Insurance coverage and finance products often fail to adequately assess the risk profile of Armed Force’s lifestyles and other services, according to a financial business set up by veterans. Many of the financial challenges facing the Armed Forces community are also faced by other niche groups such as small businesses or start-ups – especially those set up by military spouses and partners.
The Services Family Limited (TSFL) was set up to support members of the Armed Forces, other services and their families and is offering advice on how to secure insurance for many niche groups such as those with a military background but also small businesses and start-ups which face similar ‘non-standard’ financial histories.
TSFL was founded to challenge the disadvantages suffered by the Armed Forces, veterans and Blue Light services and their families when trying to access financial products – due to their career paths and ‘non-standard lifestyles that might affect credit histories.
The firm supports a wide range of niche groups that had experienced similar disadvantages to the founding veterans, such as business start-ups, self-employed tradespeople, junior doctors, nurses, students, returning overseas works, immigrants and of course members of the Armed Forces among others.
The firm found that people in these groups, who move around the country or the globe, tend to have odd financial histories but that high street financial institutions often failed to adequately assess the risk profile of such customers. This meant that many customers were often over-charged or refused the best or automated products.
What TSFL Does
For small businesses and those who set up on their own things are never easy. Even after taking every precaution … the unexpected can sometimes happen. While the highest professional standards and care are always your best defence, one mistake, or a claim that you have made a mistake, can be a major stress and take a huge effort to resolve. Insurance is never a silver bullet but having the financial security of a policy really helps.
The Services Family Limited can offer advice on an expanding range of services and policies for people setting up a small business, starting a new job or setting up on their own.
The Services Family Limited – About The Business
Founded by Veterans, The Services Family Limited provides financial products to actively support service personnel, those in Armed Forces Transition and the Blue-Light services, and their families. As the business founders have experienced the same challenges its customers face, it really understands them and says it is driven to “change the game” and work on solutions from the customer up, not from the product down.
The TSFL Mission
The business wants to build a stronger even more resilient services family community. It aims to help people understand financial matters – from insurance to security (both personal and online), through to loans. The business has teamed up with BFBS to help provide guidance and tips on subjects that matter most to financial customers.
Free Courses And Support
To help start-up businesses, the self-employed and those aiming to transition to civilian life, the business has also launched FREE, plain-speaking online courses and online business support website. For those concerned about security online and looking to ‘clean-up’ their social media channels, TSFL has built a social media profiler that tells people who they look from their social media profile and how this might affect their financial profile.
The company also has a focus on spouses and partners who might run a business from home. In February, it launched small business insurance which factors in that many of such business face specific and complex challenges – such as being run from home, or other ‘non-standard’ premises, by phone or by email.
In early 2020, the firm is planning to launch a Services Family Home Policy, which is designed exclusively for service family accommodation and single-living accommodation (SFA and SLA) – and aims to be affordable and fit for the service lifestyle.