7630 1403 gi brochure v1 - paymentshield...single portal allowing you to save time and concentrate...
TRANSCRIPT
GE N E R AL I NSU RA NCEFOR INTERMEDIARY USE ONLY
GI from SBG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Home Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Buildings Overview . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Contents Overview . . . . . . . . . . . . . . . . . . . . . . . . . 10
Landlords Insurance . . . . . . . . . . . . . . . . . . . . . . . 12
Specialist Insurance . . . . . . . . . . . . . . . . . . . . . . . . 15
Income Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Mortgage Payment Protection Insurance . . 20
Commercial Insurance . . . . . . . . . . . . . . . . . . . . 24
Income Opportunities . . . . . . . . . . . . . . . . . . . . . 26
Sales and Marketing tips . . . . . . . . . . . . . . . . . . . 28
Access your GI Portal . . . . . . . . . . . . . . . . . . . . . . 32
Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
C ONTENTS
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GE N E R AL INSU RANCEF ROM SBG
Why SBG?
Sesame Bankhall Group provides support to over 11,000 advisers across the country. The Group bringstogether the leading network, support service provider andmortgage club, making it the UK’s largest distributer ofretail financial advice.
Beyond distribution, the Group is able to leverage its scale and reputation to operate within a number of key market areas and introduce new services to equip our members with the tools they need to grow their businesses.
Why GI?
SBG’s GI proposition has been created to make writingGeneral Insurance business quick and simple. You will be able to access our GI products under one roof via asingle portal allowing you to save time and concentrate onservicing your client’s needs.
5 reasons why you should consider GI from SBG.
1. An extra revenue stream with market leading commission
2. Even more reasons to engage with your clients regularly
3. Helping you to build value in your business by securing a revenue stream for the future
4. You do not need extra qualificationsto provide this service
5. Referral service available if you donot want to write the business yourself
SBG’s GI Portal offers quality cover for a wide rangeof risks.
Choice
A variety of products from a range of leading UK insurers,with Aviva, RSA, Ageas, Towergate, Pinnacle, Jubilee,Allianz, Axa, Legal & General and more… with evenmore to come!
Products include:
• Buildings and Contents
• Landlords Insurance
• Specialist Insurance
• Accident, Sickness and Unemployment
• Mortgage Payment Protection Insurance
• Commercial Insurance
Efficiency
Access our products through a single portal.
• A user friendly quote and application system
• Common policy wording – a flexible product to meetyour client’s home insurance needs, reducing the number of policy terms you need to know*
Value
• Competitive pricing
• A new retention tool helping to ensure that your client always gets the best deal**
• Market leading commission
• No dormancy clauses
* Common policy wording on standard building and contents and landlords cover.
** Auto re-broke to Standard Buildings and Contents panel products are set at a percentage renewal price increase threshold.
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ON E G I PORTALOF FER I NG YOUCHOI CE ,EF F I C I ENCYAND VALUE
HOME INSU RANCE
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Our Standard Home Insurance policies are underwritten by a panel of leading insurers which includes RSA, Aviva Insurance Limited,
Ageas Insurance, Legal & General and Allianz.
Our Standard product provides up to £400,000 BuildingsCover and up to £50,000 Contents Cover which offersthe following benefits:
• The option to pay annually (via Direct Debitor credit*/debit card) or by monthly Direct Debit**
• Up to £5,000 for tracing and accessing water or oil leaksfrom pipes, tanks and fixed heating systems
• A 12 month guarantee on repairs carried out byapproved tradesmen
• Where damaged contents cannot be economicallyrepaired we will provide replacement items on a new for old basis or at our option we will pay thereplacement costs of a new item of similar quality
• Temporary automatic uplift in contents cover forbirthdays, weddings, civil ceremonies and religiousfestivals to cover your clients for any gifts or extra food and drink they may have in your client’s homeduring periods of celebration
• Access to 24-hour helplines provided by DAS LegalExpenses Insurance Company Limited which offersemergency assistance plus access to approved tradesmenand ULR Additions who can provide legal adviceregarding any personal legal problems
• Extra cover available to increase our Buildings cover up to £600,000 and Contents cover up to £75,000.
For further support on selling this policy take a look at our Sales and Marketing tips
How to submit business
Visit www.SBGGIPortal.co.uk and login. Once logged intothe GI Portal select the Home Insurance quote section. Ourquick start guide will help with any queries and our peopleare on hand to help with any questions.
Payment Options
We offer a choice of payment options.
Choice of Annual or MonthlyWe now offer the option of paying annually (via DirectDebit or credit*/debit card) or by monthly Direct Debit**
Pay over 10 or 12 months Clients opting to pay by monthly Direct Debit can choose topay no premiums for the first two months following thepolicy start date. This doesn’t just apply to Standard HomeInsurance, it also covers any optional extras. This option isideal for those clients moving home on a tight budget.
Optional Extras
We understand that every client is different and thereforeoffer a range of optional extras to suit a variety of needs.
Buildings Extra Cover increases the buildings maximumsum insured to £600,000. Provides the option for 7 and 8bedroom properties.
Contents Extra Cover gives the facility to increase theContents Cover up to a maximum sum insured of £75,000.
Accidental Damage Cover provides cover against accidentaldamage to your clients’ buildings and/or contents. This couldcover putting their foot through the attic floor, spilling painton a carpet or knocking over their television set.
Personal Possessions Cover allows your clients to take outadditional cover under their Contents Insurance to insureagainst loss or accidental damage to articles which arenormally worn or carried inside or outside the home, such aswatches, mobile phones, cameras, keys and bicycles.
Home Emergency Cover provides cover against a suddenor unexpected event in the home that requires immediateaction. This might include action to make your clients homesafe and secure, avoid damage, and restore electricity, gasor water services should they totally fail. With one call to our24-hour emergency helpline, we’ll be able to assist yourclients with most emergencies and, if necessary, send out aqualified professional to complete any required work up to alimit of £500 (including VAT). This could include making aninitial repair such as boarding up a window or fixing a burstpipe. If the client's home is left uninhabitable due to theemergency then alternative overnight accommodation, upto £100 (including VAT), can also be agreed. HomeEmergency claims are not subject to an excess and do notaffect your clients no claim discount.
Legal Expenses Cover helps to protect your clients fromcountless unforeseen situations that could leave them out of pocket. We can provide up to £50,000 of cover per insuredincident for pursuing or defending a claim includingemployment disputes, bodily injury claims or contractdisputes with the sale or purchase of goods and services.
Paymentshield Home Emergency Cover is underwritten by DAS Legal Expenses Insurance Company Limited.The insurance for Legal Expenses Cover is supplied by ULRAdditions and underwritten by Ageas Insurance Limited.
* Credit Card payments are subject to 1.5% charge** Subject to APR
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B UILDINGS OVERV IEWQuote Options Choose to pay annually or
monthly over 10 or 12 monthsYour clients have the option of paying annually (via Direct Debit orcredit*/debit card) or by monthly Direct Debit**. Clients choosing to pay by monthly Direct Debit can also choose to pay no premiumsfor the first 2 months. Whilst the overall cost will be the same as ifthey had paid over 12 months, premiums after the payment freeperiod will be higher than if they had started to pay from thebeginning of the policy.
Excess Choose from £50 – £500 in£50 increments (standardexcess £100)
Our standard excess is £100, however your client can choose toincrease or decrease the excess depending on how much they wish to pay in the event of a claim, with a higher excess meaning a cheaper monthly premium. Claims for certain eventualities (see below)carry a minimum excess in which case the policyholder must pay theexcess amount chosen or the minimum excess, whichever is greater.
