Michael, 30, recently graduated from university, is single, and has just landed a successful job in the City, earning £90,000 per annum. This new stage in his life will mean he is to relocate from his previous home in Edinburgh but is hoping to buy a brand new flat in Canary Wharf and is set to have a mortgage of £300,000. He leads a very healthy lifestyle, exercises regularly and is a non-smoker. However, he suffers from asthma, which saw him hospitalised for two weeks when he was in his early twenties. He is looking for some advice as to what financial protection he will need to ensure his new life is as smooth as possible. He can spend a maximum of £60 a month. What recommendations can you make?
Bhupinder Anand, Anand AssociatesAs a single person, without dependants, life assurance is not particularly important and Michael probably benefits from a death-in-service arrangement anyway. I assume Michael will also enjoy employer-sponsored private medical insurance and income protection. Unless Michael feels that his risk of being made unemployed and the subsequent risk of not being able to find another job, is high, he does not need to consider accident, sickness and unemployment cover, which I consider to be largely a waste of money for many people. He should concentrate his fairly...
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