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A review from a satisfied client for whom Moneysworth helped to arranged Life Cover during the Coronavirus outbreak

Are you concerned about finding Life Insurance during the Coronavirus outbreak?

Due to the risks of Coronavirus, many insurers have made changes to their underwriting rules. These changes mean that some people may experience a greater degree of difficulty in finding cover at an acceptable price.

For example, some insurers have reduced the maximum BMI (Body Mass Index) they are prepared to accept. Also, some insurers are rejecting a higher number of cover applications involving heart conditions than they were previously.

The good news is Moneysworth continues to source cover for its clients, even in the current circumstances.

This is because Moneysworth’s core business has always been to help people with health conditions to obtain Life Insurance, Critical Illness Cover and Income Protection Insurance.

In April alone, the Moneysworth team has been able to arrange cover for many clients who have a wide range of existing health conditions, such as:

  • Raised Blood Pressure and Raised Cholesterol
  • Raised BMI
  • Heart Conditions – including Dilated Cardiomyopathy,  Replaced Aortic Valve, Atrioventricular Block, Atrial Fibrillation, Cardiac Arrest, Palpitations, Arrhythmia, Aortic Stenosis, Bicuspid Aortic Valve, Brugada Type 1, Brugada Type 2, Coarctation of the Aorta, SICD fitted, POTS Syndrome, Subclavian Flap Repair
  • Stroke
  • Seizures
  • Mental Health Conditions – including Schizophrenia, Anxiety, Depression, Post-natal Depression, Previous Recreational Drug Use, Suicidal Ideation, Psychosis, Stress
  • Diabetes – Type 1, Type 2, Diabetic Hypoglycemia
  • Other Health Issues – Osteaoarthritis, Abnormal Smear Test Result, Dermoid Cyst,  Asthma, Prostatitis, Syncopol, B12 deficiency, Swollen Glands. 

This list shows that, despite the recent underwriting changes made by insurers, it’s still possible for people with health conditions to find the cover they need.

To maximise the chances of finding cover at an acceptable price, it’s best to use a specialist broker, such as Moneysworth, which has proven expertise in finding insurance for people with existing health conditions. 

8 examples of Life Insurance prices Moneysworth found for clients with health conditions during April 2020

1. A 24 year old, non-smoker, high BMI, diagnosed last year with Type 2 Diabetes. Also being treated for Heart Palpitations / Arrhythmia and Raised Blood Pressure:

  • Required £200,000 of level life cover over 40 years.
  • Moneysworth researched the market and found two insurers willing to offer terms with all other companies declining, with prices ranging from £45.97 down to just £33.19 per month.

2. A 53 year old, non-smoker, previously suffered a Stroke and Seizures:

  • Required £200,000 of level life cover over 20 years.
  • Moneysworth researched the market and found only one insurance company willing to consider an application – and all other insurers indicating they would decline. The client accepted an offer of full cover for £143.03 per month.

3. A 63 year old, non-smoker, diagnosed with heart issues including Atrial Fibrillation, Leaking Heart Valve and Left Ventricular Systolic Dysfunction, also Raised Cholesterol:

  • Required £25,000 of level life cover over 5 years.
  • Moneysworth researched the market and found two insurers willing to offer terms with all other companies declining, with prices ranging from £37.74 down to just £27.63 per month.

4. A 53 year old, non-smoker, late diagnosis of Type 1 Diabetes (client using insulin pump for control):

  • Required £125,000 of level life cover over 10 years.
  • Moneysworth researched the market and found all insurers willing to consider an application, with prices ranging from £42.42 down to just £33.20 per month.

5. A 35 year old, non-smoker, High BMI (21 stone, 5 feet 9 inches), mild asthma:

  • Required £150,000 of level life cover over 32 years.
  • Moneysworth researched the market and found three insurers willing to consider an application and all others indicating that they would decline. After applying, one insurer changed their mind and decided to postpone, leaving just two insurers with offers of terms, with prices ranging from £28.90 down to just £27.57 per month.

6. A 32 year old, non-smoker, High BMI, Anxiety and Depression with Previous Suicide Ideation:  

  • Required £200,000 of level life cover over 40 years.
  • Moneysworth researched the market and found five insurers who declined to offer cover and six insurers who were willing to offer cover, with prices ranging from £54.39pm down to just £34.56 per month.

7. A 35 year old, non-smoker, heart issues including Coarctation of the Aorta and previous Subclavian Flap Repair:

  • Required £100,000 of level life cover over 20 years.
  • Moneysworth researched the market and found ten insurers who declined to offer cover – and one company willing to consider offering terms at a premium of £27.97 per month.

8. A 39 year old, vaper, mental health issues including Previous Psychotic Episodes and Previous Suicidal Ideation:

  • Required £210,000 of decreasing life cover over 25 years.
  • Moneysworth researched the market and found ten insurers who said they would decline or postpone an application – and one insurer willing to offer cover at £63.75 per month.
Another review from a satisfied Moneysworth client