Moneysworth wins Best Small Protection Advice Firm 2023!
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Moneysworth is delighted to have been shortlisted once again in three categories at the 2024 COVER Magazine Excellence Awards.
These awards recognise the very best firms across the UK insurance sector. We have been shortlisted in the same categories as last year:
We won the Small Intermediary award last year and are looking to make it three wins in five years in this category, and four wins in six years if you count our 2019 victory in the Specialist Intermediary category.
Our nomination in the Specialist Intermediary category reflects the specialist service we provide to clients who may find it difficult to obtain life insurance, critical illness insurance or income protection insurance elsewhere.
We were also delighted to be shortlisted for the Client Engagement award once again, as this reflects how we always put the clients; interests first, something which is more important than ever following the introduction of Consumer Duty last year.
We were also delighted to receive this endorsement as further recognition of the positive outcomes our clients receive, which complements the superb feedback they give us on a regular basis. We were also delighted to receive the Feefo Platinum Service Award earlier this year.
We were fortunate to win one of these awards in 2023 and hope for further success at the ceremony in October.
Health & Protection is a leading publication for intermediaries, consultants and brokers in the world of healthcare, protection and financial advice.
Above all, these successes are testament to the efforts of our directors, advisers and administrators, and a fantastic acknowledgement of the quality of service we provide to our clients.
Both our clients and the industry experts have recognised that we offer the highest levels of advice and customer service, so if you are a consumer seeking life insurance, critical illness insurance or income protection insurance, get in touch with us today. If you work for a financial services firm, then you can rest assured that your clients will be in safe hands if you introduce them to Moneysworth, so please contact us to find out more about what we can offer.
A recent survey from insurance provider Exeter Friendly shows that 80% of employed people in the UK – equivalent to around 26 million people – prefer to receive professional financial advice before taking out protection products such as life insurance, critical illness insurance or income protection insurance.
Here at Moneysworth, we are well placed to service this demand for advice in this area. Advising on life insurance and other forms of protection is all we do, so we really are experts in this area. Our recent awards successes illustrate that you really will be in safe hands if you approach Moneysworth.
We promise to search the whole of the market to ensure we find the very best product for your needs and your individual circumstances, no matter how complex these might be.
We regularly obtain competitively priced life and health insurance for clients with medical conditions, and we can also find life insurance for people who reside outside of the UK.
We don’t charge a fee for our advice either.
If you are a consumer who is interested in exploring this area, contact us today to see how we can help.
If you work for a financial services firm and have clients with needs in this area, then you can rest assured that your clients will be well looked after if you introduce them to Moneysworth. Again, please contact us to find out more about what we can offer.
You may be aware of the Consumer Duty, which was introduced by our regulator, the Financial Conduct Authority (FCA), on 31st July 2023.
The Consumer Duty places new obligations on financial services firms to take positive actions to ensure they deliver good outcomes for their clients.
Moneysworth wholeheartedly welcomed the introduction of the Duty. We have always been aware of the importance of treating customers fairly.
We have trained all of our advisers on our expectations of them when servicing clients, and all of our advisers undertake regular ongoing training to ensure they remain up-to-date with developments in our industry. We carry out ongoing internal monitoring of the quality of advice we provide.
All of our suitability letters also include a link to the Jargon Buster page of our website. We recognise that financial services terminology can sometimes be confusing. While we endeavour to ensure all of our own communications are free from jargon, we have developed this guide to help you understand the terms you might hear being used by an insurance provider, or by anyone else.
Moneysworth’s director Andrew Wilkinson talks about the adverse impact long NHS waiting times are having on the protection insurance market, and urges the new UK Government to take action. If you’re waiting for treatment, it becomes so much more likely that an insurer will decline an application for life insurance, critical illness or income protection insurance. Sadly, all too many of us are still waiting for increasingly long periods to get the treatment we need.
Moneysworth is delighted to announce that it has been shortlisted in two categories for the inaugural Consumer Duty Leadership Awards. These are:
The Consumer Duty was introduced by our regulator, the Financial Conduct Authority (FCA), on 31st July 2023. The Duty places new obligations on financial services firms to take positive actions to ensure they deliver good outcomes for their clients. Moneysworth wholeheartedly welcomed the introduction of the Duty and we have always been aware of the importance of treating customers fairly.
In the words of the organisers, “the Awards recognise and celebrate firms that demonstrate exceptional leadership, innovation, and commitment to delivering good outcomes for their customers. Judged by an independent panel of experts, the awards shine a spotlight on leading firms’ efforts and accomplishments in embedding the Consumer Duty and driving positive change within the industry.”
