Planning for later life

Why plan for later life Open in new window

Getting started Open in new window

Your financial life Open in new window

Steps to take today Open in new window

Remember me Open in new window

Other things to consider Open in new window

How we can help Open in new window

Other ways we can help Open in new window

Protect what’s important

Will writing OpenClose

What is a will?

A will is a legal document that explains how you want your property and assets to be distributed after you die, as well as instructions for care of any children under 18. It is recommended that you revisit your will to keep it up to date. Your may also want to store a Letter of Wishes with your will.

What is a Letter of Wishes? Close

Creating a will

If you are ready to write your will, you may want to seek professional help from a solicitor. It may be helpful to think about your preferences first.

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Why make a will?

Making a will ensures that your wishes are fulfilled and that your money and assets are shared out as you would like them to be. It can be easy to put off writing a will, but its just as easy to do it now and revisit when life changes.

Power of Attorney (POA) OpenClose

What is a Power of Attorney?

A Power of Attorney (POA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf. Nobody relishes the possibility of not being able to make their own decisions, but considering it is the right thing to do.

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When should I think about a Power of Attorney?

You don't have to wait until something goes wrong to think about or register a Power of Attorney. You may be able to arrange a Power of Attorney now and include a restriction whereby it will only come into effect if you no longer have mental capacity.

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How do I get started?

You can choose one or more people to be your attorney.

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What you should think about

How well do they know you and your wishes?
How well do they manage their own finances and affairs?
How well will they be able to advocate for you in a challenging (e.g. medical) situations?
Do you trust them to make decisions in your best interest?
Will they be willing and available to take on this role?
If appointing more than one attorney, will they make decisions separately or together?

Hopefully you won't need a backup, but it's a good idea to name a replacement Attorney in case your designated Attorney(s) cannot act on your behalf.

Healthcare wishes OpenClose

Your healthcare wishes

If you start to think about your healthcare wishes now your loved ones will know how you’d like to be treated if you can’t look after yourself. We recommend that you consult with a medical professional to understand the pros and cons of different treatment options. It’s important to document your wishes to share, where appropriate, with your attorney, loved ones, and medical team.

Communicating healthcare wishes

This can be difficult when dealing with illness and other health issues. You could consider now how best to communicate your healthcare wishes with your doctors or care team throughout end of life stages and when to include your family in these important healthcare conversations.

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Communicating healthcare wishes

You can think about how and when you want to share your healthcare wishes with your doctors or care team. Also consider when to include your family in these important healthcare conversations.

Medical Questions:

If you have medical questions it can help to write down your questions ahead of time before asking your doctor. Some people want a clear picture of what to expect down the road, while others find that too overwhelming; you have the right to request the level of detail you are comfortable hearing from your doctors.

What you want communicated with loved ones:

Would you want to let your loved ones know if you are experiencing physical or emotional pain at the end of life? Or would you prefer to keep these feelings to yourself and your care team?

Finally, consider whether you would rather receive news privately, or accompanied for support.

Advance statement

An advance statement is a non-legally binding document that outlines your values and preferences for future medical care, in case you cannot communicate them yourself. This can help your family and care team know how to best make decisions on your behalf.

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Life Insurance OpenClose

What is life insurance?

Life insurance can help you to protect your loved ones financially if something happens to you that is covered by your policy

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How life insurance works

When you take out life insurance, you pay a set amount of money – usually once a month – to your insurer for your policy. In return, they agree to pay your beneficiaries an agreed sum of money if something happens that's covered by your policy.

Every life insurance policy is different, so how long you're covered, what you're covered for, and how much it costs will vary. When you take out a policy, it’s important to read the information you’re given or talk to your insurer about specific questions or concerns.

Find out more on our Life Insurance page

Why take out life insurance?

There are many reasons that you may choose to take out life insurance. Different policies will cover different things, so it’s a good idea to think about what’s important to you before taking out a policy.

Reasons to take out life insurance - in detail Close

Reasons people may take out life insurance

To protect a family home or property

If you passed away before paying off your mortgage, your surviving family or dependents would become responsible for the repayments. So if they couldn’t afford to make these repayments, they could be at risk of losing their home. Life insurance could be used to pay off some or all of your outstanding mortgage in the event of your death.

To provide supplementary income

Some families rely heavily on the income of one person in the household. If you’re the main breadwinner, then your death could put a financial strain on your family at an already difficult time. Life insurance could help supplement lost income.

To pay off debt

If you die with debts, then your loved ones may get stuck with a bill. Life insurance could help to cover your debts if something happened to you.

To leave an inheritance

The costs of retirement and healthcare are hard to predict, so working out inheritance can be tricky. Life insurance could help you to give money to your family after you die.

To cover end of life costs

Some people worry about the cost of their funeral and other end-of-life costs such as care homes putting a strain on their family. Life insurance could help to pay for these final expenses in the event of your death.