Moneysworth wins Best Small Protection Advice Firm 2023!
Learn more
Accessibility Options
Call us 01625 462 744
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. 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.
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.
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:
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.
There’s no denying the fact that if you have a Body Mass Index (BMI) of more than, say 30, it gets harder to obtain life insurance. At this level, you are considered to be ‘medically obese’, and not only might you have to pay a higher premium, but some insurers might automatically reject your application should you apply to them directly.
Your BMI number – your weight in kilograms divided by the square of your height in metres – is an important consideration for life insurers when deciding whether to offer cover and at what price. They will, however, also consider other factors, such as your age, your personal medical history and the medical history of your close relatives.
The solution here might be to approach a specialist broker such as Moneysworth. We specialise in finding life insurance for clients whose circumstances are a little different – perhaps because they reside overseas, have a riskier occupation or have a mental or physical health concern. We have an extensive knowledge of the criteria used by different insurers and can identify the provider who will offer you the most suitable cover. For example, not all insurers have the same ‘maximum BMI’, so if one provider tells you your BMI is too high, we can approach another insurer on your behalf.
On 2nd August 2023, we were endorsed in the national press (the Daily Mail) as an example of a specialist broker who can assist in situations such as this. Alan Lakey, director at Highclere Financial Services, and a respected name in the life insurance sector, listed us as one of three specialist companies who can assist clients with high BMI and with other health issues.
When we look at 15 life insurance companies used by Moneysworth, we see that:
It’s also important to consider the BMI level that would prompt an insurer to increase your premium. Again, the precise threshold varies between different providers, but most will require you to pay more if your BMI is 32 or above, and some will ‘load’ your premium for a BMI as low as 29.
It’s very difficult for the average consumer to gain a detailed understanding of individual insurers’ criteria. If you have a high BMI, your best option is to make use of a specialist broker such as Moneysworth. We can use our detailed knowledge of insurers’ criteria to find you the very best price available, by approaching the insurers who are likely to consider your application favourably.
Here, it was immediately apparent that a number of insurers were prepared to offer cover to both clients. Where Moneysworth’s specialist knowledge benefitted the clients was that we knew exactly by how much each insurer would increase the premium. Had the clients simply searched a price comparison website and applied to what appeared to be the cheapest provider, this provider may no longer have been the cheapest option once their final offer of terms had been made.
In this case, both partners took out £113,000 of cover over 40 years. The female client’s premium was £12.58 per month, while the male client needs to pay just £9.04.
Then, as a more extreme example of how we can help:
After researching their 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 approached insurers directly and been declined, or have been told by another broker that you can’t get life insurance due to your BMI or any other health issue, then contact Moneysworth today to see how we can help.
Moneysworth director Tim Boddy (centre) receives the Best Small Intermediary award from Jon Brazier, Editor of COVER, and Lucy Porter, the comedian who hosted the event
Moneysworth is thrilled to have scooped two prestigious industry awards in the space of a month.
COVER Magazine’s Excellence Awards ceremony in early November saw us named as the winner in the Small Intermediary of the Year category, an award which is open to smaller companies that arrange life and health protection insurance.
At the same ceremony, we were also shortlisted for two more awards: Outstanding Client Engagement and Outstanding Specialist Intermediary.
This awards success is recognition of our fantastic advice offering and the first-class administrative support we provide all the way from initial enquiry to the point of completion. The judges have also acknowledged the quality of our specialist service where we assist applicants with medical conditions, as well as applicants who are non-UK residents, to obtain life insurance and other protection.
The success at the COVER awards comes just weeks after we landed the Health & Protection Award for Best Small Protection Advice Firm for the second year in succession. Although we have been successful at both of these ceremonies in the past, 2023 marks the first year when we have won an award from both of these organisations.
The COVER judges chose Moneysworth because of our “dedication to securing results for vulnerable clients and those that have struggled to secure cover elsewhere.”
When presenting the Health & Protection award, the judges praised Moneysworth for our commitment to handling “more complex cases” and remarked that we had received “powerful testimonials” from satisfied clients.
We were also shortlisted in the Best Individual Advice Firm category at the Health & Protection ceremony. This award category was open to insurance brokers of all sizes.
Moneysworth director Tim Boddy commented:
“We are delighted to have won this year’s Cover Excellence Award for Small Protection Intermediary of the Year. It is a fantastic achievement and deserved recognition for our dedicated team, who work incredibly hard to ensure our clients receive good outcomes from insurers. This year we also won the same accolade at the Health & Protection Awards, so for the industry to honour us twice in this way really reinforces the feeling that we are getting things right!”
No client circumstances are too complex for Moneysworth and we regularly assist clients with serious medical conditions to obtain the insurance they require. We can also source appropriate life cover for clients who reside outside of the UK.
The industry experts at both awards have recognised that we offer the highest levels of advice and customer service, so if you are a consumer seeking life insurance, critical illness insurance or income protection insurance, get in touch with us today.
If you work for a financial services firm, then you can rest assured that your clients will be in safe hands if you introduce them to Moneysworth, so again, please contact us to find out more about what we can offer.
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:
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.
Moneysworth is delighted to announce that it has won the Health & Protection Award for Best Small Protection Advice Firm for the second year in succession.
Health & Protection is a leading publication for intermediaries, consultants and brokers in the world of healthcare, protection and financial advice.
This is deserved recognition of the efforts of our directors, advisers and administrators and a fantastic acknowledgement of the quality of service we provide to our clients.
When presenting the award, the judges praised Moneysworth for our commitment to handling “more complex cases” and remarked that we had received “powerful testimonials” from satisfied clients.
No client circumstances are too complex for Moneysworth and we regularly assist clients with serious medical conditions to obtain the insurance they require. We can also source appropriate life cover for clients who reside outside of the UK.
We were also shortlisted in the Best Individual Advice Firm category at the same ceremony. This award category was open to insurance brokers of all sizes.
2nd November could be another very exciting evening for Moneysworth, as we have been shortlisted in as many as three different categories in the Excellence Awards of insurance industry publication COVER.
These categories are:
The industry experts at Health & Protection have recognised that we offer the highest levels of advice and customer service, so if you are a consumer seeking life insurance, critical illness insurance or income protection insurance, get in touch with us today.
If you work for a financial services firm, then you can rest assured that your clients will be in safe hands if you introduce them to Moneysworth, so again, please contact us to find out more about what we can offer.
