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If you have a life insurance policy, you might think that the only role your insurer plays is to provide you with vital peace of mind. You pay your premium each month and, in return, the insurer keeps your policy in force, one which will provide much needed funds for your loved ones should the worst happen.

Increasingly, however, insurers are developing new ways of supporting their customers.

For example, the following support services might be on offer:

Counselling

  • General counselling
  • Bereavement counselling
  • Mental health counselling
  • Support when recovering from illness

Medical Helplines

  • Second medical opinions
  • Wellbeing support helpline
  • General health helpline
  • Remote GP services

Other Medical Services

  • Physiotherapy advice
  • Health MOT etc.
  • Wellbeing videos
  • Annual health checks
  • Nutritional support
  • Neurological therapy
  • Prescription delivery

Financial Assistance

  • Assistance with travel costs
  • Hospital parking payment help
  • Physiotherapy costs help

Other Services

  • Recruitment of replacement staff for your business when existing staff become ill
  • Access to solicitors, e.g. for probate
  • Consumer rights guidance
  • Employment rights and other work issues advice
  • Financial guidance
  • Advice for carers

No one insurer will offer all of these, and the exact level of support varies from one provider to another, but it’s likely that your insurer will offer quite a few of these support services.

This support is very welcome indeed in the modern world, where cost of living pressures are all too obvious, and where one in four of us experience mental illness, not to mention the fact that many people struggle to get NHS GP appointments.

According to charity Mind, one in four of the UK population will be affected by some form of mental health condition in any one year.

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 for clients who 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 any of 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

Our promise to you 

Moneysworth promise to be sensitive to your individual needs and we promise to treat you in a compassionate manner. We offer a choice of communication options including a ‘no phone calls option’ and we find that many people with mental health issues feel much more comfortable doing everything via email.

Our ground-breaking mental health partnership 

Standard exclusions restricting payouts for death by suicide in the first year are apparently not sufficient for many providers where there is evidence of what they see as significant mental health issues. Instead they often apply a heavy loading to the premium or refuse the application outright. This only increases the stigma that surrounds mental health in today’s society.

Also consider that, even when a mental health condition does exist, it is overwhelmingly likely that an individual’s death will be caused by a physical illness.

Although insurers are keen to point out that they offer about 80% of cases involving a mental health disclosure at standard premium rates , this provides little consolation to the other 20% that will be rated or declined.

Moneysworth are seeking to change the landscape for clients with mental health issues.  In partnership with a well-known insurer, we have a new Life Cover option that has been specifically designed for people who have had a significant mental health event in the last five years. This new cover option is typically available at a more affordable price, and allows individuals to obtain life cover for death by natural causes, while the exclusion for death by suicide remains in force for longer than the usual 12 months.

It is important to note, however, that we don’t automatically send all mental health cases to this insurer. We have a whole-of-market offering and we always seek the best insurer for your individual circumstances. 

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.

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.

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.

Time to Talk

For over ten years, mental health campaign Time to Change has been working to improve attitudes and behaviour towards people with mental health problems.

The movement was started by the charities Mind and Rethink Mental Illness, and their work has resulted in 12.7% of the population (5.4m people) now having more positive attitudes to mental health.

Of course there is still some way to go. The prejudices people face can mean losing jobs, relationships and in the most extreme cases, lives. Time to Change is committed to continue their campaign until people no longer hold views which make life unnecessarily harder for those affected.

We really admire this campaign, and so this year we have decided to support their ‘Time to Talk Day’. As a specialist broker which deals with many people living with mental health conditions, we understand that some people find it difficult to talk about issues which affect them when they’re looking for life cover to protect their families and homes.

We help people living with mental health problems to find the Life Cover they’re looking for

Not only do we welcome the opportunity to talk to people, we also understand that some people may prefer email communication rather than talking over the phone. We’re happy to do either!

Without someone to offer expert guidance, applying for Life Cover can be stressful. We do everything we can to make the process as easy and simple as possible for you.

We’re well placed to help people in this situation

Since Moneysworth started in 2003, our team has helped many people with various 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 and comprehensive knowledge of the Life Insurance market.

We’re also aware of how, when people living with mental health conditions are refused the opportunity to protect their family’s future, those decisions often negatively impact their recovery.

Moneysworth is on a mission to help improve the Life Insurance market for people living with mental health problems

A significant factor in Moneysworth winning Best Specialist Intermediary 2019 at the Cover Excellence Awards was recognition of our work for customers living with mental health conditions.

We want to see cover options and availability broaden for people living with mental health problems, and so we’ll continue to lobby the insurance industry for better outcomes for all.

Moneysworth would encourage anyone who has been declined cover to contact, as we may be able to help

We research the whole market and also offer access to alternative solutions.

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.

To talk to Moneysworth

Choose your preferred option:

February 6th, 2020

Posted In: life insurance, mental health

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