Sum Insured Up to £400,000 (or £600,000where buildings extra isselected)
The policy covers the cost of repairing damage to buildings, causedby an insured event, up to the sum insured. The sum insured is therebuild value of your clients’ home i.e. the cost of fully rebuildingyour clients home, including fees and related costs, should it becompletely destroyed. Our standard cover is up to £400,000, forhouses with 1 – 6 bedrooms, however if this is not sufficient we alsocover ‘Buildings Extra’cover which increases the sum insured to£600,000 for properties with 1 – 8 bedrooms.
Subsidence Up to buildings sum insured(£1,000 Excess)
Covered for the cost of repairing damage to the policyholder’shome caused by subsidence or heave of the site on which theclients’ home stands (or land belonging to it) or landslip.
AlternativeAccommodation
Up to 15% of the buildingsum insured (for our standardsum insured of £400,000 thiswould be up to £60,000)
If the policyholder’s home is made uninhabitable by an insured eventwe will pay for agreed accommodation expenses incurred by thehousehold until their home is restored to normal living condition. We will even cover agreed costs of accommodation for their pets.
Garden Cover Up to £2,000 Not all home insurance policies cover the cost of damage to gardens,however, our Standard Buildings Insurance will cover the cost ofrepairing damage to the trees, shrubs, plants, hedges and lawns onland belonging to the policyholder’s home caused by an insuredevent excluding subsidence, landslip or heave and storm or flood.
Locks Replacement
Up to £750 In the event of accidental damage to the locks of the external doorsto the policyholder’s home or should the keys to the external doors,safes or alarms in their home be accidentally lost or stolen, yourclient is covered for the costs of replacing the lock mechanism orchanging the locks unless their home has been left unoccupiedfor more than 60 days.
BuildingsUnoccupancy
60 days We will maintain full buildings cover even if the policyholder’s home isleft unoccupied for up to 60 days. After 60 days we will still continueto provide cover for your clients buildings although certain restrictionsand exclusions will apply. Customers must advise if there is a changein their circumstances, such as the home becoming unoccupied.
Escape of Water and Oil
Up to sum insured(£250 excess applies or theamount chosen whicheveris greater)
So long as the policyholder’s home hasn’t been left unoccupied for more than 60 days, the policy covers damage to their buildingscaused by escape of water from washing machines, dishwashers orfixed domestic water or heating installations and the escape of oilfrom any fixed domestic oil heating installation.
Trace and Access Up to £5,000 The policy will provide cover for tracing and accessing water or oilleaks from pipes, tanks and fixed heating systems.
Call centres andhelplines
UK based call centresand 24 hour helpline
Our call centres are UK based. There is also a 24 hour emergency helplineto help put the policyholder in touch with professionals who can carry outrepairs to their home should they need to. This helpline is provided byDAS Legal Expenses Insurance Company Limited. ULR Additions canprovide legal advice regarding any personal legal problems.
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* Credit Card payments are subject to 1.5% charge** Subject to APR
Accidental Damage Up to the buildings sum insured
Accidental damage is one of the most common reasons peopleclaim on their home insurance. Where selected, the policy will coverthe costs of accidental damage to buildings. We also includeaccidental breakage to underground drains for which the client islegally responsible, pipes and cables providing services to or fromthe policyholder’s home and for which they are legally responsible.
Legal ExpensesCover
Up to £50,000 per insured incident
We will pursue or defend your client’s legal rights includingemployment disputes, bodily injury claims or contract disputeswith the sales or purchases of goods and services.The insurance for Legal Expenses Cover is supplied by ULRAdditions and underwritten by Ageas Insurance Limited.
Home EmergencyCover
£500 (including VAT) perHome Emergency claim andup to £100 (including VAT)for accommodationand transport should yourhome become uninhabitable.
A Home Emergency is a sudden, unexpected event in the home thatrequires immediate action to make things safe and secure, avoiddamage or further changes, ensure the home is fit to live in andrestore electricity, gas, or water services to the property if they havetotally failed. We will cover the cost of a Home Emergency that thepolicyholder tells us about as well as their accommodation andtransport should their home become uninhabitable and remainso overnight. Home Emergency Cover is underwritten by specialistinsurers DAS Legal Expenses Insurance Company Limited.
We also offer optional extensions of cover for even the most cautious of clients.
Note: Restrictions and exclusions apply to the events and extent of cover.Full detail of these restrictions can be found in the policy document.
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C O N TE NTS OVERV IEWQuote Options Choose to pay annually or
monthly over 10 or 12 months.Your clients have the option of paying annually (via Direct Debit orcredit*/debit card) or by monthly direct debit**. Clients choosingto pay by monthly Direct Debit can also choose to pay no premiumsfor the first 2 months. Whilst the overall cost will be the same asif they had paid over 12 months, premiums after the payment freeperiod will be higher than if they had started to pay fromthe beginning of the policy.
Excess Choose from £50 – £500in £50 increments(standard excess £100)
Our standard excess is £100, however your client can choose toincrease or decrease the excess depending on how much they wish to pay in the event of a claim, with a higher excess meaning a cheaper monthly premium. Claims for certain eventualities(see below) carry a minimum excess in which case the policyholdermust pay the excess amount chosen or the minimum excess,whichever is greater.
Sum Insured Up to £50,000 (or £75,000 where contentsextra is selected)
When deciding the value of your client’s contents, you shouldconsider the replacement cost of all the household goods andpersonal effects within their home, not forgetting lofts, basementsand garages. Your client can claim up to £5,000 per unspecifieditem, so for items worth more than this amount, the clientshould specify them when they take out their policy.
Valuables Up to £15,000 For valuables i.e. jewellery, watches, furs, works of art, computerequipment and money, we will pay up to £2,000 per individual item(if not specified) up to a total of £15,000. Valuables worth more than£2,000 must be specified when your client takes out their policy.
AlternativeAccommodation
Up to £10,000 We will cover the cost of agreed accommodation expenses includingpets and storage of property if the policyholders’ home is madeuninhabitable, as a result of any insured event, until their home isrestored to normal living condition.
Electronic DataDownloads
Up to £2,000 We will cover the cost of replacing electronic data downloadsfollowing loss or damage caused by an insured event.
Freezer Cover Up to contents sum insured We will cover the cost of replacing food in the policyholder’s freezer that has been spoilt by an accidental change of temperature in the freezer.
Contents in the Open Up to £500 With the exclusion of money or credit cards and pedal cycles we willcover items left in the open within the grounds of your client’s homefor loss or damage caused by an insured event so long as their homehas not been left unoccupied for more than 60 days. This coverexcludes items left in a motor vehicle or caravan.
Contents inOutbuildings
Up to contents sum insured We will pay up to £3,000 per theft claim for contents stored inoutbuildings, but full cover (up to the sum insured) is provided for the repair or replacement of damaged contents storedin outbuildings.
Visitors’ Effects Up to £1,000 We will cover the cost of loss or damage to visitors’ personalpossessions while in the home as a result of any insured event.
Contents TemporarilyRemoved
Up to contents sum insured We will cover contents anywhere in the UK when temporarily moved from the home including into any bank, safe deposit,occupied private dwelling or into any building wherethe policyholder is residing or carrying on business.
Business Equipment Up to contents sum insured We offer cover for business equipment if the policyholderor their family work from home.
