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25 September 2008

What's the best way to invest a life insurance payout?

My mother-in-law was recently widowed. The life insurance pay out cleared the mortgage debt and left her with approximately £50,000. This sounds like a lot but it's all she has to live on apart from her very small state pension and a small occupational widow's pension so it's vital that she invests it wisely. Her pension income takes her just over her personal tax allowance making her a basic rate tax payer so any advice on managing her tax liability would also be appreciated.

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