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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. 

Case studies – how we have been able to help previous clients

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

  • Had previously experienced depression and post-traumatic stress
  • Had made attempts at self-harming
  • She had, however, been largely free from symptoms of any mental health condition for the last five years
  • Also had a high BMI, which was also a consideration when finding appropriate insurance for her
  • She was offered cover by two insurers. For £174,425 of cover over 19 years, she accepted a premium of £17.69 per month. The other insurer quoted her £19.40 per month. 

26-year-old woman with a history of depression and other complications

  • First experienced depression around seven years earlier
  • Had made attempts at self-harm as recently as three years prior to the application, via various overdoses
  • Was under medical supervision for the condition until around 16 months prior to her application
  • Still typically took anti-depressants during the winter months
  • She eventually took out life cover for £25,000 over five years, at a cost of £13.67 per month
  • Unfortunately, in this instance, it was not possible to find an insurer who would cover her for death related to her previous mental health issues, so the policy we recommended is one that pays out for death that is not related to a pre-existing medical condition
  • This may, however, only need to be a temporary solution, as one insurer indicated they could re-consider were another application to be made in six months’ time

33-year-old woman who had experienced both OCD and depression

  • First diagnosed with depression at age 14
  • Was free from depression at the time of the application, but was still taking medication for it at the time of the application
  • Made a suicide attempt via an overdose four years prior to the application
  • Was also diagnosed with Obsessive Compulsive Order in her 20s, and the condition still exists to some extent
  • The policy she took out was for £100,000 of life cover over 30 years. The premium is fairly high for the first two years, at £51.12 per month, but then reduces to £19.83 per month for the remaining 28 years 

50-year-old man with a history of depression and anxiety

  • Had experienced both depression and anxiety in the previous five years
  • There had been at least two episodes of mental illness, which led to him needing counselling and medication, and he was unable to work for a period of time
  • He took out a policy for £100,000 over 20 years at a cost of £79.57 per month. This was a joint policy with his wife, and although the premium was fairly high, this was partially due to his wife’s medical history, which included an occurrence of breast cancer

These cases illustrate that it can still be possible to obtain life insurance where:

  • Clients have had more than one episode of anxiety or depression
  • Clients were still taking medication at the time of the application
  • Clients had attempted suicide in the years prior to the application

Types of mental health conditions where we can assist

We can help you find the right insurance if you have experienced a number of mental health conditions, which include:

  • Depression
  • Anxiety
  • Stress
  • Panic attacks
  • Obsessive Compulsive Disorder (OCD)
  • Bipolar Disorder
  • Post-Traumatic Stress Disorder (PTSD)
  • Post-Natal Depression
  • Schizophrenia

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.

For almost twenty years, Moneysworth has been committed to providing value to our clients.

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.

The following case is just one example of a client coming to us after being signposted by an insurer who was unable to provide the valuable life cover the client needed.

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.

To ensure the client was offered the best possible terms and price, we approached every life cover provider in the market.

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.

There’s no better advert than a recommendation from a satisfied client

After the policy started, we received the following review (via Feefo) of the service provided by Moneysworth:

five stars
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.

Above: a recent review of our service – link to the review

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.

November 3rd, 2020

Posted In: life insurance

Another proud moment in Moneysworth’s mission to improve access to Life Insurance for people with mental health conditions.

Mental Health & Money Advice is the first UK-wide online advice service specifically designed to combine support for both mental health and financial problems. The organisation’s website provides guidance for people living with mental health conditions who are struggling with their finances, as well as anyone whose money problems are affecting their mental health.

The service and its website have been set up by the Mental Health UK, a UK-wide charity which represents four member charities: Rethink Mental Illness in England, Hafal in Wales, Support in Mind in Scotland and MindWise in Northern Ireland.

Fundraising for the website’s development has been provided by the charity’s partner, Lloyd’s Banking Group.

Moneysworth is one of four specialist Life Insurance brokers selected by Mental Health UK to be listed on the website’s Insurance and Mental Health guidance page: Specialist insurance providers for people with pre-existing mental health conditions.

Four million people in the UK have both mental health and money problems

A further four million are at risk of developing mental health difficulties due to financial problems. *

These statistics underline the need for the insurance industry and other financial services to operate in ways which consider the needs of customers with mental health conditions.