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* Credit Card payments are subject to 1.5% charge** Subject to APR
Unoccupancy 60 days We will maintain full Contents Cover even if the policyholder’s home is left unoccupied for up to 60 days. After 60 days we will still continue to provide cover for their contents although certainrestrictions and exclusions will apply. Customers must adviseif there is a change in their circumstances, such as the homebecoming unoccupied.
Escape of water Up to sum insured £250excess applies (or the amountchosen whichever is greater)
So long as the policyholder’s home hasn’t been left unoccupied for more than 60 days, the policy, will cover their contents for any damage caused by escape of water from washing machines,dishwashers or any fixed domestic water or heating installation and escape of oil from any fixed domestic oil heating installation.
Gifts and ReligiousFestival Increase
Temporary increaseto sum insured
For one month before and one month after the day of wedding/civilceremony of any of the policyholder’s family, family birthdays andreligious festivals the sum insured for contents is increased by £2,500.
Accidental DamageGifts and Religious
Up to contents sum insured An optional extra which covers accidental damage to contents in thehome and within the grounds of your clients home. The policy excesswill apply for accidental damage claims.
Student cover Up to £5,000 Contents are covered following loss or damage anywhere in theUnited Kingdom when moved from your home into any building where you or a member of your family are living while attending full-time education.'
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Personal Possessions
An optional extra which covers clothing, baggage and personal effects carried by your client or their family. The items are insuredagainst accidental damage or loss inside your client’s home or outside their home occurring anywhere in the United Kingdomor Europe or for up to 60 days if travelling anywhere else in the world.
Excess Standard £100 (or the amountchosen whichever is greater)
When making a claim for personal possessions the standard excessis £100 or the excess selected by the client, whichever is greater.
Total Limit £15,000 We will cover articles of personal use normally worn or carries away from the home including jewellery, clothing, timekeeping and photographic equipment, spectacles, keys, and cycles.
Single Article Limit Up to £1,500 Single Article Limit Up to £1,500 Your client can claim up to £1,500for jewellery, watches, gold and silver articles unless specifiedin your certificate.
Money Limit Up to £250 Money Limit Up to £250 The policyholder and their family are insuredagainst loss of personal money.
Credit Card Misuse Up to £500 Credit Card Misuse Up to £500 We will cover unauthorised useof the policyholder’s credit card up to £500.
Mobile Phones Up to £250 (unless specified) Mobile Phones Up to £250 (unless specified) Your client can claim upto £250 per claim for mobile phones lost or accidentally damaged
Pedal Cycles Up to £500 (unless specified) Pedal Cycles Up to £500 (unless specified) As long as the bicycle is not left unattended in any public place without being secured or while left unattended overnight in a public place.
Theft fromUnattended Motor Vehicle
Up to £1,000 Cover for personal possessions left in an unattended motor vehicleas long as items are left in a locked boot, concealed luggageor glove compartment and violence and force has beenused to enter the vehicle.
Note: Restrictions and exclusions apply to the events and extent of cover.Full detail of these restrictions can be found in the policy document.
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LANDLORDSIN SU RANCE
Access the best premiums fromleading providers RSA and
Legal & General. The Buildings& Contents Insurance we can offerto Landlords provides features
that help make life easierfor your clients.
Our Landlords policy can be tailored to suit your clients’individual needs. This flexible approach allows you torecommend the Buildings & Contents Insurance that bestprotects your clients’ rental property investments.
• Cover for 90 days between tenancies* to allowyour clients time to remarket their property
• Cover for a wide range of tenancy arrangementsincluding students, individuals funding their rent throughthe UK Benefits Agency and propertieswith multiple occupancy
• Up to £2,500 for tracing and accessing water or oil leaksfrom pipes, tanks and fixed heating systems
• Customers can insure up to 10 properties; for largerportfolios refer to the ‘Portfolio’ section of the GI Portal
• Access to 24-hour helplines provided by DAS Legal Expenses Insurance Company Limited which offersemergency assistance plus access to approved tradesmenand ULR Additions who can provide legal adviceregarding any personal legal problems
• Optional covers available include Malicious Damagecaused by Tenant and Accidental Damage
For further support on selling this policy take a look at our Sales and Marketing tips
* Please note that if the property is left unoccupied for more than 45 days, a larger excess may apply when making a claim.
How to submit business
Visit www.SBGGIPortal.co.uk and login. Once logged into the GI Portal select the Landlords Insurance quotesection. Our quick start guide will help with any queriesand our people are on hand to help with any questions.
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Landlords Insurance Overview – Buildings
Quote Options Choose to pay annuallyor monthly over10 or 12 months
Your clients have the option of paying annually (via Direct Debit orcredit*/debit card) or by monthly Direct Debit**. Clients choosing topay by monthly Direct Debit can also choose to pay no premiums forthe first 2 months. Whilst the overall cost will be the same as if they hadpaid over 12 months, premiums after the payment free period will behigher than if they had started to pay from the beginning of the policy.
Sum Insured Up to £400,000 The policy covers the cost of repairing damage to buildings, caused byan insured event, up to the sum insured. The sum insured is the rebuildvalue of the property i.e. the cost of fully rebuilding the property,including fees and related costs, should it be completely destroyed.
Subsidence Up to buildings sum insured(£1,000 Excess)
Cover for the cost of repairing damage to your clients propertycaused by subsidence or heave of the site on which the propertystands or land belonging to it or landslip.
Loss ofRent/AlternativeAccommodation
Up to 15% of the buildingsum insured
If your client’s property is made uninhabitable by an insured event we will pay for loss of any rents payable, including up to two years ground rent, and also the necessary cost of alternativeaccommodation for any tenants until the property is restored to normal living conditions provided the property has not beenunoccupied for more than 90 days and there is no contracted future tenancy agreement in force at the time of the damage.
Locks Replacement Up to £1,000 (£100 excess) In the event of accidental damage to the locks of the external doors tothe property or should the keys to the external doors, safes or alarmsin your client's property be stolen, policyholders are covered for thecosts of replacing the lock mechanism or changing the locks providedthe property has not been unoccupied for more than 90 days.
BuildingsUnoccupancy
90 Days We will maintain full buildings cover even if the property is leftunoccupied for up to 90 days. After 90 days we will still continue toprovide cover although certain restrictions and exclusions will apply.Customers must advise if there is a change in circumstances, suchas the property becoming unoccupied. Please note: If the propertyis left unoccupied for more than 45 days, an increased excessmay apply when making a claim.
Escape of Water and Oil
Up to sum insured (£250/£500 excess)
So long as the property hasn’t been left unoccupied for more than90 days, the policy covers damage to buildings caused by escape of water from washing machines, dishwashers or fixed domesticwater or heating installations and the escape of oil from any fixeddomestic oil heating installation. The standard excess is £250,although if the property has been unoccupied for between 45 and 90 days at the time of the incident, this will increase to £500.
Call Centres andHelplines
UK based call centres and24 hour helpline
Our call centres are UK based. There is also a 24 hour emergency helplineto help put the policyholder in touch with professionals who can carry outrepairs to their home should they need to. This helpline is provided byDAS Legal Expenses Insurance Company Limited. ULR Additions canprovide legal advice regarding any personal legal problems.
Accidental Damage Up to the buildings suminsured (£250/£500 excess)
Accidental damage is a valuable extension to your Buildings &Contents Cover and covers visible damage which has not beencaused on purpose or inevitability. Where selected, the policy willcover the costs of accidental damage to buildings. We also includeaccidental breakage to underground drains, pipes and cablesproviding services to or from the insured property and for which the policyholder is legally responsible. The standard excess is £250,although if your client's property has been unoccupied for between45 and 90 days at the time of the incident, this will increase to £500.
