Moneysworth wins Best Specialist Intermediary of the Year! Learn more

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This award recognises the efforts we make in helping clients with pre-existing health conditions to find suitable Life Cover, and our hard work campaigning for more inclusive consumer access to insurance.

The judges could see that we consistently achieve very high service ratings and positive customer review. Since we started offering clients the opportunity to review our service via the third party review service Feefo five years ago, we have consistently maintained a five star (98%) aggregate rating from over three hundred clients (earlier this year, Feefo also awarded us a Gold Trusted Service award).

The high rate of positive feedback we receive is due to our research-driven process and the hard work of our team who ensure clients get the best possible service and outcome. 

The award also acknowledged our work with other specialist brokers and insurers to find better solutions for clients with pre-existing health conditions, particularly those living with mental health problems.

For example, more than one insurance provider is now offering Income Protection without exclusions to some customers with type 2 diabetes – something we’ve been pushing for in the insurance industry since 2017.

Even more significant has been our collaborative work with other specialist advisers firms, in partnership with Royal London, to design and test a new Life Insurance option for people with a history of severe mental illness.

Specifically, the initiative is aimed at people who have had a significant mental health event in the last five years, such as a suicide attempt.  

The product trial achieved very positive results: 75% of clients who applied obtained Life Insurance at a more easily affordable monthly premium. These were people who otherwise would have been declined any cover at all, or offered cover at a much higher price.

Moneysworth wants to see cover options and availability broaden for people living with pre-existing physical and mental health problems, and so we’ll continue to lobby the insurance industry for better outcomes for all.

You can see the list of all this year’s winners at the Cover Excellence Awards website.

You could now be eligible for a new type of Life Cover to help protect your family’s financial future.  

Today is World Mental Health Day – a time to consider how mental health problems such as anxiety and depression could affect anyone at some point in their lives. It’s also a time to reflect on the social stigma that often surrounds severe mental health problems.

The statistics for mental health in the UK are alarming. Around 1 in 4 of people experience a mental health problem each year. At least 1 in 5 people have had suicidal thoughts in their lifetime. Around 1 in 15 people have self-harmed or attempted to take their own life. *

This year’s theme for World Mental Health Day is suicide prevention.

Suicide devastates families.

Just like anyone else, people suffering with a severe mental illness want to do what they can to protect their loved ones’ future, such as obtaining Life Insurance.

Until recently, the chances of being offered cover would have depended on the specific details of their circumstances, such as how many suicide attempts there have been, and how long ago they occurred. Even today, this is the situation with most (but not all) insurers.

A new Life Insurance option now offers hope to people with a history of severe mental health problems – and their families.

UK insurer Royal London has created a new Life Insurance option that’s been specifically designed for individuals with severe mental health conditions who would otherwise be declined cover.

This new option is available to many people who have had a significant mental health event in the last five years (such as suicide attempt, suicidal thoughts, self-harm, or in-patient treatment at a psychiatric ward). It’s also typically available at a more affordable price.

Moneysworth is one of three specialist life cover adviser firms partnering with Royal London to pilot this new type of cover.

Moneysworth has helped many people with different mental health problems to find suitable Life Insurance. This is because we’re well placed to help people in this situation. We have personal experience of some of the key issues involved and detailed knowledge of the Life Insurance market.

We help to ensure all relevant medical evidence for each applicant is presented as a comprehensive case to the insurer. This evidence is assessed by a specialist group of underwriters at Royal London, which helps to avoid mild conditions being classed as a higher risk.

As a result of this trial, Royal London has been able to offer cover to 75% of applicants who would otherwise have been deemed uninsurable.

“The response from customers and advisers has been overwhelmingly positive and we’ve seen high take up rates for cover despite the underwriting process being longer.”

Craig Paterson, underwriting and claims philosophy manager at Royal London

Please note this cover is not available for people approaching Royal London directly and anyone interested in applying should contact Moneysworth or one of the other approved adviser firms.

Here is a review of our service by one of the many clients we’ve helped to find cover this year:

review of our service

How can you increase your chances of finding Life Insurance if you have a severe mental health condition?

If you have other health conditions, or have had a significant mental health event within the past five years, your search for cover is mostly likely going to be harder.

This is why asking an expert to shop around for you is a good idea. Moneysworth have over fifteen years of success in finding cover for people with mental and physical health conditions

We don’t charge clients any fees to search the insurance market, so it won’t cost you a penny to ask us to fully explore your Life Insurance options.

