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Moneysworth could help you to find protection insurance even if you’re deemed a higher risk, or have been refused elsewhere.

We have, on many occasions, been able to find insurance for people who reside abroad, or who have experienced health issues such as:

Some of our greatest successes include:

  1. 58-year-old man who had experienced a heart attack
  • Experienced a heart attack five years prior to the application
  • Had undergone surgery to open up his right coronary artery and to have stents fitted
  • Continued to take regular medication for two years following the attack
  • As part of the assessment process, the insurer obtained a letter from his cardiologist and also took into account the fact he had qualified as a personal fitness trainer since his attack
  • We found an insurer who was prepared to offer him £190,000 of life cover over five years for £72 per month, which was just over double the insurer’s standard premium for a man of his age
  1. 47-year-old man with Essential Thrombosytheria
  • He was diagnosed with the condition following a routine blood test three years prior to the application
  • He takes medication on an ongoing basis to control the condition
  • He also had a heart attack back in 2005
  • A stent was fitted in a procedure shortly after his heart attack
  • Unfortunately, a number of providers indicated that they could not provide cover. We were able to find him a policy with a specialist insurer where he is covered for death from causes other than pre-existing health conditions. He has £100,000 of cover over five years for £22.43 per month
  1. 52-year-old woman with a history of liver and breast cancer. 
  • Was diagnosed with breast cancer nine years prior to the application to Moneysworth and underwent surgery, chemotherapy and radiotherapy at this time
  • Was still undergoing hormone therapy at the time of the application
  • Surgery was also required to remove adenomas from her liver nine years previously
  • Other medical issues included an underactive thyroid and autistic spectrum disorder
  • One insurer was prepared to offer her £75,000 of life insurance with a premium that was 2.25 times higher than their standard rate, which made the final premium £55.51 per month
  1. 56-year-old man with a history of skin and throat cancer
  • Was diagnosed with throat cancer eight years earlier and underwent chemotherapy and radiotherapy
  • Had a malignant melanoma removed two years prior to his Moneysworth application
  • Regular check-ups would still be required for three years following the time of the application
  • Two insurers initially indicated they could offer cover and he eventually took out a policy with one of these
  •  Client was able to obtain a policy that had high premiums for the first four years, but which became more affordable after that. For £250,000 of cover over 25 years he needs to pay £751.30 for years 1 to 3; £425.05 for year 4; and £98.80 thereafter for the remainder of the policy. 
  • His second offer was  £477.48 for the first four years, reducing to £216.76 for the remaining 21 years
  1. 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
  1. 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, but then reduces to £19.83 per month for the remaining 28 years 
  1. 55-year-old man with a very high Body Mass Index
  • 5′ 10″ and 23 stone, giving a BMI of 45.6
  • Had previously been declined for life insurance on more than one occasion
  • Also had type 2 diabetes
  • Took medication for raised blood pressure
  • After researching his situation, we told them that while most insurance companies would still say no, we believed we had found a company who might say yes. 
  • The insurance company wrote to the client’s GP for a report and the client also attended a brief medical screening. 
  • The insurance company was happy with the results and made a definite offer of cover, which the client was happy to accept, of £56,075 decreasing life cover over 20 years for £50 per month.

If you have been told by another broker that you cannot get life insurance because of a medical issue; or if you have approached insurers directly, without success, then contact Moneysworth today to see how we can help.

December 5th, 2023

Posted In: life insurance


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.

One of the main things the FCA wants to see from firms is known as the ‘price and value outcome’. This relates to whether retail customers are receiving ‘fair value’ for a product or service.

The ‘price’ part of this is easy to address, as when you approach Moneysworth for advice on your life insurance, critical illness insurance or income protection insurance needs, you won’t need to pay a fee at any point.

