In 2020 we’ll have been in business for 20 years! To celebrate, each month we’re sharing 20 top tips about topics that are closest to our heart. Our aim is always to provide you with the best possible information so you can make informed financial decisions. This month we’re talking about insurance and the reasons why you need both personal and business protection.
Continue reading 20 Reasons Why You Need Protection…
Tag: insurance
Flood Cover – Is your Business/Home Adequately Protected?
Your flood cover insurance is supposed to be there to protect your property, your assets, and the financial value attached to them. As such, when it fails to do that, and you’re left footing the bill for the damages, it can feel like an especially deep disappointment.
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The Insurance Policy that could prove critical…
Some people might be put off buying a critical illness policy because they believe it’s unlikely to pay out, despite the proportion of claims paid by insurers standing at just over 92%. So why is there such a gap between perception and reality among consumers?
There have been well-publicised stories in the past where a policyholder has had a claim refused because their circumstances didn’t meet the insurer’s terms and conditions. But in reality, the number of critical illness claims declined are actually a tiny minority compared to the total paid out. Take a look at these numbers of critical illness claims paid from 2017 from some of the UK’s leading insurers;
Aviva 93%
Zurich 95%
Vitality 92%
Legal and General 92%
LV 89%
Reasons why an insurer may not pay a claim…
-The policyholder didn’t inform the provider about important medical or health information when they took out the policy
– The condition claimed for didn’t meet the definition within the plan
– The policyholder tried to claim for conditions that were excluded from their plan
Separating fact from fiction…
A critical illness policy pays out a tax free lump sum on diagnosis for any of the specified serious illnesses – around 100, including cancer, heart attack or stroke. There are additional benefits available with these policies which can be life-changing when called upon.
The cover might seem costly; a policy from Aviva for a 35-year-old non-smoker needing £200,000 cover over 25 years would cost £64 a month and it gets more as you get older but the value of this type of protection makes it absolutely worth considering. In fact, the Association of British Insurers reported that a total of 96% of critical illness claims made for cancer were paid out across the industry, demonstrating the positive impact these products can have during the worst of times.
The insurance market can be complex and confusing. Price comparison sites can make it easier to search and compare critical illness policies, but there’s such a large choice and variety of products and you might end up paying for something that doesn’t quite fit your circumstances.
Don’t leave it to chance, seek professional, face-to-face advice from someone who will get to know your circumstances, your family history and your likely protection requirements and recommend critical illness cover that’s right for you.
If you’d like to know more about how Downton & Ali Associates can help you arrange serious or critical illness cover, or you’d like a better understanding of the options available, please get in touch on 0203 0210075.
Underinsurance – Post Brexit Article 50 Update
The effect of the UK’s decision to leave the EU just over a year ago was catastrophic for exchange rates – and with continued uncertainty surrounding the terms of Brexit, it’s unlikely that the pound will recover fully in the near future.
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Is your business up to speed with the 2015 Insurance Act?
On August 12th (this year!) the 2015 Insurance Act came into force, affecting the rules and regulations for how businesses buy insurance and their contract with their broker and insurer.
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How can I safeguard my business if the unthinkable happens?
Businesses across the UK are exposing themselves to very serious financial risk by not having adequate protection insurance in place, such as Shareholder Protection, Key Man Protection, Death in Service (employee term insurance) or Relevant Life. The estimated gap is around £683 billion, 60% up on recent years.
Continue reading How can I safeguard my business if the unthinkable happens?
Congratulations on starting your new business! Now what insurance cover might you need?
This is a question we get asked a lot and many people are concerned that the insurance will either be difficult to obtain or too costly, well don’t let that stop you from protecting your business because it really isn’t true!