* Statistics source: Mind
https://www.mind.org.uk/information-support/types-of-mental-health-problems/statistics-and-facts-about-mental-health/how-common-are-mental-health-problems/

October 10th, 2019

Posted In: life insurance

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In our previous article, we gave an example of how charity signposting works. A young father with a lifelong heart condition tried for over two years to find an insurer willing to offer him Life Cover. Then a UK heart charity providing him with a list of brokers who specialise in assisting people with health conditions to find suitable insurance.

Likewise, a growing number of financial advisors now signpost to us when they have clients whose health condition is deemed to be higher risk, and the firm struggles to find an insurer willing to offer Life Cover to those clients.

Heart conditions and circulatory conditions are among the most common health conditions we see in the clients referred to us by financial advisors.

Why are more people with heart and circulatory problems being referred to us by financial advisors?

There are currently around 7 million people living with heart and circulatory diseases in the UK – that’s over 10 percent of the population[1]. An ageing and growing population and improved survival rates from heart and circulatory events (such as heart attack) could see this number increase in years to come. From conversations we have with clients, we know that many people wrongly assume that their heart condition automatically means they aren’t eligible to get any Life Insurance.

Around 80 percent of people with heart and circulatory diseases have at least one other health condition[1], which makes it even harder for these people to find an insurer willing to offer them Life Insurance, even with the help of their financial advisor.

Why should financial advisors signpost their clients to a specialist broker?

Financial advisors don’t want to tell their clients they are uninsurable. This is why a growing number of financial advisor firms have an arrangement with specialist brokers like Moneysworth to handle their declined Life Insurance cases.

They care about their clients and realise they have a duty of care to help them find the insurance they need, even if that means referring the client to a specialist broker. This duty of care is the key reason why financial advisors should have contingency plans for signposting their clients to a specialist.

The financial advisors who come to us rely on our specialist expertise. Our careful research not only helps to ensure their client has the best chance of being offered cover, but quite often results in that cover being offered at a surprisingly affordable price.

Most important of all, our comprehensive approach also means the client can feel that the insurance cover they’ve purchased is fit for purpose so that – if the worst happens – the policy will pay out.

Insuring the ‘uninsurable’ – a case study:

A financial advisor firm recently approached us having tried, unsuccessfully, to find Life Cover for their client who has a heart condition.

The client is a male in his early forties who was diagnosed with Cardiomyopathy over ten years ago. Cardiomyopathy is a disease of the heart muscle which affects its size, shape and structure.

At this time, he was also fitted with an ICD (Implantable Cardioverter Defibrillator) – a life-saving device which is surgically implanted inside a patient’s chest if their cardiologist believes there is a real risk that the heart could suddenly stop beating. An ICD is a defibrillator that automatically detects if the heart stops and immediately shocks the heart to start it beating again.

The client has annual medical reviews and, despite the seriousness of his heart condition, he has no symptoms whatsoever.

We were not surprised that the client and his financial advisor had experienced difficulty in finding an insurer willing to offer cover. We knew that the majority of Life Insurance companies will decline an application where an ICD had been fitted – especially given the underlying heart condition diagnosed at such a relatively young age.

When we completed our research for this case, virtually all insurers in the marketplace confirmed they would decline an application for Life Insurance. But because we were thorough, we found two insurance companies willing to give further consideration to an application, subject to seeing a GP report.

With the client’s permission, these two insurers obtained a GP report including a letter from the cardiologist.

One of these insurers then declined the application, but the other offered mortgage term assurance with no exclusions and for the full sum the client needed (over £200,000) for the whole term of the mortgage (over 20 years) for less than £100 per month.

A satisfying result for us, for the financial advisor and for their client!

Notes:

1. Figures obtained from British Heart Foundation’s “Heart Statistics” publication, 2018: https://www.bhf.org.uk/what-we-do/our-research/heart-statistics

Here at Moneysworth, we’re big fans of signposting. What do we mean by that?  

For an insurance provider, it’s about considering consumers’ needs – even if that insurer cannot accommodate the special needs that an increasing number of consumers have.

For example, what happens when a consumer is shopping around for life insurance and they are refused cover because they have a health condition which makes them a higher risk for insurance? This can, often incorrectly, cause consumers to think that they’re uninsurable and to give up looking for cover.

The need for signposting is now being recognised by some health charities

Consumers with health conditions rely on charities for information and guidance to help them overcome the complexities they face, including the difficulties of searching for suitable insurance cover.

The British Heart Foundation (BHF) is the UK’s leading charity for funding research into heart and circulatory diseases and their risk factors. For several years, Moneysworth and other specialist brokers have been listed [1] on the BHF’s website or in its guidance publications. We don’t always know how people find us, but we do know from our conversations with clients that many people come to us after contacting the British Heart Foundation. This is signposting in action!

