For too many of us right now, the cost of living crisis is part of our daily lives. Many of us are looking to make savings in any way we can.
You might be tempted to think about making savings by cancelling your direct debit to your life insurance company. You really need to think carefully, however, before taking this step.
Typically, your insurance policy will end once you have missed three consecutive premiums. This means that you will lose valuable insurance cover, and possibly deprive your loved ones of the peace of mind you were so keen to provide when you took out the policy.
You might be tempted to think that you will simply take out a new life insurance policy once the cost of living crisis eases and your personal financial situation improves. If you think this way, however, not only are you losing valuable cover in the meantime, but it might not be as easy as you think to obtain replacement insurance cover in the future. Being a few years older inevitably means higher premiums, and by the time you apply for the replacement policy, your health or personal situation may have deteriorated, meaning that the insurance companies will only offer you cover at a much higher premium, or may not wish to insure you at all.
If you have decided, however, that you really can’t afford your life insurance premium, before you cancel your direct debit, please speak to your insurer to see how they might be able to help.
For example, your insurer might be prepared to offer:
No one needs any reminder that cancer is a serious illness, nor that it’s extremely common.
Around one in two of us will get cancer at some point in our lives and it’s one of the most common causes of death across the world.
Given this, you might assume that obtaining life insurance once you have experienced cancer would be impossible. Even if someone was judged to be free from cancer, would the insurers not be worried that the cancer might return?
It should be noted, however, that, in the UK, you are now more likely to survive cancer than die from it. This means that there are opportunities to obtain life cover should you have experienced cancer.
Moneysworth specialises in finding life insurance for people who might be considered higher risk or who may have been declined life cover when they made applications via brokers or when applying directly to an insurer. This includes arranging cover for people who have previously had cancer.
Sometimes, a life insurance policy is arranged with an exclusion for a particular illness, so the insurer might decide to offer you insurance where you are covered for death for illnesses other than cancer. We have often been successful, however, in arranging comprehensive life cover where the policy includes cover for death from the type of cancer that our client experienced previously.
Even if your policy excludes death from cancer, you would still have the peace of mind that death from other causes will be covered.
Even more worthy of note is that a number of our clients who have experienced cancer manage to obtain cover at standard rates, i.e. at the same monthly cost as any other applicant.
It is possible though that your premium might be subject to a rating, i.e. you would need to pay more each month than a client who had not experienced cancer.
It’s also not that unusual for us to be able to help clients with a history of cancer. We have successfully arranged life insurance in many such cases since our foundation in 2003.(more…)
According to charity Mind, one in four of us every year will be affected by some form of mental health condition.
Not only are mental health problems, unfortunately, very common in today’s society, there is also undoubtedly a stigma that surrounds this issue, and this inevitably has an impact when it comes to insurance applications made by people with a history of mental health issues.
The good news is that not every insurer thinks in the same way, and Moneysworth’s previous successes demonstrate that it is certainly possible to obtain affordable life insurance if you have experienced mental health difficulties. If you have been declined by one or more insurers because of your mental health history, then give Moneysworth a call today as we have frequently been successful in obtaining policies for clients who have been declined elsewhere.
Moneysworth’s highly skilled and experienced team are experts in assisting people with both mental and physical health conditions to obtain the cover that they need.
Recent examples of where we have been able to obtain cover for clients with mental health issues include:
31-year-old woman with a history of various mental health conditions
26-year-old woman with a history of depression and other complications
33-year-old woman who had experienced both OCD and depression
50-year-old man with a history of depression and anxiety
We can help you find the right insurance if you have experienced a number of mental health conditions, which include:
Moneysworth promise to be sensitive to the individual needs of clients with mental health issues, and we promise to treat all of our clients in a compassionate manner. We allow our clients a choice of communication options including a ‘no phone calls option’ and we find that many clients with mental health issues feel much more comfortable doing everything via email.
