News & Views

Hello and Welcome!

We are proud to launch our new website which with a great deal of consideration, has taken over a year to develop.

The new site is very different to the old one and we thought it might be useful to explain some of the thinking that has gone into the design and content.

Firstly we were aware that our website had not kept pace with the changes in our business and especially our client groups. Put simply any visitor to the old site might well conclude that our life cover services were designed only for people with pre existing health conditions. However the truth is that we arrange life cover for a much wider range of clients, including people with no health conditions, business owners and clients with occupational and/or overseas travel issues.

Secondly we knew that the old website looked dated and the new site needed a much fresher approach. Financial services websites generally are often criticised for being somewhat dull, so it was important to us that visitors find the new site visually stimulating and engaging.

Our clients receive a bespoke personal service and we wanted the new website to visually send a clear message to visitors, that we are different. We have tried hard to make the site easy to read and visually engaging by breaking information down into manageable amounts. We have used space to de-clutter and chosen a font which feels personable (and different again) and is easier on the eye.

Functionality was another key consideration. We have tried to make the new website easy to navigate and as simple to use as possible. We have tried to make it easy for customers to communicate with us, whether making an enquiry or asking us any questions (e.g. email, phone, live chat). It’s really easy for visitors to share a link to any page they think may be of interest with a friend. Underlying all of this is a clear invitation for visitors to engage with us.

Finally we wanted to create a website that visitors find genuinely useful and compelling. In short we want people to leave our site feeling their visit has been worthwhile and the key issue here is the quality of the content.

Here we have tried as much as possible to put ourselves in the shoes of our clients. We asked ourselves time and time again ‘what are the questions that customers really want answers to?’ ‘How are customers feeling as they approach applying for life insurance?’ ‘What concerns do they have?’ ‘What information might help customers feel more confident’? For example, some people with pre-existing health conditions may fear that life insurance premium rates would be completely unaffordable in their particular situation. They may fear the embarrassment explaining that it was unaffordable. For some these potential negative outcomes might cause them to avoid making any enquiry at all. It is for this reason that we have decided to include a selection of real cases, showing actual premium and cover amounts achieved for some of our customers on the diabetes and heart condition pages of the site. Throughout the website we have similarly tried to include lots of additional information which we think visitors might find useful.

When it comes to life insurance, we believe that what customers are looking for above all, is to feel confident in the decisions they are making. We hope you find our website of genuine value and we look forward to being of service.

I have just read an article in todays Cover Magazine here http://tinyurl.com/7dlbkwe  in which Zurich’s head of underwriting is quoted as stating that huge numbers of applications received contain ’embellishments’ of the truth about applicants’ health details.

Why would anyone wish to take out life insurance using information which if succesfully contended at claim stage by the life company might lead to the claim being disallowed? How pointless is that? In stead of (presumably) saving a bit on the premiums, non disclosure risks wasting every penny of the premiums.

Of course in such cases it won’t be the person who is insured who will ever know. It will just come as an extra horrible shock to those who are left. Messy!

As so many of our clients at Moneysworth have pre existing health conditions (including diabetes, heart conditions and other health conditions), it is common for life insurance companies to write to our client’s doctors for medical information before making a final decision. Though on the face of things this might be seen to cause a degree of anxiety during the waiting period, the reality is that at the end of the process clients can feel extra peace of mind, knowing that the insurance company holds a report from their doctor.

In fact in many cases clients say to us that they would prefer the life company to write to their GP so that they can feel safe knowing that medical information HAS been disclosed!

And of course by using Moneysworth our clients know that we have properly researched the market to find the best solution for them individually. Which is important when you consider that different insurance companies charge widely different prices for people with the same health conditions.

So if you have a health condition and want to apply for life insurance make sure that you fully disclose your health information and if possible use the services of a life assurance broker who really does specialise in helping people with pre existing health conditions. That way you will know that you are fully covered and at a good price. 

I have been trying to get my ahead around some statistics that I came across yesterday.