When it comes to delivering ‘value’ to our clients, we promise to:

  • Act in a professional and courteous manner at all times
  • Ask questions about your personal and financial circumstances to ensure we have all the necessary information to establish how much insurance cover you require; and to recommend the right product
  • Conduct thorough research, considering all of the providers in the marketplace, to ensure we identify the most appropriate provider and product for your individual circumstances
  • Answer any queries you might have at any point. We are available to assist at all stages of the application process, as well as once the process has concluded and your policy is in force

Our commitment to providing value for our clients also means that we will do our very best to find insurance for you, regardless of your circumstances. We can never guarantee that we will be successful in finding an insurer to accept you, but there are many occasions in the past when we have been successful in securing cover for clients with all manner of different medical conditions.

If you have a medical condition, then it might be the case that the choice of insurers is limited, and you may also need to pay an increased premium. We promise, however, to find the most competitive premium available in the marketplace.

We also have extensive experience of finding cover for people who reside outside of the UK. Once again, these cases can be more complex, but we undertake to provide the very best service and find the best policy available

If you have been told by another broker that you won’t be able to get life insurance, critical illness insurance or income protection insurance due to your health condition, or due to any other reason, then contact Moneysworth today to see how we can help.

You don’t have to have complex circumstances, such as a health condition or being an overseas resident, to be a Moneysworth client either. To get the very best advice on your life insurance, critical illness insurance or income protection insurance needs, contact us today and one of our experienced and knowledgeable advisers will be in touch.

On taking out a mortgage, or increasing their mortgage amount, many people are prompted to take out life insurance to cover the mortgage balance.

Mortgage life cover is certainly important, but if you are taking out a policy for this purpose, you should also think about what additional cover you might need.

If you don’t have a mortgage, then you should still think about this area. Life events that should prompt you to review your life insurance requirements include:

  • Purchasing a home, with or without a mortgage
  • Entering into a marriage or other significant relationship
  • Planning to start a family or to have more children
  • A relationship breakdown
  • A change in your employment situation, such as leaving a role or receiving a salary increase
  • An improvement in your state of health

Depending on your individual circumstances, it can be a good idea to have life insurance for:

  • Repaying your mortgage on death
  • Providing a sum for your family to replace lost income should you pass away – if you are a family breadwinner, how would your family manage if the worst was to happen and your income was no longer available
  • Providing a sum to pay for your funeral expenses – the average cost of a funeral in the UK is more than £4,000, so would this sum be available to your loved ones if they had the unfortunate task of arranging your funeral
  • Providing a sum, payable on death, to mitigate inheritance tax liabilities – you should assume that any property and other assets you own over and above a value of £325,000 could be subject to inheritance tax at 40% on your death. Without appropriate life insurance, this could clearly mean that your loved ones would be faced with a significant tax bill were you to pass away

Moneysworth’s highly experienced advisers are available to discuss your life cover needs and to carry out a full assessment of how much insurance you might need. Contact us today to find out what we can offer.

The central idea of the Financial Conduct Authority’s new Consumer Duty initiative is that clients should receive “good outcomes”.

When it comes to life and health insurance protection, this is likely to mean that firms will need to take a ‘holistic’ approach, meaning that they will need to consider all of a client’s potential protection needs, rather than perhaps thinking just about life protection in one or two areas.

Similar sentiments have been expressed in several recent trade press articles.

This means considering not only life insurance for the mortgage balance, but also critical illness insurance, as well as some form of income protection or payment protection insurance, as there is a much greater risk of becoming ill during your mortgage term as there is of passing away.

It also means considering all potential protection needs, rather than perhaps just concentrating on life cover.

If an authorised firm decides it doesn’t want to get involved in protection advice, then it has the opportunity to establish an arrangement with a partner firm, whereby insurance leads are passed on to this other firm.

How can Moneysworth help?

In the new Consumer Duty world, Moneysworth is able to give advice in all areas of protection, including:

  • Repaying a mortgage on death
  • Repaying a mortgage on diagnosis of a critical illness
  • Maintaining income in the event of ill health
  • Providing a sum for family to replace lost income should the client pass away
  • Providing a sum for care costs and other bills on diagnosis of a critical illness
  • Providing a sum to pay for funeral expenses
  • Providing a sum, payable on death, to mitigate inheritance tax liabilities
  • Replacing income should the client become a full-time carer

One of our particular specialisms is arranging suitable cover for individuals who may otherwise have found it difficult to obtain protection elsewhere

We have helped large numbers of clients whose circumstances may be a little unusual. For example, they might:

  • Reside outside of the UK
  • Have mental or physical health conditions
  • Have a higher BMI. 

