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As our homes are the most important asset that we are ever going to own, it is imperative that adequate home insurance is taken out for your property. You will never know when you will need to claim under your home insurance so it is best to make sure you are covered properly.
Statistics show that 1 in 4 people in the UK will get burgled during their lives but people still choose to ignore this and don't get any protection whatsoever. Other unforeseen circumstances such as floods and fire may also wreak havoc among your possessions and by not getting covered properly you are taking a big risk in losing out financially.
There are two types of home insurance;
Buildings insurance is a mandatory condition when taking out a mortgage and lenders will insist that this insurance is in place. This will protect the house being damaged from events which cannot be repaired.
Contents insurance is not usually a mandatory requirement when taking out a mortgage, but it is in our own interest to secure your personal belongings as you have worked hard for them and if anything was to happen then you will be kicking yourself.
Remember, there are many home insurance providers out there and looking for the best cover for your house is important because after all it's your possessions and looking after them should be paramount
Buildings insurance covers the structure of the building such as the walls, roof, floors, ceilings, windows and doors from damage. A buildings insurance policy should cover funds to rebuild your house in an event of it being completely damaged beyond repair.
The damage can come in many forms and is listed below:
Make sure to check that you are not living in a high risk area of damage such as flooding. You may have to pay extra on your policy if you are but you will get peace of mind knowing that you are adequately covered.
Many building insurance providers also cover you for garages, conservatories, greenhouses, fences etc. Make sure you check the policy to see what you are covered for. Policies may also cover permanent fixtures and fitting including cupboards, toilets, baths and kitchen units and again it is important to check what your policy covers.
Always shop around for the best building insurance and not the cheapest as you may leave some important items uncovered under the policy. Unfortunate accidents may happen to your property from time to time so it is imperative that adequate cover is taken out to protect your home.
Generally, there are two types of contents insurance available; indemnity policy and 'new for old' policy. The indemnity insurance is the cheapest available and covers items by a wear and tear policy. For example, if a carpet was spoilt by paint then the claim would reflect how old the carpet was and pay out accordingly. On the other hand, 'new for old' policy is more expensive but would pay the full amount for a brand new carpet.
Many content insurance providers offer an accidental damage option as standard but usually you will have to pay extra if you want this cover. Cover for extra items can be bought if needed such as expensive jewellery, antiques and also your fridge freezer in case of power failure which means you can claim for the contents of your fridge.
Home contents insurance can also include the following things that don't necessary stay at home:
Always check with your home insurance contents provider for what you are covered for under your policy or read the small print that is attached with your paper work.
Bear in mind that it is possible to combine buildings and contents insurance together and obtaining a quote. This will often get you a good deal and save you hundreds of pounds.
Landlord insurance is the same as normal types of home insurance that everyday people apply for. All landlords need buildings insurance for the property that they may own but contents insurance is not essential as it will depend on how the property is equipped.
Landlords should conform to the list below to help minimise risks that property letting may involve:
Landlord liability - This covers for injuries that the person living in the rented accommodation my claim for against the landlord. If conditions are dangerous in the rented accommodation as a result of negligence on the landlords behalf then this could affect the claim.
Emergency assistance - Protection against call out fees for contractors carrying out work for emergencies. These may include roofing damage, heating problem, lost keys, plumbing etc
Extra cover - For example, loss of rent due to the tenant not paying up. Additional cover could help in these circumstances.
Contact us for more advice on what buildings and contents insurance would be most suitable for you.
The loss of a spouse or parent can leave dependants with additional issues to cope with other than the emotional. If you are inadequately insured, your dependants may be left with a dramatically reduced household income, which could affect their quality of life. Potentially there may be reduced opportunities for children such as the ability to pay for a university education or difficulties in maintaining mortgage payments on a reduced income.
In the event of your death, a lending institution will not write off your debt. Rather, they will continue to pursue the debt through your dependants and could, ultimately, foreclose on the loan meaning the loss of the family home.
The main benefits the State may provide are the Widowed Parent's Allowance and Child Benefit. Depending on whether the widow(er) qualifies for Income Support, the State may or may not help with paying the mortgage interest.
The method for calculating which benefits an individual may qualify for is extremely complicated. More information is available at the Department of Work and Pensions website www.dss.gov.uk.
Because Life Assurance is such a varied and flexible product, it can come under a number of different names. Each generally describes the covers aims however some are simply interchangable with Life Assurance:
A general term used to mean the same as Life Assurance. The difference is that in the insurance world they insure against something which might happen but they assure against some they know definitely will happen at some stage, i.e., death.
Mortgage Life Assurance is used to protect your mortgage against the risk of you dying and leaving it behind for your family to continue paying.
Mortgage Life Assurance is only suitable for mortgages which are Capital and Repayment because the level of cover is designed to reduce as your mortgage reduces over the years.
The reduction ensures that there is always enough in the 'pot' to pay off the mortgage if the worst happens but there will be very little surplus remaining.
Decreasing Life Assurance is a term used to mean the same as Mortgage Life Assurance. The 'decreasing' refers to the reduction in cover over the years.
Term Life Assurance is the opposite of Mortgage Life Assurance in that the amount of cover remains the same throughout the term of the policy and does not reduce. This type of Life Assurance is suitable for those people with Interest Only mortgages, those wishing to cover funeral expenses and people wanting to leave a sum of money behind to ensure their families standard of living.
Level Life Assurance or Level Term Life Assurance is another term which is used to refer to Term Life Assurance.
Increasing Life Assurance is an extra option offered by most insurance companies which allows you to protect your Term Life Assurance policy from the effects of inflation. Each year you will be offered the opportunity to increase your amount of cover inline with the retail price index without any further need for medical information.
This allows your policy to retain its real value over the years so your family receive a payout of equivalent value in years to come.
Index Linked Life Assurance / Index Linked Life Insurance
Another term used to refer to the increasing life assurance option offered on term life assurance policies.
Critical illness cover is an important financial safety net. It's designed to to pay out a fixed cash amount if you're diagnosed with one of the critical illnesses covered in the individual insurer's policy.
Critical Illness Cover is designed to pay out in most circumstances including cancer, heart attack and stroke. However because of advances in medicine, not every type of cancer will have a severe impact on your lifestyle if discovered and treated early enough, for example, a cancer needs to have spread or reached a specified severity to be covered.
allows you to make sure your family is protected in the event of your death, during the policy term. You choose the amount of cover you need and the length of time you want to be insured for. Your premiums will never change (unless you change the amount of cover held under the policy or alter the plan), allowing you to budget with confidence.
is placed under the bracket of home insurance. It is a combined insurance that will cover or replace any damage that might occur to the house or its contents, including loss. It is essential for all mortgaged houses, and the majority of other homeowners who do not have a mortgage will also have this type of insurance. It is possible to get the two insurances separately, although you will find that most providers offer them as a combined cover.
Some mortgage suppliers will make this type of insurance compulsory when you take out a mortgage with them, to cover their loan. Otherwise, this insurance is highly recommended to protect you against unforeseen circumstances. Virtually every home in the country will have this type of insurance just for that reason, and it could end up proving to be very costly if you do not take the cover out.
Independant Financial Advisor
T: 01795 477744
M: 07886 516087