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When you think of protection insurance, your first thought might be life insurance. Life cover is certainly important to make sure your family don’t lose out financially, should the worst happen.

Ideally, you should have life cover for the following eventualities:

  • To provide a sum to pay for your funeral
  • To pay off your mortgage
  • To provide replacement income for your family if your wages are no longer available

While life insurance is undoubtedly important, don’t underestimate the importance of critical illness and income protection insurance.

What are critical illness and income protection insurance?

Critical illness insurance provides a lump sum should you contract a serious illness, such as heart disease, stroke, multiple sclerosis and more advanced cancers. This lump sum can then be used to pay off your mortgage and/or to pay medical and care costs and/or to convert your home to make domestic arrangements easier while you are ill.

Another valuable feature of critical illness is that you can also cover your children, so that you receive a sum of money if one of them was diagnosed with a serious illness.

Income protection insurance pays a replacement income should you be unable to work for an extended period due to accident or sickness. Income protection can either be long-term, i.e. it will pay out until the policy ends or you go back to work; or short-term, where the length of time it pays out for is limited to perhaps one, two or five years. 

Do I need critical illness and income protection insurance?

These types of insurance can be of benefit to almost anybody. Anyone can contract a critical illness, and anyone can become ill and need to take time off work, indeed you probably know someone who has been forced to do this at some stage.

If you are single with no dependants, then you might also have little need for life cover, especially if you also don’t have a mortgage. Critical illness and income protection might therefore be a higher priority.

Exploding the myths – critical illness insurance

It won’t happen to me.

Unfortunately, serious illnesses are far from uncommon. For example, Cancer Research UK says that 1,000 people are diagnosed with cancer in the UK every day. The British Heart Foundation claims that 260 people will need to be admitted to hospital today, as a result of a heart attack. Leading insurer LV asserts that a 30-year old man has a 21% chance of contracting a serious illness before age 70.

If I get a serious illness, my life insurance will pay out.”

Life insurance policies only pay out when you die, or if a medical professional believes you have a terminal illness that will lead to death within 12 months. Cancer Research UK also says that 50% of people diagnosed with cancer live for at least 10 years. This means that people are increasingly likely to survive critical illnesses and to require medical and other assistance for several years while living with the condition.

I have private medical insurance.

This is a different type of insurance that normally only covers the direct costs of your treatment. You need critical illness insurance if you want to pay for longer-term care, or to modify your home, or to pay off your mortgage.

My family will care for me if I get ill.

This may be true, but remember that they might need to stop work, or at least reduce their working hours, to do this, thus reducing the household income significantly. You might also need specialist nursing care that only a healthcare professional can provide, or you might want to pay for modifications to your home to help with your domestic living arrangements while you are ill. It’s also great to have the peace of mind that your mortgage will be paid off if you become critically ill.

The insurers don’t pay out.

The insurers Moneysworth typically uses all had payout rates of between 87% and 98% for critical illness insurance claims, according to their most recent annual statistics.

Exploding the myths – income protection insurance

It won’t happen to me.”

Large numbers of people need to take time off work due to illness, indeed you may well know someone who has had to do this recently. Government data shows that, at the time of writing, 2.5 million people of working age in the UK are on long-term sick leave.

My employer will take care of me.”

Many employers do give you sick pay for a certain time, but how many will carry on paying you for several years? You might need to check your employee handbook very carefully. Even if you know of a colleague who was paid in full for a six-month absence, it is possible that the company did so on a discretionary basis, and that it was not contractually obliged to do so.

One of the best things about income protection policies is that they come with a range of ‘deferred periods’. The deferred period is the length of time for which you need to be off work before the policy starts to pay out. If your employer doesn’t give you any sick pay, you can select a deferred period of four weeks (usually the shortest deferred period available with this type of insurance). If your employer will give you full pay for three months, you can choose a 13-week deferred period.

I can rely on state benefits.”

At the time of writing, state support for those on sick leave is just £109.40 per week, which is clearly a very limited amount. The application process for this benefit can also be very complex.

I can’t afford it.

Income protection premiums can be fairly significant, but this is because the insurer might need to keep paying a significant proportion of your salary for the rest of your working life, in the worst case scenario. Consider that, in return for your premium, you get considerable peace of mind. If affordability is an issue, we can look to arrange a cheaper short-term policy for you, where the payout period might be capped at one, two or five years.

I am self-employed.