We were particularly pleased to have been shortlisted for these awards as there is only one category for all firms from the insurance sector, which includes all of the insurers as well as the brokers arranging the various types of insurance.
Moneysworth has regularly won awards in the past for being the best small protection advice firm in the UK. Whilst we did not take home either of the prizes at the Leadership Awards, we effectively achieved the same level of recognition, as we were the only specialist protection advisory firm on the shortlists. For the Leadership in Insurance award, the other finalists were two product providers and an advisory support firm. Our fellow finalists for the Consumer Duty Champion Awards were two building societies, two investment advisers, a credit union and a trade association.
The Leadership Awards judging panel praised Moneysworth for our “strong focus on customer needs and goals” and “interesting solutions for vulnerable customers.”
We were also delighted to receive this endorsement as further recognition of the positive outcomes our clients receive, which complements the superb feedback they give us on a regular basis. We were also delighted to receive the Feefo Platinum Service Award earlier this year.
We have also been named in the final shortlist in two categories at the Health & Protection Awards:
We were fortunate to win one of these awards in 2023 and hope for further success at the ceremony in October.
Health & Protection is a leading publication for intermediaries, consultants and brokers in the world of healthcare, protection and financial advice.
Above all, these successes are testament to the efforts of our directors, advisers and administrators, and a fantastic acknowledgement of the quality of service we provide to our clients.
Both our clients and the industry experts have recognised that we offer the highest levels of advice and customer service, so if you are a consumer seeking life insurance, critical illness insurance or income protection insurance, get in touch with us today. If you work for a financial services firm, then you can rest assured that your clients will be in safe hands if you introduce them to Moneysworth, so please contact us to find out more about what we can offer.
You might think of a protection policy as something that is taken out by a private individual, to protect against the adverse financial consequences of death or illness.
Moneysworth is, however, equally well placed to provide advice to businesses, both large and small, on steps they should take to protect themselves against the adverse consequences of an unexpected or unwanted event.
We can assist companies across all business sectors, and we can help everyone from sole traders to small partnerships and companies and much larger enterprises.
The reasons why you should consider business protection are many and varied. If a key person within your business was to pass away, or contract a serious illness, then:
A ‘key person’ could conceivably mean any of your directors, managers, significant shareholders or technical experts. It might refer to anyone who generates significant revenue or who acts as a ‘figurehead’, ‘public face’ or ‘ambassador’ for your company. It could be the person for whom the very idea of them taking a holiday, or handing in their notice, fills you with dread!
Whatever your balance sheet might say, savvy business owners know that their people are their greatest asset.
Moneysworth can assist in arranging policies such as:
Shareholder and partnership protection. If a shareholder or partner dies, then their share of the business will be inherited in line with what is in their will. If they don’t make a will, then it will be distributed in line with the laws of intestacy, which usually means it will pass to a close relative.
It’s quite likely that you won’t want a shareholder’s relative to continue to own a significant share of the company in the longer term, so your instinct is likely to be to buy back the shares that they have inherited. It may also be the preference of the deceased shareholder’s relative that you buy them out, especially as they may be faced with an emotional dilemma at having inherited the shareholding.
You, or your business, may not, however, be able to produce the funds at short notice for such a large outlay. It may also be impossible to borrow a sum of money for this purpose, or the cost of doing so may be prohibitive. A shareholder protection plan is a type of life insurance that will provide you with the funds to purchase the inherited shareholding.
Business loan protection. This is another type of life insurance, which ensures funds will be available to pay off important business loans should a key person die or become critically ill.
Key person insurance. This type of policy provides a cash lump sum should an important person within your company die or become seriously ill. You can then use the funds to cover loss of profit and/or the costs of hiring and training a replacement.
Relevant life insurance. In many ways, this works in a similar way to personal life insurance, in that a specified sum is paid out if the insured person dies during the term of the policy. With relevant life cover, however, the premiums are paid by the insured person’s employer. The policy does not form part of the insured person’s estate for Inheritance tax purposes. Premiums paid by employers aren’t normally considered to be a benefit in kind, so they’re not subject to income tax or National Insurance.
Executive income protection. Individual income protection works on the basis that a replacement income is paid to the insured person should they become unable to work due to accident or sickness. Executive income protection is taken out by the business, and it is the business that receives an income should their key employee become unable to work.
If you are interested in business protection, then contact Moneysworth today.