Sainsbury’s commissioned the research looking at how many people in the UK had mortgages with no life cover in place to repay the outstanding balance. The results show some surprisingly big numbers, much bigger than most would perhaps guess.

Firstly the total figure of  mortgages without life cover is given at £245,000,000,000 – thats a quarter of a trillion. But  ‘billions’ and ‘trillions’ are everyday newspeak terms now, over used by both politicians and news reporters these words have become a sort of TV litter which we therefore tend to ignore as part of the familiar landscape.

Dig a bit deeper into the Sainsbury report figures though and we start to find more meaningful statistics.

The number of people with no life insurance to cover their mortgages? Just under 7 Million, or to put in a more meaningful way  that equals just over 4 in every 10 mortgages. The report goes on to break down this figure between different age bands, as follows

Age       Percentage of mortgage holders unprotected
18-24    62%
25-34    38%
35-44    33%
45-54    30%
55-64    55%
65+       58%

Of course within these figures there will be mortgage holders who have valid reasons for not having life cover. The biggest such group will be single people with no dependants – fair enough. Another group might those with significant personal wealth.

But what about all the others? What about the significant majority who are not particularly wealthy but who do have dependent partners and/or families? What about the growing number of older people who find themselves with mortgages much later in life than they had originally anticipated? What are the reasons why these mortgage holders choose to have no life cover?

Here are some of the common reasons people give when asked.

”I’ve never really thought about it.” –

”Its a waste of money – its  (my death) will probably never happen ”

”Its too expensive – I can’t afford it”

”No one will insure me with my health conditions”

All of these responses deserve a fuller response which is probably worth addressing in future posts and it would be good to hear readers opinions, so if you have one please comment.

But for the moment I should mention one other factor which I suspect lurks in the background for many and that is fear. Fear is a great inhibitor in all aspects of life. Fear changes our behaviour, it makes us more cautious, it makes us avoid action, fear makes us hide.

Generally people tend to fear the unknown. I am not a professional psychologist but based on my own observations fear is especially to do with a future outcome that is not known. Often the reason why people don’t face up to their fears is because they are scared as to what the outcome might be if they do. By avoiding action we feel like we are keeping the possible undesired future outcome at bay. Mostly its a subconcious kind of response.

So how does ‘fear’ apply to this issue of life cover for mortgages?

Perhaps underneath these figures many people are frightened about the questions they may be asked if they do apply for life cover. Perhaps they are frightened of having to reveal ’embarassing’ personal medical information about themselves.

Or perhaps they fear the final outcome  – the fear that if they apply they they might get turned down and  all that that might mean. For example it could confirm their own worst fears that they are going to die sooner rather than later, or in some way mark their financial credit record making it more difficult for them to borrow money in the future if they applied for a loan or mortgage. So some people might choose to avoid applying for life cover in order to avoid some sort of final judgement which they fear might finally mark their cards for good.

But of course fearing something does not mean that it is going to happen.

The problem is that many people are needlessly putting their families at risk by continuing to take no action. Put bluntly if you have no life cover for your mortgage on your family home then your home is at risk.  If you have a family you owe it to your family to seek the appropriate life insurance in order to protect the family home for them.

Of course this for many will involve confronting a fear of the unknown.

But if only people with such fears knew where to look they might be quite surprised at the outcome. Here at www.moneysworth.co.uk we offer a specialist service for people with pre existing health conditions who are seeking life cover, for mortgages or for family protection (for other reasons too). Our service is confidential and non judgemental. We have over a number of years developed and refined a process which is designed to help customers find best outcomes. Each case is indivually researched. Further more our service is fee free to our customers and is with no obligation. Therefore it costs nothing to try.

The results are very encouraging. It should be said that we are not able to offer all customers a 100% guarantee that we will be able to find the life cover that they seek but we are able to help the majority, many of whom have been turned down elsewhere before coming to us. Very often the premiums acheived are considerably less than the customer originally feared.

Customers frequently express a high level of satisfaction with our service and often say that a great weight has been lifted for them. With the peace of mind knowing that their dependants are now protected they no longer need to live in fear.