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