We’re excited to welcome Gary Harrison in the newly-created position of National Sales and Development Manager at Moneysworth. Gary is responsible for developing business from introducers, particularly broker firms within the key sectors of protection, mortgages and wealth & pensions.
Gary has worked in the protection industry since 1989, initially as an adviser for a number of insurers such as Dunbar and GA Life, and also as a business consultant for PruProtect. Ten years ago, he was taken on by SimplyBiz as a business development manager, working with providers and advisers to develop their protection propositions.
In that role, he frequently worked closely with Moneysworth and was impressed by our passion for protection, commitment to providing value to clients and our high standards of service – all of which are important values he shares. When the opportunity came to join Moneysworth, Gary didn’t hesitate:
“It was a no-brainer, as we’re of the same opinion that firms need greater support and solutions to fulfil their clients’ protection needs in an increasingly complex protection market.”
Tim Boddy, director at Moneysworth, says:
“With the FCA’s imminent roll-out of Consumer Duty regulations, we couldn’t think of a more perfect time or fit than Gary joining our team. With his background and enthusiasm for protection, he has the ideal qualities and experience to further develop and promote the introducer service offered by Moneysworth to all advisers.”
Our specialist broker service already partners with many advisers across the UK who don’t have enough time to arrange protection themselves or to handle more complicated cases. Gary’s experience and insight in this area will ensure that we can help many more advisers at this time of exciting changes in the protection sector.
Our process focuses on researching each client’s circumstances with insurers across the whole market. We’re able to demonstrate that our clients have been able to obtain the cover they need – and at a competitive price.
We believe this is the level of dedication required under the FCA’s forthcoming Consumer Duty regulations.
Having suffered a heart attack six years previously, this male client was able to provide Moneysworth with medical letters from his hospital specialist. This was very useful for us when undertaking our initial research with insurance companies.
A number of the insurers were willing to consider an application. The most expensive estimate of premium was £154pm with the three most favourable estimates ranging from £45pm to £67pm. Applications were made to these three companies and, after looking at the medical evidence and applications, all three companies made a formal offer of terms.
Two offers were similar at around £66pm. The best offer was £43.62pm which, over the full term of the policy, would save the client £2,643 compared to the second best offer. With this policy, the premiums and the life cover are guaranteed to remain the same throughout the policy term. Even if the client was diagnosed with a new health condition in the future, it would not affect his cover or the premium.
Naturally, the client was pleased to accept the lowest premium offered and now has peace of mind knowing that, if the worst were to happen, his wife would remain secure in their home and not have a mortgage to worry about.
After the policy started, we received the following review (via Feefo) of the service provided by Moneysworth:
Absolutely brilliant service from start to finish would highly recommend Moneysworth. The staff are very reliable and so good at what they do. Thank you!
Purple Tuesday is about creating awareness of the needs of disabled customers, their place in society and their value to the economy. It’s about making the customer experience accessible to everyone.
We’re here to help anybody who is looking for Life Insurance, especially those who have pre-existing health conditions.
Even during the ongoing pandemic, when Life Insurance has been harder to obtain for people with particular health conditions, Moneysworth has continued to find solutions for many clients.
Last year, we undertook a significant overhaul of our website to make it more accessible for people with visual, motor or cognitive impairments. We asked Purple to audit our website; our designer then implemented dozens of technical changes and design adjustments, based on Purple’s recommendations.
This year, we’ve made further accessibility improvements to our Quote Request form interface to help ensure it’s easier to read and understand on different devices.
Whenever we make any changes to our web pages and forms, we always ensure the design and underlying programming code accommodate the requirements of people using assistive technology to access online services.
We’ve also added a ‘No Phone Calls’ option for clients who don’t feel comfortable discussing their mental health condition over the phone. This option was developed in conjunction with a major UK insurer, who ensures that any Moneysworth client who chooses this option can complete their cover application purely online with email communication only.
Our team will continue to ensure we consider accessibility for all as our business and website grows and evolves.