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Originally Posted by kronas
ok, i maybe young but im always thinking about the future, so i have been thinking about either taking out a personal pension for the future or making inroads to obtaining a life policy, in the long run at this time i can only afford one of these, so for the foreseeable future which would be best to start off first ?
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The best time to start investing in a pension is *as soon as possible*! If you can even only afford to put away £100 a month, that will start your "pot" growing and you can always top it up later. (Pension contributions can be backdated to previous years if you get a lump sum)
Life Insurance tends to cover your partner or your dependants if you die and AIUI has no investment value. Life *Assurance* has an investment value which can be cashed in at a later date, although it's often better to sell the entire policy to a specialist broker instead. If you're worried about loss of income through being unable to work, you could also consider Critical Illness Cover or Income Protection Insurance.
Your best bet is to get some Independant Financial Advice, and I'd recommend going to a Bradford and Bingley and talking to their "Marketplace" IFA because not only are their advisers not tied to any company/ product range, but also they get paid a flat salary, any commission going to the B&B, so they have no incentive to push another product that gives them a bigger bonus.