Short Term Income Replacement for Clients running their own business
How many horror stories have you heard about Clients running their own business trying to claim on “old-fashioned” PPI/ASU/STIP policies? At best, many received only a partial payment, and at worst, most claims were refused completely. This travesty was because claims payment was based upon income and profit at the time of the claim and was nothing to do with the financial situation when the policy was taken out.
Was it not almost as if these policies had been designed specifically to make claims impossible?
Now, once again, DMS leads the field with its unique ground-breaking “Business Guard” policy.
With Business Guard, eligibility for cover is BASED ON REGULAR EXPENSES, not income or profit.
Designed from the outset for Clients running their own business, whether they are Self-Employed or Controlling Directors, full underwriting takes place at application stage, and DMS documentation then spells out exactly what is covered and what is not. The Certificate confirms the amount that WILL be paid if a claim is approved – and almost 92% were paid in 2014.
There can be NO REDUCTION TO THE MONTHLY BENEFIT if a claim arises. The monthly benefit on the policy certificate will be the monthly benefit paid out on the claim – which is ALWAYS 100%.
Full underwriting is carried out at the application stage, and NO INFORMATION ABOUT INCOME OR PROFIT is required. Cover is based purely on regular monthly expenditure. Clients self-certify the affordability of this by pre-validating their outlay by producing bank statement(s). These can be on an account owned by your Client, their spouse or partner, a joint account owned between them, or any combination of these. Ideally this is best done on application, but it must be done within two months of cover commencing, and no claim can be considered until this has been done.
DMS offers cover for up to 125% of the sum of your Client’s regular provable monthly outlay, subject to a maximum of £2,500 tax free per month, and payable for up to 6 or 12 months in respect of any one claim. The first claim payment can be on day 31 of the claim, giving continuity of income, or for a discounted premium your Client can opt to defer this by one or two months.
Claims Validation is simple, fast and trouble-free.
Injury or illness is validated by:
GP Certificate confirming they are unfit to perform their “normal” occupation.
Business Closure is validated by:
DWP letter confirming
Entitlement to Benefit
HMRC letter confirming knowledge that the business has closed completely.
This completely avoids having to go through Insolvency – allowing a better than even chance of setting up in business again, with the Clients credit rating still intact.
DMS even offers cover against Injury or Illness for new business start-ups, with Business Closure cover available after two years trading, or earlier in some instances.
DMS covers Offshore Workers, and not just those working offshore around the UK.
DMS regularly offers cover to Clients refused by other providers.
DMS paid 91.92% of all claims received in 2014.
To discuss switching cases currently in force with other providers to DMS, or problem, difficult or out of the ordinary cases, or just for a general discussion about this revolutionary new product call me, or email me, inserting “Call” in the subject line and just giving “YourName” and “TelephoneNumber”.
John Tegg – Underwriting & Product Design
Direct Line: 0800 817 4725 extension 301