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* Credit Card payments are subject to 1.5% charge** Subject to APR
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Landlords Insurance Overview – Contents (optional)
No Claim Discount Up to 5 years No Claim Discount
Our Standard Landlords Insurance offers a no claim discount for clients who have been claim free for up to 5 years.No claim discount can also be transferred from the client’sprevious insurance provider.
Sum Insured Up to £40,000 for furnishedproperties, or £10,000 forunfurnished properties
The policy offers fixed sums insured depending on whether theproperty is furnished or unfurnished and covers important itemssuch as furniture and furnishings, televisions and aerials, whitegoods, and fixtures and fittings against an insured event, with amaximum of £5,000 for any individual item. There is also cover up to £500 for contents in the open, and cover up to £5,000 for loss or damage to contents in communal areas of which the insuredproperty forms a part.
Unoccupancy 90 days We will maintain full contents cover even if the policyholder’s home is left unoccupied for up to 90 days. After 90 days we will still continue to provide cover although certain restrictions andexclusions will apply. Customers must advise if there is a change in circumstances, such as the property becoming unoccupied.
Please note: If the property is left unoccupied for more than45 days, an increased excess may apply when making a claim.
Escape of water Up to sum insured(£250/£500 excess)
So long as the property hasn’t been left unoccupied for more than90 days, the policy covers damage to contents caused by escape of water from washing machines, dishwashers or fixed domesticwater or heating installations and the escape of oil from any fixeddomestic oil heating installation. The standard excess is £250,although if the property has been unoccupied for between 45 and 90 days at the time of the incident, this will increase to £500.
Accidental Damage Up to sum insured(£250/£500 excess) Property must be furnished
If the property is furnished, the client has the option to add accidental damage cover to the contents cover in the insuredproperty. The standard excess is £250, although if the property has been unoccupied for between 45 and 90 days at the timeof the incident, this will increase to £500.
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S PE CIAL IST INSU RANCEOur Specialist Home Insurance option enables you to offer your
clients comprehensive buildings, contents and personal possessions cover where the Standard product may not meet your clientrequirements, for example flood risk areas or listed buildings.
Use this option for cover such as non-standard constructionor high net worth. Our partner provider PaymentshieldHome and Protect provides a high quality insuranceproposition to cover more specialist needs. You can accessspecialist cover via the GI Portal.
Our Specialist Insurance caters for clients who requirecover such as:
• Non standard buildings and contents
• High value buildings and contents
• Thatched buildings and contents
• Underpinned buildings and contents
• UK and overseas holiday homes
Landlords Price Beater
Did you know if your client has 2 or more properties ourSpecialist Portfolio Insurance through PaymentshieldHome and Protect offers a 'price beater' facility forlandlords with property portfolios?
Simply:
• Access the Specialist Portfolio Insurance via the SBG GI Portal www.sbggiportal.co.uk
• Complete the online form to obtain a quotation
If the quote initially provided doesn’t already beat yourclient’s existing premium, you can enter a target price*which they will then beat for eligible clients (based on like for like cover).
Where the Landlord does not qualify for Price Beater, othermulti property discounts may be available.
Paymentshield Home and Protect's multi let policies areunderwritten by a Royal & Sun Alliance led consortium of let property insurers.
*The existing or renewal premium.
Terms and Conditions
Cover will be matched on contract type and cover levels. To be eligible clients must have been claim free 3 years andall risk criteria must be acceptable at standard terms.A copy certificate is required, the Landlord must have beentrading for 3 or more years and Price Beater is open to newbusiness only. When Paymentshield Home and Protect’sstandard premium is not competitive with the target pricethe premium can be discounted to beat the target price byup to 10%. Paymentshield Home and Protect will not pricebeat a quote that has already been reduced by an earlier oralternative price beat by Paymentshield Home and Protector quotation provided by any other Paymentshield office.‘Price Beater’ applies to insurer premium only andadditional policy administration charges and instalmentfees apply. All policies are subject to a minimum premium.
How to submit business
Visit www.SBGGIPortal.co.uk and login. Once logged intothe SBG GI Portal simply click on the Specialist areawithin the portal.
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INCO M E INSU RANCEOur Income Insurance is not tied to a mortgage, loan or other creditagreement, it simply pays out a monthly benefit to help cover your
customer’s essential outgoings if they are unable to work due to accident,sickness, unemployment or leave work to become a full time carer.
This cover can be sold alongside long term protectionproducts to help provide your customers with a robustinsurance offering. You could even save your customersmoney by consolidating any existing payment protectionpolicies into one Income insurance policy.
This cover offers:
• Up to £2,000 per month1 in the event your customer is unable to work due to accident, sicknessor unemployment
• Carer cover included if your customer needs to stopworking to become a full time carer for an immediatefamily member
• A monthly benefit which can be used however thecustomer chooses because cover is not tiedto a mortgage or credit agreement
• Age banded pricing offering a typical customer coverfrom just £1.24 a day2
• Cover that can be tailored to meet your client’sneeds and budgets
• Choice of full ASU, Accident, Sicknessor Unemployment cover
• The transfer of existing PPI to IncomeShield and the waiver of our standard unemployment IEP (Initial Exclusion Period) for the amount currentlyinsured when transferring to full ASU cover
• Peace of mind for your customers for up to 24 months (AS cover) or 12 months (ASU or U cover)
• Additional Employment Legal Protection includingHealth Assistance which provides up to £50,000of cover for employment and bodily injury claims
How to submit business
Visit www.SBGGIPortal.co.uk and login. Once logged into the SBG GI Portal select the Income Insurance quote.Our quick start guide will help with any queries and ourpeople are on hand to help with any questions.
1 Subject to not exceeding 65% of the client’s gross monthly income. Gross monthly income is their average monthly salary before tax including any commission and/or bonus payments received (if they are in full-timeemployment) or the monthly average of their income as declared on their self assessment return for the previous tax year as confirmed by HMRC (if they are self employed).
2 The cost is based on a customer who has taken out a new credit agreement aged31-35 taking out our full accident, sickness and unemployment option with 30 dayback to day one cover, 12 months benefit, no deferred premium payment periodand protecting an income of £755 per month (inclusive of Insurance Premium Taxat the current rate)
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Type of Cover IncomeShield offers a choice of3 different types of cover. • Accident, Sickness and
Unemployment (ASU) • Accident and Sickness (AS)• Unemployment only (U)
Cover can be selected to meet individual needs and budget. For example, if a customer’s gross salary is heavily dependent upon bonuses then AS cover may be particularly useful astheir sick payment alone is unlikely to allow them to maintaintheir regular outgoings.
Maximum MonthlyBenefit i.e. Themaximum monthlyamount which canbe selected
Up to a maximum of £2,000(or 65% of gross monthlyincome, whichever is less)
What's considered to be an essential outgoing will vary; somepeople will prioritise their mortgage payment whereas others can’tlive without Sky TV or their mobile phone. Ideally enough monthlybenefit would be selected to cover essential outgoings and if yourcustomer has budget to protect “luxury” / discretionary spends then this can be covered too.
Benefit Period i.e.How long benefitpayments will last inthe event of a claim
• 12 months• 24 months (AS cover only)
Our MPPI claim figures show that on average a 12 month benefitperiod is usually long enough for the majority of customers.However, there are some illnesses where people may be unable to work for more than 12 months, therefore, our Income insuranceprovides the option to choose longer term AS cover for up to 24months for a single claim. Benefit will be paid following the expiryof the selected qualification period (see below) until the claimantreturns to work or a maximum of the benefit period selected (i.e. 12 or 24 months).