Insuring the ‘uninsurable’ – a case study:

The review shown at the top of this article was written by a male client in his late twenties who was determined to protect his family’s financial future.

The problem was that, because of his heart condition, he couldn’t find an insurer who would offer him Life Cover. Soon after being born, he’d been diagnosed with a bicuspid aortic valve and coarctation of the aorta. When he was a teenager, he had open heart surgery, followed by a week in hospital and six months recuperation before returning to school.

Ever since then, he’s had annual checks at a hospital, but has no symptoms and doesn’t even need to take medication. He has no other health issues and no family history of heart defects or heart disease. He is able to work in a physical role and has an active lifestyle. Indeed, the reason he has a mortgage is because he has a steady job and income!

Yet every insurer he contacted declined to offer him Life Cover because of his medical history of having a rare heart condition.

After years of unsuccessfully searching for an insurer who would offer him suitable cover, he was signposted to Moneysworth via the British Heart Foundation.

With our specialist knowledge of the insurance market, combined with our medical knowledge, we were able to help the client find the cover he needed to protect his family’s financial future. He successfully applied for and started a Decreasing Life Insurance policy for almost £400,000 to cover a repayment mortgage over 35 years, for just under £50 per month.

Signposting: a little guidance can make a huge difference

Thanks to the British Heart Foundation making the effort to provide appropriate guidance and signposting, many people with heart conditions are able to find Life Cover after they’ve been declined by mainstream insurers.

Notes:

  1. ‘Life insurance with a heart or circulatory condition’ https://www.bhf.org.uk/informationsupport/support/practical-support/life-insurance
  2. Link to customer’s review shown in the illustration: https://www.feefo.com/en-GB/reviews/moneysworth-ltd/5c01683ae4b0d6ca69e0c17c/customer-review-absolutly-amazing-100-recommend?displayFeedbackType=SERVICE

This February is National Heart Month, a time for each of us to reflect on how we can improve the health of our heart. Living with a heart condition can affect not only the individual but their loved ones too.

Having a heart condition has become one of the most common medical problems among clients who ask us to help them find Life Cover.

  • Heart and circulatory diseases cause more than a quarter (26 per cent) of all deaths in the UK; that’s nearly 160,000 deaths each year – an average of 435 people each day or one death every three minutes.
  • There are around 7 million people living with heart and circulatory disease in the UK: 3.5 million men and 3.5 million women.
  • An estimated 915,000 people alive in the UK today (640,000 men and 275,000 women) have survived a heart attack.

Source: British Heart Foundation statistics

Is it possible to get Life Insurance if you have a heart condition?

Finding Life Insurance that suits your needs can be much harder if you’ve had a heart attack, a cardiac arrest or are living with a heart condition. Moneysworth specialise in helping people find Life Cover even if they have a health condition or have been refused life cover elsewhere.  

The most common heart condition we see in our work is a previous heart attack (also known as myocardial infarction). However, over the last seven months, we’ve helped over ninety people with a wide variety of other heart conditions to find life cover. Many of these clients have now successfully started their policy or are currently in the process of applying for cover.

Moneysworth are experts in helping people with heart conditions to find Life Insurance

Over the next few weeks, we’re going to post a series of articles about the circumstances behind some of our clients’ search for life cover: why they needed life insurance, the problems they’d previously encountered when trying to apply for cover elsewhere, and the policy options and prices we were able to obtain for them.

It may surprise you to see how people who are living with a serious heart condition – or even multiple conditions – are still able to find cover, thanks to our team’s expert guidance and assistance.

From 1st July 2018 through to 31st January 2019, Moneysworth helped clients with the following heart conditions to apply for Life Cover :