As mentioned in our previous article, we know from conversations with clients how it can be uncomfortable and upsetting for people to talk about their mental health. So it’s encouraging for us to see that, across the insurance industry, organisations and providers are making important changes to improve access to insurance for people who struggle to find cover.

Mental Health & Money Advice supported by the ABI

The Mental Health & Money Advice service is endorsed by the ABI (Association of British Insurers) in conjunction with its Mental Health & Insurance Standards guidance for members.

The ABI and its members have been engaging with mental health charities in order to better understand the needs of people with a history of mental ill health.  This has resulted in a comprehensive system of standards which aim to improve:

  • Access to insurance
  • How questions are asked
  • Communications to customers
  • Transparency of underwriting decisions.

Signposting: best practice for when insurers are unable to offer cover

The ABI standards complement those set out in the Signposting Agreement for Insurers and Brokers.

The signposting agreement helps to improve access to insurance in situations where an insurer is unable to offer cover to a client, or if the client cannot afford the cover that is offered.

Signposting ensures consumers are offered guidance to find specialist assistance from an adviser or organisation who can help them continue their search for cover.

This is a voluntary agreement, which Moneysworth helped to develop as a member of the Access to Insurance Working Group, in conjunction with BIBA (British Insurance Brokers’ Association), the DWP, other brokers and industry organisations.

We’re well placed to help people with health conditions who struggle to find Life Insurance

Since Moneysworth started in 2003, our award-winning team has helped many people with mental health conditions to find suitable Life Insurance.

Andrew Wilkinson and Tim Boddy, Moneysworth’s founding partners, have personal experience of some of the key issues involved. It’s one of the reasons that we’re so dedicated to helping each and every client find the most suitable result.

* Source: statistics from Mental Health & Money Advice

October 19th, 2020

Posted In: life insurance, mental health

Screengrab of the new "Email only - no phone calls" option in our Get a Quote form

In March last year, Moneysworth was proudly involved in launching a new form of Life Insurance for people with a history of mental health problems. The new option was designed to offer a wider opportunity for obtaining cover at an affordable price, and has achieved very positive results.

During the trial period, 75% of clients who applied obtained Life Insurance. These were people who would have otherwise been declined any cover at all, or offered cover at a much higher price.

We know from our own conversations with clients in this situation that talking about mental ill health can be uncomfortable and upsetting for them. Our team always treat clients with care and sensitivity, and we’re always keen to find new ways to improve how we engage with anyone who asks us to help them find cover.

Learning from the experiences of people who have struggled to obtain cover

The Mental Health UK charity recent published their “Affording Protection: Mental Health and Insurance” survey report, which reveals some interesting statistics about how the Life Insurance industry handles applicants who have mental health conditions.

The survey asked people with mental health conditions about their experiences of trying to apply for Life Insurance. The following statistics in the report underline what many clients have told us about their experiences before they come to us for help:

  • 31% didn’t think they would get cover because of their mental health problem.
  • Only 23% of people would feel confident about challenging an insurer if they were denied insurance all together, or if they were offered unsatisfactory cover terms.

There was one statistic in the report which particularly caught our attention:

31% believed it would be too distressing to discuss their mental health problem with an insurer

We usually prefer to talk to our clients on the phone so we can fully understand their circumstances and requirements. This helps us to ensure we can research the whole of the market to find competitive prices for the client.

But we also fully appreciate why some people don’t wish to discuss their health over the phone.

Our goal is to increase access to Life Insurance for people with mental health conditions, so it’s important all clients feel comfortable with the way we help them find cover.

With that in mind, we’ve set up a new option for clients who have a mental health condition to apply for Life Insurance without the need for any phone calls. This process has been arranged with one carefully selected insurer who is also able to deal with clients via email only.

We’ve modified our Get a Quote form to offer a new “Email only – no phone calls” option to people with a mental health condition. Clients who choose this new contact preference are not asked to provide a phone number, so they can be fully assured that they won’t receive any phone calls from Moneysworth or the insurer.

It’s important to note that, by choosing this option, Moneysworth will not able to research the whole market to establish if the policy from the insurer used for this option is the most suitable cover for the client.

We’re well placed to help people with health conditions who struggle to find Life Insurance

Since Moneysworth started in 2003, our award-winning team has helped many people with mental health conditions to find suitable Life Insurance.

Andrew Wilkinson and Tim Boddy, Moneysworth’s founding partners, have personal experience of some of the key issues involved. It’s one of the reasons that we’re so dedicated to helping each and every client find the most suitable result.