Deferred PremiumPayment Period
• 2 months Our Income Insurance offers the choice to defer the first twomonths payments at the start of the policy. However, this meansthat the premiums payable after the deferred period will be higherthan if the client started to pay from the beginning of the policy.
Qualification Period*i.e. The number ofconsecutive days apolicyholder is unableto work for beforebeing entitled tomake a claim.
30 day back to day one (BTD1)
• 30 day excess• 60 day excess• 90 day excess• 180 day excess
Each customer should consider how long they could afford to waitbefore receiving a claim payment to ensure they select the bestqualification period to suit their needs.
Consider:• how much would be available from savings• how long would any sick pay be payable• entitlement to any redundancy package & how much
they would be likely to receive.
30 day BTD1 cover offers the most comprehensive cover, with the claim payment being backdated to the first day the claimant is unable to work (i.e. back to day one). It is possible to choosedifferent qualification periods for accident, sickness andunemployment. For example, if a policyholder receives 3 monthsfull salary sick pay, then they may select 90 day excess for accident& sickness and 30 day BTD1 for unemployment.
Unemployment InitialExclusion Period (IEP)i.e. The exclusionperiod forunemployment claims which appliesat the start date of the policy
120 days standard
• 60 days if at the policy startdate the customer has a newcredit agreement for a secured or unsecuredloan**, which has been inforce for 60 days or less.
The initial exclusion period is to prevent customers buyinginsurance where they are aware of a need to claim, this ensures that we can maintain competitive prices for our new and existingcustomers. A customer cannot claim for any unemployment thatthey were aware of at the policy start date; they are notified of(verbally or in writing) within the unemployment initial exclusionperiod; or which occurs within the initial exclusion period.
Sickness Initial ExclusionPeriod (IEP) i.e. Theexclusion period forsickness claims whichapplies at the start date of the policy
60 days A customer cannot claim for any sickness which occurs within 60 days of the policy start date.
IncomeShield Overview
* ‘Qualification period’ may be called waiting, excess or deferral period by other providers.
** A secured or unsecured loan includes first or second charge mortgages and secured or unsecured personal loans.
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Transferring from anexisting creditorpolicy and waiver ofthe unemploymentIEP
The unemployment IEP will bewaived for customers with aninsurance policy that includesunemployment cover whentransferring from that policyto our Income Insurance ASUpolicy up to the amount ofmonthly benefit insured onthe existing policy. This meanscustomers are protected forunemployment from the firstday of their cover.
To ensure that we offer customers comprehensive cover, we haveintroduced a waiver of the unemployment IEP to help them switchfrom insurance that includes unemployment cover to our Incomeinsurance policy. This ensures that customers can transfer cover safe in the knowledge that they are able to make an unemploymentclaim from the day their policy starts. This option is only availablefor customers buying our ASU cover where the existing policyincludes unemployment cover, up to the amount of monthly benefit insured on the existing policy.
Pre-existing medicalconditions (PEC)
A pre-existing medicalcondition includes illnessesyour client has receivedmedical treatment for, orshould reasonably have beenaware of, in the 12 monthsbefore the policy start date.However, if your client had apre-existing medical conditionbut has been symptom freeand has not consulted adoctor or received treatmentfor the condition for at least12 months after the start dateof the policy, the pre-existingmedical condition will thenbe covered.
The pre-existing medical conditions exclusion is included to ensurethat our insurance is for unforeseen circumstances and people donot buy cover with knowledge that they need to claim.Some PPI policies exclude customers from making claims relatingto a pre-existing medical condition for the life of the cover.
Age Banded Pricing Premiums are dependent on:
• the client’s age• type of cover• qualification period• benefit period• amount insured• deferred premium option
Below are the typical monthly costs of an Incomeshield policy***.
• ASU £37.86 per month• AS £18.51 per month• U £32.50 per month
Back to Work Support& Employment LegalProtection includingHealth Assistance
Advice for interviewtechniques and preparation
• Up to £50,000 of legalexpenses cover
• Free helplines offering legaladvice, health and medicalinformation and telephonecounselling
Back to Work Support & Employment Legal Protection including Health Assistance is included whenunemployment cover is selected.
*** All rates shown are based on a customer who has taken out a new credit agreement aged 31-35 taking out our full accident, sickness and unemployment option with 30 dayback to day one cover, 12 months benefit, no deferred premium payment period and protecting an income of £755 per month (inclusive of Insurance Premium Tax at the current rate).
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M ORTGAGEPAYME N T PROTECTION
IN SU RANCEWhen times are uncertain, people want to feel reassured, safe in the knowledge that they have extra support should they need it.
Our Mortgage Payment Protection Insurance (MPPI) offers financial protection to cover your clients’ mortgagepayments and mortgage related expenditure for up to 24 months1 should they be unable to work due accident,sickness or unemployment, or if they leave work to becomea full time carer (please note for Unemployment Only(U only) cover we can only offer a maximum 12 monthbenefit period).
Even if your client is self employed, they can still enjoy the peace of mind that this insurance provides, so that if they cease trading because they or their businessbecomes insolvent, the policy can meet their monthlymortgage commitment.
The GI Portal gives you the choice of two great MPPI products to help service your client’s needs.
We have cover options such as:
• A monthly benefit of up to £3,000 to pay theirmortgage, related insurance costs and up toan additional 33% for other outgoings(refer to specific policy for details)
• Unemployment cover includes ‘carer cover’ if yourcustomer has to give up work to become a full timecarer for an immediate family member
• Choice of full ASU, Accident, Sicknessor Unemployment cover
Our MPPI offering enables you to access a range of freebenefits depending on the product chosen:
• 24 hour Health & Medical, Counselling and LegalAdvice helplines
• FREE Legal Expenses cover for employment and bodilyinjury disputes
• FREE Back to Work assistance included withunemployment cover. This includes help suchas CV writing and interview techniques
3 months cover free3
If your client does not make a claim in the first 24 monthsof cover, we will increase their monthly benefit by 10%at no extra cost3.
1 MortgageProtector offers ASU and AS cover for up to 24 months, for Unemployment only cover is limited to a maximum of 12 months.
2 Subject to not exceeding 75% of the client’s monthly earned income.
3 Sesame Insure product only.
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Mortgage Payment Protection Insurance Overview
Mortgage Protector Sesame Insure Additional Information
Type of cover MortgageProtectoroffers a choice of 3different types of cover:
• Accident, Sicknessand Unemploymentcover (ASU)
• Accident and Sicknessonly cover (AS only).
• Unemployment Only cover (U only)
Sesame Insure MPPIoffers a choice of 3different types of cover:
• Accident, Sicknessand Unemploymentcover (ASU)
• Accident and Sicknessonly cover (AS only).
• Unemployment Onlycover (U only)
Choose which cover suits your client's individualneeds. If, for example, you know your client'sredundancy package will provide them with enoughfunds to continue their mortgage payments in theevent of redundancy (e.g. they have been inemployment for a long time), then they can just opt for accident and sickness only cover.
MaximumMonthly Benefit
Up to a maximum of£3,000 or 75% of yourmonthly earned income(whichever is less)
Up to a maximum of£2000 or 75% of grossmonthly income(whichever is less)
Don’t forget these are the maximum benefit amountswe offer. Your clients benefit amount should reflecttheir monthly mortgage repayment, plus anyadditional cover your client selects.
