Can I get a life insurance policy in my sixties?
QMY LIFE insurance policy ends next year when I turn 66. Will I be able to take out a new policy at this age? If so, will it be a lot more expensive?
AYES, you can take out a new policy. The cost and acceptance will all depend on the type and terms of the insurance and, of course, your current state of health.
QIF YOU have power of attorney do you need to send original documents to financial providers or can you send copies? I have a lot of firms to contact.
AUSUALLY you will have to send the watermarked originals. However, there’s no harm in checking policies and procedures with each provider. It may be that copies signed and authorised by your lawyer will be sufficient for some firms.
QI HAVE a big balance on a credit card, which is costing me a lot in interest
every month. I won’t be able to get a 0% balance transfer card for the full amount but is it worth my while transferring part of the balance?
AYES, that does make sense. Transferring part of it will mean you do not pay interest on a chunk of your balance. Make sure you at
least pay the minimum per month on any 0% balance card you take out. Aim to pay as much as you can off the original credit card to get that balance down too.
QI HAVE received a PPI refund and paid tax on the interest. How is this worked out and how can I claim a refund? I think I may have paid out too much.
AIF YOU are a basic rate taxpayer, it is usually 20% deducted and there’s nothing to claim back. If you’re a higher-rate taxpayer, then it’s 40% and you may have more to pay. Yet non-taxpayers can reclaim some or all of the tax using form R40.
QI HAVE a workplace pension but I want to put away a bit more. I’m too old
AYOU can, and you can save up to your net relevant earnings to a maximum of £40,000 to receive full tax relief on contributions.
■ IN A recent column a reader who served in the RAF as a conscript in the late 50s and early 60s asked if he could claim a war pension.
To clarify: You can only claim under the War Pensions Scheme if you are no longer serving and your disablement was caused as a result of service in the armed forces before April 5, 2005. The AFCS (Armed Forces Compensation Scheme) provides compensation for any injury, illness or death which is caused by service on or after April 6, 2005. You can make claims via gov.uk/ government/collections/ armed-forces-compensation or contact the Veterans UK helpline on 0808 191 4218.