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&#39Teps can meet wedding costs&#39

Parents should consider investing in a traded endowment policy to meet the ever-increasing costs of their child&#39s wedding, according to Tep specialist Policy Portfolio.

The company says that with the average wedding costing close to £12,000, IFAs will be advising parents how to meet this expense and that a Tep could be the ideal solution.

Policy Portfolio says the key features of Teps such as their strong stable growth and guaranteed minimum payout mean they are the ideal savings method to meet the wedding bill.

It says Teps are also extremely flexible, allowing investors to choose the level of monthly investment and the investment term. It says because the term of a Tep could be anything from three years to 18 years, it can be tailor-made to pay out at the right time to meet the cost of the big day.

Managing director Brian Goldstein says: “For parents, a wedding can be an expensive business and for those with two or three children, the celebrations will result in enormous costs. Teps are an ideal low-risk investment when planning ahead for a wedding as they provide a lump sum at a given point of time.”

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