We’re very pleased to announce that Plum, Midas and Prestige have joined our panel of non-standard household insurers.

Non Standard Buildings and contents insurance is for out of the ordinary risks. Typically this will include thatch and other non-standard constructions, adverse claims history, subsidence and underpinned properties, declined, refused or cancelled insurance, convictions, bankruptcy, professional sportspeople or entertainers, Unoccupied properties, holiday homes, even blocks of flats.

Basically, anything which would normally be declined on a standard home insurance policy.

You can send us brief details of your property here or please call the office on 0845 0179 578

If you’re a company director and you have life assurance in place to protect your family, you could be paying more tax than you need to. Relevant life policies are a way of providing death in service benefits on an individual basis no matter how small your business is.

What are the benefits?

Although the company pays the premiums, they are not normally assessable to income tax on the employee as a benefit in kind. This can be a significant saving, particularly for a higher rate taxpayer.

Unlike a registered group scheme, the benefit will not form part of the employee’s annual or lifetime pension allowance.

These payments may be treated as an allowable expense for the employer in calculating their tax liability, as long as the local inspector of taxes is satisfied they qualify under the ‘wholly and exclusively’ rules.

In most cases the benefits are paid free of inheritance tax, provided the benefits are payable through a discretionary trust.

Who are relevant life policies suitable for?

Small businesses that do not have enough eligible employees to warrant a group life scheme.

High-earning employees or directors who have substantial pension funds and do not want their benefits to form part of their lifetime allowance.

They are not suitable for the self-employed or equity partners, although their employed staff could be covered.

Are there any limits to the cover I have?

The legislation does have some limits to qualify for the tax concessions, and to ensure these are met we make sure that:

The cover must be paid in a single lump sum before the age of 75.

Only death benefits can be provided.

Benefits must be paid through a discretionary trust.

Beneficiaries are normally restricted to family members and dependants

Too see how much you could benefit from this call us on 0845 0179 578 to discuss your circumstances further.

Whenever we take on a new client for personal financial planning services the first item on the agenda is a full review of their existing financial circumstances. This is where we probe deeply into your employment status and benefits, insurance policies, pension funds, savings, life policies and so on.

As independent financial advisers (IFA) we are authorised to advise on all your existing plans and policies and make further recommendations from the whole of the market place.

What often surprises me is that clients often are paying for insurance that they are unable to claim on. For instance, Client x took out a mortgage when they were employed and is now self employed.

But what about the redundancy insurance which came with the mortgage? They had been paying the £34 per month premium for the last 3 1/2 years but would never have been able to claim.

Often we find that new clients are overpaying for their insurance cover. Client y need a commercial loan for her business and felt obliged (or pressured) to take out key person life cover in case she died. A good idea but the bank could only sell it’s own insurance which was very expensive.

As part of our advisory service, we were able to provide identical cover with a different insurer giving her a saving of £62 per month.

Do you want to see if you can reduce your monthly expenditure, or even maximise the potential of your current budget. Call us now to arrange a free initial consultation.

So what really are the benefits of offering this scheme to your staff? Well, if they are already paying for it themselves (and they haven’t had a string of claims) they will jump at the chance to let you, the Employer, pay the premiums for them.

But it must be more than that. From the Employer’s point of view it does help with absence management. Rather than having the member of staff off work whilst undergoing sporadic treatment from the NHS they are treated, probably by the same consultant, but in a matter of days rather than weeks or months. This should lead to the speedy return to work of a fit, well and motivated employee.

It also increases time management. I’m sure we’ve all waited in the NHS waiting room for hours on end. Even those of us who have arrived early in the hope of a quick consultation and then back to the office. It doesn’t happen! Private Medical Insurance allows the patient to dictate the time of the treatment to fit in with their busy work schedule.

And of course the member of staff. In the event of an illness or injury which needs treatment, the sooner that the treatment starts the quicker the potential recovery. They in turn should feel gratitude to their employer who has gone that extra yard to care for it’s employees.

There are many different types of Private Medical Insurance Schemes to cater for all different business types and sizes. Indeed, there are many different providers of the insurance such as BUPA, Norwich Union Healthcare, AXA PPP Healthcare etc. As professional advisers, Simpson Financial Services works with you to ensure that you get the most appropriate scheme for your business.

Call us now to discuss your requirements.