  1. Angina
  2. Aortic Regurgitation
  3. Aortic Stenosis & Mitral Valve Repair
  4. ARVC (Arrhythmogenic Right Ventricular Cardiomyopathy)
  5. Atrial Fibrillation
  6. Bicuspid Aortic Vale
  7. Bicuspid Aortic Valve & Heart Beat Irregularity
  8. Bicuspid Aortic Valve & Coarctation Of The Aorta
  9. Blocked Artery / Stenosis
  10. Brugada Syndrome
  11. Cardiac Arrest
  12. Cardiac Arrest & Arrhythmia
  13. Coarctation Of The Aorta
  14. Coarctation Of The Aorta & Chronic Heart Disease
  15. Congenital Aortic Stenosis, Bicuspid Aortic Valve & Atrial Fibrillation
  16. Congenital Bicuspid Aortic Valve & Mitral Valve Prolapse
  17. Congenital Heart Defect
  18. Congenital Subaortic Stenosis
  19. Coronary Artery Angina & Angioplasty
  20. Bicuspid Aeortic Valve
  21. Dilated Cardiomyopathy
  22. Endocarditis
  23. Heart Arrythmia
  24. Heart Attack
  25. Heart Attack & PFO Hole Closure Surgery
  26. Heart Attack & Triple Bypass
  27. Heart Attack & Quadruple Coronary Artery Bypass
  28. Heart Murmur
  29. Heart Murmur & Prolapsed Mitrial Valve
  30. Heart Weakness
  31. Hole In Heart & Missing Valve
  32. Hole In The Heart From Birth & Aortic Valve Replacement
  33. Hypertrophic Cardiomyopathy
  34. IHD & Atrial Flutter
  35. LQTS & Tachycardia
  36. Mild Cardiomyopathy & Left Brundle Branch Block
  37. Narrowing Of The Arteries
  38. Paroxsymal Atrial Fibrillation
  39. Paroxysmal AF
  40. Quadruple Bypass
  41. Severe Aortic Regurgitation
  42. Slight Heart Murmur, Enlarged Heart & Atrial Fibrillation
  43. Slight Hole In The Heart
  44. Slightly Enlarged Heart
  45. Suspected Angina, High Blood Pressure & High Cholesterol
  46. Takayasu Arteritis
  47. Transposition Of Great Vessels & Palpitations
  48. Transposition Of The Great Arteries, Pulmonary Stenosis & Coarctation Of Aorta
  49. Triple Bypass & Coronary Artery Disease
  50. Type 1 Brugada & ICD

This week is National Obesity Awareness Week – a time to reflect on how being overweight can affect health, how to eat more healthily, and to consider being more physically active.

The risk of developing weight-related health issues is why Life Insurance companies need to know your BMI (body mass index) – a measure that uses your height and weight to work out if your weight is healthy.

Does having a high BMI mean that it’s impossible to find Life Insurance?

Well, it does usually mean the price of the insurance is higher compared to someone with a healthy weight and no other health problems. But you may be surprised to learn that, even with a very high BMI, it’s still possible to get Life Insurance.

So, which of the example customers in the picture above could be eligible to get Life Insurance?

The answer is ALL of them!

Each of the four people has a BMI of 55, which health professionals consider to be in the very high range of obesity levels.

Different insurers set different maximum BMI limits. So, even though these four people have a high BMI, some insurers may offer them Life Cover. That decision, and the price offered, will of course depend on other factors too, such as the applicant’s age, other health conditions and any relevant family medical history.   

Do you know your BMI?

Here’s a range of examples of BMI (Body Mass Index) for adults, who have different heights and weights:

Life Insurance Obesity - BMI examples

If you know your height and weight, you can use the NHS’s Healthy Weight Calculator to find out your BMI.

If you have a high BMI but no other health problems, why is your Life Insurance price higher?

Even if you’re still in your 20s or 30s, you feel healthy and high BMI is your only medical issue, you may be charged more for your insurance cover.

This is because insurers don’t just consider your present state of health – they also assess the effect of the raised BMI throughout the proposed term (length) of the insurance cover that you’re asking for.

What if I lose weight after I’ve started a Life Insurance policy?

Recently, we’ve found some insurers who will offer to reduce the monthly cost for your life cover if your BMI improves due to weight loss.

What about Critical Illness Cover and Income Protection?

Critical Illness cover and Income Protection cover are typically harder to obtain for people with a high BMI, especially if there are other health conditions to consider. But it may be still be possible for some people – it all comes down to your overall circumstances: BMI, age, other health conditions, family medical history, etc.

How can you increase your chances of finding Life Insurance if you have high BMI?

Most mainstream insurance companies will have a tolerance level for BMIs up to around 40-45, providing there are no other health conditions present.

If you have other healths conditions too, or have a BMI higher than the mid forties, your search for cover is mostly likely going to be harder.

This is why asking an expert to shop around for you is a good idea. Moneysworth have over fifteen years of success in finding life insurance for people with high BMI and other health conditions. We are usually able to obtain life cover for a maximum of BMI of 55, and in some cases even up to 60. We don’t charge clients any fees to search the insurance market, so it won’t cost you a penny to ask us to fully explore your Life Insurance options.

Learn more about Life Insurance and high BMI / Obesity.

January 17th, 2019

Posted In: BMI, life insurance, Obesity

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