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Category Archive Insurance & Protection

Bydylanbbd

Work with Us

We are looking to talk with Independent Financial Advisers, or indeed tied/restricted financial advisers, who are looking to make a move to the independent sector to enable them to be able to provide their clients with a full financial planning service. We are particularly keen to speak with self-employed individuals who are generating an income of £100,000 or above with ambitions to grow their business; without the burden of regulation and other headaches which impact heavily on advisers daily activities.

For those ambitious advisers looking to join one of the UK’s leading team of financial advisers we are able to provide a range of support, benefits and operational infrastructure including;

  • Technology – We use the best technology to enable our advisers to work effectively in an ever-changing and challegning world. Our CRM is the UK’s largest provider of web-based technology to the financial services industry, for providing fine details of investing wisely we use industry leading analytics software to do our research and provide the information required to manage succesful portfolios, when it comes to retirement planning we use the most highly regarded tool within the market and when it comes to support clients with protection and mortgage needs we use industry favourites also when it comes to cashflow modelling our tool plans out a client’s retirement based on their spending, attitude to risk and specific plans.
  • Financial Implication – At MAP we keep everything simple; we cover FCA fees and levies, PII costs and have no additional licence fees of any kind – unlike competitors we don’t believe in bolt-ons or complicated charging systems – we allow you to keep up to 90% of your generated income with no hidden deductions.
  • Compliance – As an industry which is highly regulated we ensure we partner with the very best to support our team of advisers – the firm we partner with is winner of ‘Money Marketing 2020 Best Network/Support Provider’. Adhering to their advice, guidelines and support has provided many opportunities and benefits to our business including affordable renewels on our PII.
  • Support – We know your in business not because you love the tedious parts of the financial services industry, but because you pride yourselves on making a difference to your clients. We’ve taken away the need for advisers to worry about sales processes, we monitor our investments and contact clients to alert them when switches should be required, explaining rationale behind our recommendationsand make any agreed switches on behalf of our advisers – ensuring your client’s portfolios are maintained on a regular basis. Further to this we have our own external Marketing Consultant to work with the team around lead generation, social media and all general client communications.
  • Licences – As an independent firm we offer advice across all categories of products in the financial services sector; we have an internal team including fully qualified Pension Transfer Specialists, Equity Release Specialiasts, Mortgage Brokers and our own Investment Manager who is a fully qualified Tax Accountant and IHT Specialist.
  • Work where suits you – we offer both home-working or office-based environments for the team to work from – and of course you could use both! Our office in Hillington Park just outside Glasgow is free to use with all normal office facilities available with free car parking and the ability to hot-desk as well as interacting with colleagues. All of our systems and support is web based so whether you have your own office, work from home or in our office – we can help.
  • Client Communications – One of the advantages of joining the MAP team is our comprehensive client support package to compliment your service agreements; this includes our quartley client newsletters, annual tax guides, marketing emails and bespoke client communicatons. Plus with access to our Intelliflo Office all clients have access to their own portal where they can view the progress of their investments – in addition to a live online chat function and paperless document transactions.

To find out more about the opportunities to work with Money Advice and Planning please please contact our Business Development Manager Ian Clisby on 07788 566 7850 or email ian.clisby@mapfinances.co.uk, he will happily discuss your current working setup and show you how working with MAP can provide many more benefits – not just to you, but also your clients.

Bydylanbbd

Life Insurance

Most people will (or at the very least SHOULD) have some life insurance, and bear in mind that this only pays out on death, whereas Income Protection Insurance (IPI) pays out if you cannot work, and pay-outs can go up to 2/3rds of normal income – so these are very good policies to have, but the only problem is, that people invariably never go for IPI – they go for straight life cover.

The whole purpose of insurance is to provide a lump sum (or an income) in the event of something happening, and that money should cover known liabilities or perhaps expected ones. Now for single people, it is my opinion that life insurance is almost a waste as it only pays out on death, whereas that person should be looking to take out Critical Illness insurance that would pay out on that person contracting a major illness. Income Protection Insurance is also valuable for a single person.

Couples should look to cover both parties and maybe slightly more for the higher earner. Now here life insurance is not a waste as the remaining spouse may very well have to face liabilities – and so will need some money to help with these. Family protection policies are also important if the main earner suddenly falls ill and dies. We normally recommend life cover of 4 times earnings, and that gives the family 4 years of peace of mind and give them a chance to get things organised in time.

The big contradiction in insurance is that most people – if they have insurance – it will be life insurance which in a lot of cases is wasted, whereas Income Protection Insurance which helps more people is least taken out.

This is where people need to sit down with their IFA who can guide them through the BEST type of insurance for them and also the right amount of cover as well. It would be a waste if you had the right policy but fell far short of what you need. AT MAP – we can tell you what the best policies are, and give you all the relevant prices, and then you decide what is affordable.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority. For any enquiries, contact Andrew on 07957 836211 or enquiries@mapfinances.co.uk

Bymapfinancesadmin

MAP Spring 2021 Budget Highlights

Check out our highlights of the Spring 2021 Budget from 3rd March 2021 using the reader below.