Many insurers will still offer this cover to the self-employed. Also, if you’re thinking that you could still generate an income from the business if you were ill, consider carefully how realistic this is. If it’s a small business and you are a senior manager, it could well be the case that the business is severely affected by your absence.

The insurers don’t pay out.

The insurers Moneysworth typically uses all had payout rates of between 81% and 93% for income protection insurance claims, according to their most recent annual statistics.

How we can help

Moneysworth are experts in arranging critical illness and income protection insurance. We are a whole-of-market specialist protection broker and we can search the entire marketplace to find the most suitable product and provider for your individual circumstances. Contact us today to find out 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. 

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.

A review from a satisfied client for whom Moneysworth helped to arranged Life Cover during the Coronavirus outbreak

Are you concerned about finding Life Insurance during the Coronavirus outbreak?

Due to the risks of Coronavirus, many insurers have made changes to their underwriting rules. These changes mean that some people may experience a greater degree of difficulty in finding cover at an acceptable price.

For example, some insurers have reduced the maximum BMI (Body Mass Index) they are prepared to accept. Also, some insurers are rejecting a higher number of cover applications involving heart conditions than they were previously.

The good news is Moneysworth continues to source cover for its clients, even in the current circumstances.

This is because Moneysworth’s core business has always been to help people with health conditions to obtain Life Insurance, Critical Illness Cover and Income Protection Insurance.

In April alone, the Moneysworth team has been able to arrange cover for many clients who have a wide range of existing health conditions, such as:

  • Raised Blood Pressure and Raised Cholesterol
  • Raised BMI
  • Heart Conditions – including Dilated Cardiomyopathy,  Replaced Aortic Valve, Atrioventricular Block, Atrial Fibrillation, Cardiac Arrest, Palpitations, Arrhythmia, Aortic Stenosis, Bicuspid Aortic Valve, Brugada Type 1, Brugada Type 2, Coarctation of the Aorta, SICD fitted, POTS Syndrome, Subclavian Flap Repair
  • Stroke
  • Seizures
  • Mental Health Conditions – including Schizophrenia, Anxiety, Depression, Post-natal Depression, Previous Recreational Drug Use, Suicidal Ideation, Psychosis, Stress
  • Diabetes – Type 1, Type 2, Diabetic Hypoglycemia
  • Other Health Issues – Osteaoarthritis, Abnormal Smear Test Result, Dermoid Cyst,  Asthma, Prostatitis, Syncopol, B12 deficiency, Swollen Glands. 

This list shows that, despite the recent underwriting changes made by insurers, it’s still possible for people with health conditions to find the cover they need.

To maximise the chances of finding cover at an acceptable price, it’s best to use a specialist broker, such as Moneysworth, which has proven expertise in finding insurance for people with existing health conditions. 

8 examples of Life Insurance prices Moneysworth found for clients with health conditions during April 2020

1. A 24 year old, non-smoker, high BMI, diagnosed last year with Type 2 Diabetes. Also being treated for Heart Palpitations / Arrhythmia and Raised Blood Pressure:

  • Required £200,000 of level life cover over 40 years.
  • Moneysworth researched the market and found two insurers willing to offer terms with all other companies declining, with prices ranging from £45.97 down to just £33.19 per month.

2. A 53 year old, non-smoker, previously suffered a Stroke and Seizures:

  • Required £200,000 of level life cover over 20 years.
  • Moneysworth researched the market and found only one insurance company willing to consider an application – and all other insurers indicating they would decline. The client accepted an offer of full cover for £143.03 per month.

3. A 63 year old, non-smoker, diagnosed with heart issues including Atrial Fibrillation, Leaking Heart Valve and Left Ventricular Systolic Dysfunction, also Raised Cholesterol:

  • Required £25,000 of level life cover over 5 years.
  • Moneysworth researched the market and found two insurers willing to offer terms with all other companies declining, with prices ranging from £37.74 down to just £27.63 per month.

4. A 53 year old, non-smoker, late diagnosis of Type 1 Diabetes (client using insulin pump for control):

  • Required £125,000 of level life cover over 10 years.
  • Moneysworth researched the market and found all insurers willing to consider an application, with prices ranging from £42.42 down to just £33.20 per month.

5. A 35 year old, non-smoker, High BMI (21 stone, 5 feet 9 inches), mild asthma:

  • Required £150,000 of level life cover over 32 years.
  • Moneysworth researched the market and found three insurers willing to consider an application and all others indicating that they would decline. After applying, one insurer changed their mind and decided to postpone, leaving just two insurers with offers of terms, with prices ranging from £28.90 down to just £27.57 per month.

