Moneysworth wins Best Small Protection Advice Firm 2023!
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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:
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.
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 any of a number of mental health conditions, which include:
Moneysworth promise to be sensitive to your individual needs and we promise to treat you in a compassionate manner.
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.
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 and we find that many clients with mental health issues feel more comfortable doing everything via email.
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.
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.
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:
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.
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
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.
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.
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.
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.
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.
Choose your preferred option:
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.
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.