Additional Cover Up to 33% of thecombined total of themonthly mortgagerepayment andmortgage relatedinsurance costs.
Up to 25% on top ofthe monthly mortgagepayment.
Your client can choose to add additional cover to helptowards other monthly bills. This optional extra allowsyour client to insure an amount above their monthlymortgage costs* for additional peace of mind. Note: Additional cover is a fixed chosen amount andwill only change should your client's mortgagerepayments reduce taking the chosen amount beyondthe allowed percentage cap.
Benefit period • 12 months (U only); or• 24 months (ASU and
AS only)
• 12 Months Your client can choose how long the benefit paymentswould last in the event of a claim. Should they want tokeep their monthly MPPI payments to a minimum, thenthe 12 month option is more affordable and may besufficient cover. However, if they prefer more peace ofmind they can opt to be covered for the longer period of 24 months. Please note, for unemployment only coverthe maximum benefit period is 12 months & that thisoption applies only to the Mortgage Protector product.
Qualification Period
This is the numberof consecutive daysthat the customeris unable to workbefore benefitsstart to becomepayable when avalid claim is made.Note: Differentwords can be usedto describe thequalification period,such as excessperiod, waitingperiod anddeferment period.
• 30 day back to dayone
• 30 day excess• 60 day back to day
one• 60 day excess• 180 day excess
• 30 day excess The client can choose for claims payments to bebackdated to the first day they were unable to work(this is called back to day one cover), or from the first day after the qualification period (this is calledexcess cover).
• 30 day back to day one cover offers the mostcomprehensive cover
• Selecting a longer qualification period or excesscover will reduce the cost of your clients monthlycover but they will need to wait longer before they receive their first benefit payment
• Your client can also choose different qualificationperiods for AS and U
Please note that these options are only availableunder the Mortgage Protector product.
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* All rates shown are with a 180 day excess period, 12 month benefit period cover and are correct as of 01/05/2012.
** The premium rates shown are inclusive of Insurance Premium Tax at the current rate.
Mortgage Protector Sesame Insure Additional Information
Initial exclusionperiod (IEP) forunemploymentcover i.e. theexclusion periodfor unemploymentclaims whichapplies at thestart date of the policy
• 0 days at the start ofthe policy
• 90 days on the upliftamount following anincrease in monthlybenefit
90 Days for existingmortgages 60 Days fornew mortgages(A new mortgage is aclassed as a mortgageor remortgage whichhas completed withinthe last 30 days).
Most MPPI products have an initial unemploymentexclusion period which applies at the start of thepolicy or after making an increase to your clientsmonthly benefit.* If your client has made an increaseto their monthly benefit, then the start date of thechange is 90 days after they have notified us.
Pre-existingmedical conditions(PEC)
There are certaincircumstances, known asexclusions, when a claimcannot be made. Fulldetails of the policyexclusions can be found within our Policy Document.
Can be coveredprovided that the clienthas been symptom free and treatment free for a consecutive 24 month period. See policy documentfor full terms.
Any condition, injury, illness, disease, sickness orrelated condition and/or associated symptoms,whether diagnosed or not which your client knewabout, or should reasonably have known about, at thestart date, or which your client had seen or arrangedto see a doctor about, during the 12 monthsimmediately before the start date.
Other exclusions There are certaincircumstances, known as exclusions, when aclaim cannot be made.Full details of the policyexclusions can be foundwithin our PolicyDocument.
There are certaincircumstances, known as exclusions, when aclaim cannot be made.Full details of the policyexclusions can be foundwithin our PolicyDocument.
Back conditions are not covered unless your client cansupply proof of medical abnormality from a specialist.Mental and nervous disorders like stress are notcovered unless diagnosed by a specialist and need acontinued course of treatment. Unemployment thatarises if your customer fails to meet performancestandards laid down by their employer is not coveredby the policy. A claim cannot start until any paymentreceived instead of working notice has expired.
Cost of Premiums* • ASU – Cover starts from £5.98**
• AS – Cover startsfrom as little as£4.83**
• U – Cover starts from£6.07
ASU – £5.87AS – £3.12U – £3.81Prices per £100 of cover& includeIPT and cover per£100*
We work hard to provide competitively pricedproducts. The premium your client pays will dependon the amount of monthly benefit they need, thetype of cover selected, the qualification periodselected and how long they wish to receivebenefit in the event of a claim.
Single or jointcover
Yes Yes If your clients are joint mortgage holders and wouldlike joint cover and one of the clients earns more,they can choose to split the cover, for example70/30. In this instance, in the event of a claimby the higher earner, they would receive 70%of the insured benefit. Cover is available for bothsingle and joint mortgage holders.
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CO MMERCIALIN SURANCE
Our Commercial Insurance canhelp insure clients who requirecover for their commercial
businesses, such as contractoror retailer cover.
Towergate Insurance and Axa Insurance provide you withimproved commercial terms and a streamlined process forcommercial general insurance. Both of our market leadingproviders can access insurance for businesses of all typesand sizes and typically include:
• Business packages (shops, offices, restaurants, pubs,surgeries, hotels and guest houses)
• Commercial Property Owners
• Residential Buy to Lets
• Large Corporate
• Care Homes
• Motor Trade and Fleet
• Contractors
• Professional Indemnity and Public, Employers, Directorsand Offices Liability
To satisfy your client’s needs simply contact them directly on:
Towergate InsuranceTel: 0844 892 6210Email: [email protected]
AXA Insurance Tel: 0845 602 2398Email: [email protected]: http://sesame-customer.c3app.com/
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IN CO M E OPPORTU NIT IES
Commission Options
There are no dormancy clauses associated with any of our commission terms.
The commission options available are:
Enhanced Commission
Maximise the commission you earn over the first2 years with Enhanced Indemnity. Enhanced Indemnity pays 45% upfront in year 1 then converts to annualadvances at 15% from year 2 onwards – that's 60% over the first 2 years.*
Double Indemnity
Double Indemnity pays 50% upfront in year 1 followed by further annual advances from year 3 onwards.**
Annual Indemnity
Pays you 12 months commission up front followed by afurther 12 months of commission on each anniversary of the policy.
Initial Indemnity pays you 12 months commission up front followed by monthly payments after the first year.Please note that Specialist Home Insurance is limited to Annual Indemnity.
Monthly Accrual
Provides steady monthly commission payments, if youdecide that is more appropriate for your business. Pleasenote any change to commission arrangements applies atfirm level and can only be altered by Principals. If you arean Appointed Representative, commission arrangementsshould be discussed with your Network. Please noteSesame Insure MPPI is limited to monthly accrual.
Initial Indemnity
Initial Indemnity commission pays an advance of 12 monthsworth of commission in month one and then reverts tomonthly commission from month 13 onwards.
SB Insure - Your Insurance Specialist
Save the hassle and have your GI written for you.Up to 17.5% commission for the life of the policy.
If you aren’t a frequent writer of GI business or if you need assistance with placing cover for your client, our dedicated Referral Team are on hand to take anyreferrals and you can still earn up to 20% commission.
• You will be allocated a referral adviser who willundertake the sale on your behalf
• We will take on the compliance risk and you will earn commission of up to 17.5%
• In all cases you retain the relationship with the client.
Tel 0845 605 2351 and refer a case today!
* Whilst every effort has been made to ensure complete accuracy, SesameBankhall Group and Paymentshield Limited ("us", "our") does not accept anyresponsibility whatsoever for any errors in our forecast models or for any errorsthat may result from using them. These models are intended for informationand illustration purposes only. The full assumptions underlying the forecastmodels are available on request from us.
