough to see that he needs to set some goals in place. He asked for some guidance, so I thought about what he needed to explore. This is not a simple “do this” or “do that” as there are quite a few variables to take into account.