…all from Clients running their own business. 
Which two are your Clients ? 
Which two would you like to be your Clients ?

All four Clients have had the foresight to take out Income Protection to pay their bills in the event of accident/injury, sickness/illness or redundancy/business failure.
Two of those Clients (A and B) are extremely ill in hospital, and their spouse or partner has been trying to handle a claim on their behalf. The other two clients (C and D) have suffered the failure of their business due to a downturn in the market.

Let’s examine how easy, difficult, or impossible the spouse/partner‘s tasks have been in each case.

INJURY OR ILLNESS CLAIMS

Client “A” insured with DMS.

  • This Client has already authorised DMS and the insurer’s claims manager to deal with their spouse or partner, so no Data Protection concerns.
  • At outset they Self-Certified the affordability of their regular monthly outlay by Pre-Validating their regular monthly expenses, by sending DMS a copy bank statement confirming those monthly expenses, so that their DMS Certificate carries an endorsement that confirms that in the event of a claim no further enquiries about either income or outlay will be made.
  • They simply need to complete DMS insurer’s claim form (emailed to them on the day it was requested) and return it with a Certificate issued by the GP or a hospital, together with completion of a section of the claim form confirms the client is presently unfit to carry out their normal occupation.
  • The claims manager quickly processes their claim, approves it, and commences benefit payment.
  • They must simply continue to provide certificates until they are fit to return to work, and then the insurer’s benefit payments will continue to be paid.

Client “B” insured with another provider, not with DMS.

  • This Client has not authorised their insurer or the insurer’s claims manager to deal with their spouse or partner, so Data Protection issues stop their claim being dealt with until they are well enough to address this themselves.
  • When they are well enough to return to work, possible after an absence of several months, what state will their business be in? Will they even have a business to return to? They will certainly have a pile of bills to address, and this, probably with hardly any income at all. Then they must try to address their claim.
  • They need certificates issued by their GP and/or a hospital, covering the period of their absence from work. Depending on their policy wording, their insurer may well maintain that they were fit enough to have been doing some other kind of work even if they were not able to carry out their normal occupation.
  • They must prove that at the start date of their policy and in the 12 months immediately preceding their claim, their income was at the level stated on their application form, and their business was trading profitably with them drawing that level of income, by producing accounts prepared by a qualified accountant or HM Revenue & Customs Tax Assessments (but not Estimated Assessments as these are not acceptable).
  • The claims manager will be unable to process their claim until they are well enough to provide the information required.

BUSINESS CLOSURE CLAIMS

Client “C” insured with DMS.

  • This Client has already authorised DMS and the insurer’s claims manager to deal with their spouse or partner, so no Data Protection concerns.
  • At outset they Self-Certified the affordability of their regular monthly outlay by Pre-Validating their regular monthly expenses, by sending DMS a copy bank statement confirming those expenses. This means that their DMS Certificate carries an endorsement that confirms that in the event of a claim no further enquiries about either income or outlay will be made.
  • They simply need to complete DMS insurer’s claim form (emailed to them on the day it was requested) and return it with an “Entitlement to Benefit” letter issued by the Department of Work & Pensions, together with confirmation that HMRC have been informed of the business closure that they have ceased to trade.
  • The claims manager quickly processes their claim, approves it, and commences benefit payment.
  • They must simply continue to provide ongoing evidence of their job search, and the insurer’s benefit payments will continue to be paid.
  • There is no need for them to go through insolvency, making a new business start-up more than possible.

Client “D” insured with another provider, not with DMS.

  • This Client has not authorised their insurer or the insurer’s claims manager to deal with their spouse or partner, so Data Protection issues could stop their claim being dealt with until they are able to devote enough time to providing what their insurer requires.
  • They may have to prove that at the start date of their policy and in the 12 months immediately preceding their claim, their come was at the level stated on their application form, and their business was trading profitably with them drawing that level of income, that they have filed closing accounts with HMRC or had their company put in the hands of an Insolvency Practitioner following the actions of a third party outside their business.
  • They may also have to produce accounts prepared by a qualified accountant or HM Revenue & Customs Tax Assessments (but not Estimated Assessments), and prove that the business failed through no fault of theirs or any business partner or co-director.
  • It is almost certain they will have to go through insolvency and this will place all their personal assets (including their home!) at risk, and hence making a new business start-up almost impossible.

A REAL EXAMPLE
We are currently(July 2015) paying a claim of £1,086 per month.

If that client had not Self-Certified the affordability of his monthly outlay with us, then because his income in the year before the claim was reduced by his deteriorating health, we would have been able to pay only £197 per month! That is most likely the situation that he would be in with any other provider even if the other provider was prepared to pay out at all!

Just five minutes work by you, your Client’s Adviser, will empower us to speed through any claim on your Client’s policy that arises in the future. It will also stop you having to explain why the policy you recommended caused so much pain and disappointment, (or even failed to pay out altogether) or trying to explain why you didn’t recommend the trouble free claims settlement provided by the DMS Business Protector policy.

During 2014 at DMS we paid out 91.92% of all claims received.

Can you really afford to use any other STIP or ASU provider?

DMS Agency Services Ltd trading as DMS Security Plans is authorised and regulated by the Financial Conduct Authority. Our Firm Reference Number with the FCA is 303028. this can be checked at www.fsa.gov.uk/register/home.do.

Registered in England, Company Registration number 03762280. Our Registered Office is Martland Buildings, Mart Lane, Burscough, ORMSKIRK. L40 0SD.