** Based on a current typical commission level of 27.5%. Where the 6 monthdeferred premium payment period option is selected on MPPI cover only18 months commission, subject to a discounting factor, will be paid in month
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General Insurance Earnings
With reductions in mortgage procuration fees, dual pricingand tightening of mortgage lenders criteria there’s neverbeen a better time to sell General Insurance (GI).
Additional Revenue
Selling GI can mean an additional revenue stream for yourbusiness and if you are not selling it to your clients thensomeone else could be! If you don’t sell GI, this means thatnot only are you losing out on this valuable revenue streambut potentially also missing out on earnings from helpingthese clients with their future financial needs. By making the most of your existing client base throughyearly reviews this gives you the opportunity to maintainand develop your relationships with your clients to ensurerepeat business.
Remember the income generated by selling GI is recurringand will continue for as long as your clients continue to paytheir premiums and you remain regulated by the FCA.
You have a real opportunity to give your customers aservice and knowledge that they could find difficult to get from comparison websites or via their bank. You canlisten, answer questions and most importantly provide a professional service your customers can trust with thepotential of developing a long term relationship.
So what could you be earning?
How you spend your earnings is completely up to you. You could use the additional revenue from your GI sales to reinvest in your business, supplement your income orrealise a personal dream. For example, over a 5 year period,the earnings from your GI submissions could play animportant part in supporting and growing your business.Just take a look at the graph based on submitting just5 B&C cases and 5 MPPI cases each month.
Figures based on an average monthly Buildings & Contents premiumof £28.50 (increasing by 5% per annum) with average annual attrition of 16%over 5 years and average monthly MPPI premium of £27.50 on an Annual Indemnitycommission rate of 27.5%.* Figures do not include the impact of any monthlyattrition or clawback.
You can even get a tailored illustration via our commission calculator which is available atwww.sbggiportal.co.uk/commissioncalculator
£11,088
£21,030
£29,762
£37,065
£42,923
Year 1 Total Year 2 Total Year 3 Total Year 4 Total Year 5 Total
That's more than £140,000over 5 years!
SALE S AND MARKET ING T IPS
Selling Buildings & Contents Insurance
Step 1
Establish the importance of appropriate Buildings & Contents Insurance.
Does your client have both Buildings and Contents Insurance?
If your client has a mortgaged property, most lendersactually insist that they have a Buildings Insurance policy.So, if your client doesn’t have Buildings Insurance, theydefinitely need your help!
If your client doesn’t have contents insurance in place thenit is worth asking them if they could really afford to replacetheir belongings should they be completely destroyedafter a fire or other insured event.
Do you know if your clients current Home Insuranceprovides the most appropriate level of cover?
Even if they seem happy with their current provider, it’sworth encouraging them to let you review their situation tocheck it still meets their needs. Remind them that not allHome Insurance is the same.
Who is your clients current Buildings and ContentsInsurance provider?
There’s a good chance your client’s current provider doesn’toffer the same level of cover as our Standard Buildings and Contents Policy. Defaqto independently rate HomeInsurance products and you can use their website to checkthe level of cover your client is currently receiving.
How much does your client pay for their current policy?
Our average policy premium is £26.54 per month which is below the market average. So there's a good chanceyou will be able to beat their existing quote.
How important is it to you that should your clientneed to claim, their case is processed quickly andeffectively?
Policy holders have access to a dedicated claims helplinewhich handles thousands of calls efficiently every weekthrough UK based call centres. All claims work carried outby approved contractors is guaranteed for 12 months.
Step 2
Find out what kind of quote the client would like.
Would your client like a break of two months at the start oftheir policy where they don’t have to pay any insurancepremiums or would the client prefer to go for the lowestmonthly premium you can find them?
Step 3
Establish the cover your client needs.
What is the rebuild value of your client's home?
The buildings sum insured should be selected based onthe rebuild value of your client’s home. i.e. the amount itwould take to rebuild the property on its current locationshould it be completely destroyed. The cost of rebuildingthe property will not be the same as the market value.
Does your client know the value of their contents?
You should encourage your clients to perform a fullinventory of contents in each room, not forgetting lofts andbasements. An inventory will also help your client quicklylist the items lost or damaged in the event of a claim.
Does your client have any single items in their home valuedabove £5,000 or valuables above £2,000?
If your client has any single items valued above £5,000 or any valuables to be covered under ‘Contents’ worthmore than £2,000, these need to be specified.
What reward does your client's present home insuranceprovider give them for not claiming?
Not all insurers offer a no claims discount to customers and even less offer up to 30%. Our standard cover rewardscareful customers by offering up to 30% discount if theyhave remained claim free for up to a maximum of 5 years.
Help is at hand…Within our GI Portal you will be able to access hintsand tips and campaign material to help market General Insurance
to your existing and prospect client base.
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Step 4
Find out if they want any additional cover.
How likely is it that your client's contents might be damaged accidentally?
Accidental damage is one of the most common reasonspeople claim on their home insurance so this can bea very valuable addition to their policy.
What is the value of the personal possessions your clientsnormally wear or carry when away from the home?
Personal Possessions cover provides insurance against theloss or damage of clothing, bags, spectacles, and jewellerynormally worn or carried by the customer when in or awayfrom the home including mobile phones and iPods.
Does your client have any valuables normally worn or carried when away from their home worth more than £1,500?
This could be an expensive watch or an engagement ring. If ‘yes’ this will need to be specified when addingpersonal possessions cover to their policy.
Would your client like Home Emergency Cover?
A Home Emergency is a sudden, unexpected eventin your clients home that requires immediate action tomake things safe and secure, avoid damage, or furtherdamage and ensure your client’s home is fit to live in.
Selling Income Insurance
Step 1
Grab your client’s attention
Ask what would happen if your customer suddenly losttheir income?
Ask if they have any savings or existing protection to cover themif they were unable to work for more than a month or two.
Ask what financial commitments they’re tied into? i.e. personalor secured loans, mortgage/rent, car finance, mobile phonecontract, Sky TV subscription or gym membership.
Ask what is the minimum they would need to cover theirfinancial commitments and other essentials? i.e. food,insurance, utility bills, council tax, phone & broadbandor credit cards.
Ask if they could afford to cover all their outgoings on state benefits alone?
Ask if they’re prepared to risk losing all the things they’ve worked so hard to pay for by not having adequate protection against the risk of accident, sickness or redundancy?
Step 2
Create a desire for Income Insurance
Tell the customer short term Income Insurance is for thosepeople who want to ensure they’ve taken adequatemeasures to ensure they can continue to afford the thingsthey value most in life.
Ask if they really want to risk potentially falling into debt,struggling to pay their rent or mortgage and finding it difficultto support their family and/or maintain their lifestyle.
Tell the customer Income insurance helps to avoid the above by offering:
• Up to £2,000* a month paid directly into the customers’bank account for your customer to use howeverthey wish.
• Peace of mind that life’s essentials are covered if your customer:
i is made redundant
ii stops work to become a carer for a member of theirimmediate family (included in unemployment cover)
iii has an accident which stops them from working
iv has an illness which prevents them from working
• A choice of either 12 or 24 months (AS only) benefit for a single claim event.
• The choice of when the claim payment is made byselecting the qualification period that suits your customer.
• The flexibility to choose different periods for accident& sickness and unemployment cover.
Step 3
Tailor the cover to meet the client’s needs and budget
Ask what are the essentials the customer wants to cover?
Ask how much they can afford each month?