6. A 32 year old, non-smoker, High BMI, Anxiety and Depression with Previous Suicide Ideation:  

  • Required £200,000 of level life cover over 40 years.
  • Moneysworth researched the market and found five insurers who declined to offer cover and six insurers who were willing to offer cover, with prices ranging from £54.39pm down to just £34.56 per month.

7. A 35 year old, non-smoker, heart issues including Coarctation of the Aorta and previous Subclavian Flap Repair:

  • Required £100,000 of level life cover over 20 years.
  • Moneysworth researched the market and found ten insurers who declined to offer cover – and one company willing to consider offering terms at a premium of £27.97 per month.

8. A 39 year old, vaper, mental health issues including Previous Psychotic Episodes and Previous Suicidal Ideation:

  • Required £210,000 of decreasing life cover over 25 years.
  • Moneysworth researched the market and found ten insurers who said they would decline or postpone an application – and one insurer willing to offer cover at £63.75 per month.
Another review from a satisfied Moneysworth client

Today is Purple Tuesday, an annual awareness day which promotes improving customer experiences for people living with disabilities. 

Moneysworth staff wearing Purple Tuesday teeshirts
Moneysworth’s Kirsty, Andrew, Gemma and Tim proudly sporting their very purple Purple Tuesday tee-shirts!

We took part in last year’s event, and we’re proud to be doing so again today!

Purple Tuesday was started by the aptly named Purple, an organisation which also offers accessibility consultancy, training and auditing services. We like what they do, and earlier this year we signed up to become a member so we can learn how to make our business more inclusive.

It’s vital to us that our business and services are accessible to everyone.

At Moneysworth, our mission is to improve access to Life Insurance for people who have struggled to find cover they can afford or have been refused cover, usually because they’ve been deemed a higher risk due to an existing health condition.

For most Moneysworth clients, their first engagement with us is when they use our website.

We knew our website already had features that were built with accessibility in mind, such as fairly large font sizes, touch screen compatibility and menus that could be used with just a keyboard – but is that good enough? What other improvements should we add?

Many people take using the internet for granted, but even the most basic website functions can be much more complicated to use for people with disabilities.

How would you find your way around a website if you have visual, motor or cognitive impairments? How would you click a link, open a menu or fill in a form if you can’t operate a mouse or you have difficulty seeing and reading?

When we asked ourselves these questions, we realised we didn’t have all the answers.  So we asked Purple to audit our website.

Their report identified a number of ways we could improve what is “already a good site”, and it also identified where we could make improvements to provide an easier experience for people with visual impairments or physical disabilities.

Our web designer found optimum ways to implement these changes without radically changing the design of the Moneysworth site.

A summary of the improvements we’ve made to help visitors with disabilities navigate the site, find the information they require and enter their details in forms:

  • Small text, such as explanatory notes on form fields, is now larger;
  • All links, buttons and form fields can be accessed with the Tab key;
  • Keyboard users can skip past the navigation menus by pressing the Tab when a page loads (this is a common international standard accessibility function, which keyboard-only users expect to find on accessible websites);
  • A “Start of page” link/button allows keyboard users to easily scroll up to the main navigation links when they reach the end of a page;
  • An “Accessibility Options” is visible on all pages at all times. This activates a third party toolbar which provides a range of useful functions such as a text-to-speech audio reader, plus facilities for enlarging text and changing colours.

Going through this process has been an interesting and revealing exercise. Now that we’ve put these improvements in place, we’ll continue to ensure we consider maximum accessibility for all users as we add new content and features to the Moneysworth website.

Accessibility improvements can be beneficial for all website users

Before and after: some of the visual usability improvements we made to our ‘Get a Quote’ form. Better spacing, larger ‘Required’ labels, buttons and checkboxes that can be navigated and switched on/off with the keyboard, and a more prominent presentation of the options the user has selected.

November 12th, 2019

Posted In: life insurance, moneysworth


We’ll be heading to London this week for the prestigious Health Insurance Intermediary Awards where we’re finalists in two categories.

We’ve made the shortlist in the following categories:

  • Best Intermediary for High Net Worth Clients
  • Best Protection Intermediary

As an intermediary specialising in helping those who may be considered high risk for insurance, we’re delighted to feature in these shortlists against some great competition.

The awards will be taking place at London’s Grosvenor House on Thursday 15th October 2015 with over 900 industry professionals and experts expected to be there.

Wish us luck!