If you wish to find out more about arranging suitable insurance for yourself, then contact Moneysworth today to find out how we can help you.

What if you are a financial services firm?

Moneysworth is well placed to become your protection specialist partner firm in the brave new world of the Consumer Duty.

Since our foundation in 2003, we have become an established and respected name in the protection sector, with numerous satisfied clients and several industry awards to our name.

We invite you to place your trust in Moneysworth’s highly experienced team, who have many years’ experience of the protection market and of helping clients just like yours to achieve fantastic outcomes.
If you want to discuss the opportunities offered by introducing business to Moneysworth, get in touch with us today.

Moneysworth specialises in finding life insurance and other forms of protection for people who might be considered higher risk or who may have been declined when they made applications via other brokers.

This includes arranging cover for people who have tested positive for HIV

It’s also not that unusual for us to be able to help clients with a history of HIV, as we succeeded here on nine separate occasions in the three-month period from March to May 2023. It should be noted that as many as four different insurers offered terms to our clients in these cases. If you try hard enough, it’s often possible to obtain cover, and you don’t always need to confine your search to one or two specialist providers either.

It’s not just life insurance we can help with either, as we have also been successful in obtaining income protection insurance – policies that pay a replacement income if you can’t work due to accident or sickness – for people with HIV.

Medical advances in this area have been remarkable, and now many people living with HIV can enjoy long, healthy lives. Insurance companies are therefore much more willing to offer cover to people with HIV than was previously the case.

When you apply, the insurer is likely to want to know when you were diagnosed with HIV, and some additional medical details, such as your viral load, CD4 count and any medication you have been prescribed.

Successful outcomes for Moneysworth clients with a history of HIV for the period between March and May 2023 include:

46-year-old man

  • Diagnosed 2015
  • Taking two forms of medication for the condition
  • Offer was for £358,000 of decreasing life cover over 29 years for £32.28 per month. This was 50% higher than their standard premium
  • At least two other insurers were prepared to offer cover

34-year-old man

  • Diagnosed 2015
  • Taking one medication on a regular basis for HIV
  • Offer was for £250,000 of level term life cover over 50 years at £55.66 per month, around double the insurer’s normal premium. Much of this premium rating was due to his high BMI

46-year-old woman

  • Diagnosed 2004
  • Taking two forms of medication for the condition
  • Her offer was for income protection insurance with a monthly benefit of £1,500.00, a deferred period of 13 weeks and a term taking her to age 67. The monthly premium was £50, which was only slightly higher than the insurer’s standard premium

28-year-old woman

  • Diagnosed 2018
  • Taking two forms of medication for the condition
  • Offer was for £180,000 of decreasing term life cover with a term of 30 years and a premium of £10.78 per month. This was £3.59 higher than the insurer’s normal premium for a female client of this age

Moneysworth boasts a highly skilled and experienced team who know the best approaches to take when dealing with clients who have a history of HIV and other medical conditions

We are whole-of-market brokers and can consider all insurers in the marketplace. This means that there is a better chance of obtaining competitive life cover than is the case were you to approach a broker who uses a limited panel of providers.

Contact us today and see how we can help you.

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:

  • Payment deferrals – where you can miss several premiums, and then make up the missed amount later. They may allow you to do this via a payment plan instead of demanding all of the outstanding sum in one go
  • A reduction in the sum assured, while keeping the policy in force
  • A reduction in the term of the policy, and thus a reduction in your premium, while keeping the sum assured unchanged
  • An option to top your cover back up at a later date with simplified underwriting, so you won’t need to answer all of the health questions that you did at application stage
  • An option to top your cover back up at a later date with no underwriting
  • A reduction of the scope of your cover, so the range of benefits available to you is reduced, but you can still maintain core elements of the policy

June 23rd, 2023

Posted In: life insurance