FAQs

Answers to your questions on all financial matters. Helping you understand insurance and how it can protect you. 

• WHAT IS A Financial Review?A Financial Review is a where we work together in writing down & tabulating all your financial dealings at the present time, for eg. Income & Expenditure, Long & Short term Savings, Loans, Insurance for living, Retirement Planning and any other financial demands you may have at the moment

• Who needs Life Cover ?A Life cover is needed to provide Cash to meet the financial loss of another in the event of a death. That may be a Spouse, Child or a Finance provider.

• I have Mortgage Protection, is that life cover ?Yes, Mortgage Protection is Life cover but it is primarily designed to meet the outstanding balance of the Mortgage in the event of a death to the owner of the Mortgage.

• What is Critical Illness cover ?Critical Illness cover is an Insurance cover that pays out on diagnosis of a Critical Illness, eg. Cancer, Heart, etc. It is a lump sum paid directly to you by Acorn Life. The amount insured is at the discretion of the client.

• I have Health Insurance, is that the same as Critical Illness Insurance ?No. Health Insurance will take care of your medical costs of the hospital & doctors, depending on what level of cover you have. This is usually paid directly to the hospital or doctors clinic.

RETIREMENT PLANNING

• Q. What is a Pension ?A. It is a Long term Savings Plan through which you can provide financially for your Retirement.

• Q. What age should I start my Pension at?A. It is recommended to start your Pension as early as you start working, the earlier you start the better your Pension will be.

• Q. How much do I save in my Pension? A. Following a Financial Review you can decide how much you need / wish to put into your Retirement Plan.

• Q Can I get Tax Relief on my Pension Contributions?
  A. Yes you are allowed full Tax Relief at your Marginal Rate on contributions to your Pension within certain conditions.

• Q Who is Acorn Life’s Fund Manager ?A.HSBC, one of the Worlds largest banks.