Income Insurance premiums are dependent on:
• Type of cover i.e. ASU, AS, U
• How long they want to receive payment (Benefit Period)
• Your client’s age
• How much they insure (Benefit Insured)
• When they want to receive payment from
• When they want to make their first payment (Deferred(Qualification Period) Premium Payment Period)
Tell the customer our average premium starts from just£1.30 a day*
Note: It may be cheaper for your customer to take full ASU cover rather than just unemployment only by selecting a longer qualification period for accident and sickness.
Tips to reduce the monthly cost…
• If your customer has savings it may be appropriate to select a longer qualification period.
• Tailor the accident & sickness qualification periodto match the length of time your customer receivessick pay.
• Reduce the amount your customer insures. It is betterto have some protection than none!
Note: It is your responsibility to ensure the suitability of IncomeShield for your client.
* Subject to not exceeding 65% of your gross monthly income. Gross monthlyincome is your average monthly salary before tax including any commission and/orbonus payments received (if you are in fulltime employment) or the monthlyaverage of your income as declared on your self assessment return for theprevious tax year as confirmed by HMRC (if you are self employed).
* Pricing claim based on the IncomeShield premium cost for a customer taking outthe average monthly benefit of £755 on full ASU 30 day BTD1 cover, aged 26-30years at £5.15 per £100, with an average benefit cost of £38.91 per month (inclusiveof Insurance Premium Tax at the current rate).
Selling Mortgage Payment Protection Insurance
Step 1
Highlight the need
Ask your client how they would be able to pay theirmortgage if they became unable to work due to anaccident, sickness or unemployment? Advise how takingMortgage Payment Protection Insurance means they can avoid falling back on their savings, or stop them from further borrowing (e.g. credit cards) should theunexpected happen. Many people insure their pets, their holidays, their mobile phones, but they do not insure themselves against protecting what is arguably theirmost important investment, their home.
You will need to find the most appropriate way to sell MPPIbased on the customers’ age, their employment, theirdependants, their savings and commitments. Youngercustomers may not have any savings, whereas older clientsmay want to protect their savings. By varying yourapproach according to the needs of the customer, you canensure you highlight the needs that are relevant to eachof them.
Step 2
Establish the cover your client needs and how longthey require cover for
Our MPPI products are flexible and you should choose thelevel of cover which suits your clients’ needs according totheir current contract of employment. Ask the client aboutwhat sickness cover their employer provides for example.You can then tailor their cover for accident & sickness andunemployment based on their employee benefits, so theyget the cover that’s right for them as an individual.
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Another possible situation could be, if your client is innew employment and would not secure a substantialredundancy package if they were to become unemployed,they may wish to cover themselves for unemploymentfrom the first day they are unable to work. However, theymay benefit from 6 months sickness cover within theiremployment contract. In this case, based on your clientsneeds, you can advise them to select accident andsickness cover with 180 days excess and unemploymentwith 30 days ‘back to day one’ cover. This means thecover will start paying out for accident and sickness onlywhen their employer stops paying them but they canclaim for redundancy from the first day they are eitherregistered for a Jobseekers Agreement or, if they are noteligible for this, are registered as unemployed and areactively seeking work. This ensures they are getting theright level of cover to meet their needs.
Ask your client if they have a single or joint mortgage.MPPI can provide cover for both single and joint mortgageholders. If they have a joint mortgage and only one of themis in employment, they must opt for single cover. However,if your clients are joint mortgage holders and they bothwork and would like joint cover, then offer this option tothem. If one of them earns more, you can choose to splitthe cover, for example 70/30. In this instance, in the eventof a claim by the higher earner, they would receive 70%of the insured benefit.
Step 3
Establish the amount of cover they need
Ask your client how much their monthly repayment is. You should then ask if your client would like any 'additionalcover' to help protect other household costs up to themaximum monthly benefit. MortgageProtector covers theirmonthly mortgage repayments plus mortgage relatedinsurance premiums (i.e. Life Insurance and Buildings &Contents Insurance). Your client also has the option to takeadditional cover of up to 33% of this total amount up to amaximum total monthly benefit of £3,000 per month(subject to not exceeding 75% of your client’s monthlyearned income).
Step 4
The cost of the premium
The cost of the premium depends on:
• The amount of monthly cover your client needs
• The type of cover they select(ASU, AS only or U only cover)
• Qualification period selected
• How long they select to receive benefit in the event of a claim. U only cover is subject to a maximum of12 months. ASU or AS only can have either12 or 24 months maximum.
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S TAR T US ING OUR GI PO RTAL TODAYOur GI Portal makes writing GI business
quick, simple and more efficient for you.
Once registered you can benefit from:
• Access to a variety of GI products via one portal
• One quote screen – no need to input your client’sdetails into multiple provider quote screens
• One Buildings, Contents and Landlords policy with optional extras should your client need additional cover*
• Competitive pricing
• Auto re-broke at renewal to ensure that your client always gets the best deal**
• A user friendly quote system
For more information visit the Mortgage and GIsection of the member websites (www.sesame,co.ukor https://online.bankhall.co.uk/) or go directlyto www.SBGGIPortal.co.uk
* Common policy wording on Standard buildings and contents and Landlords cover.
** Auto re-broke to standard B&C panel products is set at a percentage renewal price increase threshold.
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C O NTACT USOur websites contain lots more information which you may find
useful and a detailed frequently asked questions section.Why not take a look, or alternatively give us a call.
Sesame Network members
Access the GI Section of the Products, Providers& Lenders area on the Sesame Members Website where you will find plenty of information about our proposition.
You will also find detailed product information on our GI Portal – www.SBGGIPortal.co.uk
Still have questions? Please phone the Sesame Contact Centre on 0845 122 1515.
Directly Authorised Firms
Access the Insurance section on our websitewww.trustpms.com where you will find plentyof information about our proposition.
You will also find detailed product informationon our GI Portal – www.SBGGIPortal.co.uk
Still have questions? Please phone our Help Line on 0845 845 1388.
Existing Users
If you need any further assistance, please contactus on the relevant number listed in the table opposite.
Intermediary Sales Team
Our Sales Team will help you withbusiness planning, sales trainingor product and service enquiries.
0845 643 7278
Broker Support
Our dedicated Broker Support Team isavailable to provide you with supportfor any general queries you may have such as questions about your clients’policies, commission payments and are your first point of contact for anyquestions regarding the GI Portal.
0845 643 7277
Policy Adjustments & Customer Retention
If your client needs to make anychanges to their policy, we’re happy tohelp and we won’t charge an additionalfee for mid-term adjustments onstandard cover. In addition, to helpprotect your book of business, ourCustomer Retention Team are trained to talk directly to clients thinking ofcancelling their policy. Should yourclient wish to make any changes to theirpolicy or cancel their policy pleaseencourage them to contact ourcustomer services team.
0845 601 1050
(Lines are open 8am – 7pm, Monday to Friday and 8am – 1pm on Saturday).
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Sesame Bankhall Group Limited is a company with registered number 3573352. Bankhall, PMS and Premier Mortgage Service are trading styles
of Bankhall PMS Limited and other companies in the Sesame Bankhall Group. Bankhall PMS Limited is a company with registered number 02785381.
Sesame Limited is a company with registered number 02844161. Each of the above companies is registered in England and Wales with registered offices
at Pixham End, Dorking, Surrey RH4 1QA. Bankhall PMS Limited and Sesame Limited are authorised and regulated by the Financial Conduct Authority.
(04/13) PSL/4786/SBG-SSG-PAN