2021-Spring-Budget

If the above reader does not display correctly, you can access the guide by clicking here.

Bymapfinancesadmin

MAP Newsletter – Quarter 4 2020

Check out the latest financial insights for the final quarter of 2020 using the reader below.

If the above reader does not display correctly, you can access the newsletter by clicking here.

Bymapfinancesadmin

MAP Newsletter – Quarter 3 2020

Check out the latest financial insights for the third quarter of 2020 using the reader below.

If the above reader does not display correctly, you can access the newsletter by clicking here.

Bymapfinancesadmin

MAP Spring 2020 Budget Highlights

Check out our highlights of the Spring 2020 Budget from 11th March 2020 using the reader below.

2020-Spring-Budget

If the above reader does not display correctly, you can access the guide by clicking here.

Bymapfinancesadmin

MAP Newsletter – Quarter 2 2020

Check out the latest financial insights for the second quarter of 2020 using the reader below.

If the above reader does not display correctly, you can access the newsletter by clicking here.

Bymapfinancesadmin

Buildings & Contents Insurance

Buildings and Contents Insurance can be bought either together to incorporate insurance for both aspects named in the title, or in part, to provide cover for just a building or just the contents of a building.

This type of policy is designed to provide benefits as and when claims are made against the loss of or damage to a building or the contents therein. Claims must be sufficiently sizeable to warrant a pay-out and will be judged by an assessor from the insurer, to check its validity.

If purchasing buildings and contents insurance (as opposed to just one or the other) you will have one premium but two sum assured amounts; one for the building and one for contents. This is the maximum the insurer will pay out in any one claim. Therefore, the sum assured for the building will be considerably higher than that for the contents.

B&C insurance can sometimes be compulsory if putting a mortgage on a property and the lender requests it be in place as a condition of the loan. Otherwise, like any insurance, you have to make a considered judgement about whether you think it is likely you will have to claim during the life of your loan. If the worst happens and you have to call on your insurance, then it can be money well spent.

The policies have a fixed term of twelve months, and are reviewed annually by the insurer. At this point, it is normal for renewal terms to be issued and the insurer will write to the policyholder directly in this regard on each anniversary of the policy, offering the opportunity to alter the terms of the contract to suit their requirements.

The premiums can be reduced by not having any claims for a prolonged period and increasing your excess (what you pay before the insurer does). Alternatively, premiums can be increased based on the amount being insured – larger properties and individual items of high value will almost certainly increase the premiums – or if claims are made regularly.

Premiums can be paid either upfront for the year ahead or monthly.

Bymapfinancesadmin

Life Insurance

Life insurance, otherwise known as level term assurance, has a known level of cover that will be paid out in the event of death within a known period of time.

Premiums remain level throughout and should you survive the policy term, there will be no benefit. As this type of contract only provides cover in the event of death there is no surrender value, so if you stop paying the premiums at any time, your cover will cease.

Premiums are based on your personal circumstances but the main areas for consideration by an insurer are your age and state of health. The older you are, the higher the premium will be. Similarly if you have or had a serious ailment the insurer may seek to charge you more or in some cases be unwilling to cover you at all. Higher levels of cover and longer policy terms all increase cost as will the fact that an individual smokes.

Essentially, level term assurance is cheap cover on your life for the benefit of your family or for your business, but there are limitations to it.

As it is a fixed term, there is no flexibility and you will be unable to increase cover or extend the term. Should you therefore find yourself ill at the end of the term you may be unable to obtain further cover.

There is no investment element to the policy, and your sum assured will take no account of inflation.

Bymapfinancesadmin

Mortgage Protection

Mortgage Protection policies, otherwise known as Decreasing Term Assurance, provide cover that matches the outstanding balance of your mortgage/loan and will pay a lump sum that can be used to pay off the remaining balance of your mortgage/loan in the event of death and/or diagnosis of a terminal illness.

Premiums can be guaranteed throughout the term or reviewable at certain intervals, but should you survive the policy term, there will be no benefit. As this type of contract only provides cover in the event of death and/or diagnosis of a terminal illness there is no surrender value, so if you stop paying the premiums at any time, your cover will cease.

Essentially, term assurance is the cheapest type of life cover and is normally used for the benefit of the life assureds’ family or business, but it does have limitations.

As it has a fixed term, there is no flexibility and you will be unable to increase cover or extend the term. Should your health have deteriorated during the term of the policy, you may be unable to obtain further life cover at the end of the term.

There is no investment element to the policy, and your sum assured will decrease throughout the policy term matching the outstanding balance of your mortgage (providing repayments have been maintained at the current level).

Some products allow you to select the interest rate to match the rate of interest on the mortgage/loan whilst others have pre-set rates, meaning it is important to review the cover if the rate of interest changes.

Premiums are based on your personal circumstances but the main areas for consideration by an insurer are your age and state of health. The older you are, the higher the premium will be. Similarly if you have or had a serious ailment the insurer may seek to charge you more or in some cases be unwilling to cover you at all. Higher levels of cover and longer policy terms all increase cost as will the fact that an individual smokes.