Uninsurable, so where do I save for best return?

happyolddog

Hi All,
I Need some advice, I am classed as uninsurable, due to illness. I need to provide for My family for their future, so where would I be best to put My £100 per mounth to get maximum returns?

dunstonh

maximum potential or maximum guaranteed?

happyolddog

Using a F A usually costs, I am not in the situation where I can pay out for advice.

PosterBoy77

happyolddog wrote:

Hi All,
I Need some advice, I am classed as uninsurable, due to illness. I need to provide for My family for their future, so where would I be best to put My £100 per mounth to get maximum returns?

I would suggest the Scarborough BS regular saver ISA that returns 6.5% without risk and allows you to build up a 15k nest egg. Being an ISA all gains are tax free. You can save up to £250 per month.

http://www.scarboroughbs.co.uk/savingsandinvestments/products/my_savings.html

The advantage compared to other regular savers is that the money added all earns 6.5% and is all carried forward into future years.

jamesd

happyolddog, dunstonh is probably trying to determine whether the selection has to be from savings or the more lucrative, but more variable, investments. The difference is the fair probability of two to four or more times the return from investments. It would also be good to know for how long themoney is likely to be invested, since the choices for one year and ten years are quite different.

happyolddog

Hi,
I am looking to put away £100 per mounth for how ever long I am alive.
It may sound a little morbid, the truth is, as I am classed as uninsurable I want to accumulate as much as possible, so that when I die my family, especially my wife does not fall on hard times. I want to get the best deal. I am not sure how the tax side of things works. I don't work so I pay no tax. I have paid for our home and my wife works. so really I want enough to pay funeral costs and a bit to enable my wife to carry on life without any struggles. Any advice is appreciated.

P.S I am not worrying or feeling sorry for myself!

Regards, Happyolddog.

jamesd

You might start with a regular saver account. What to do beyond that depends on how long you expect to live. If it's five or more years, a stocks and shares ISA with a selection of funds would be a good idea.