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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 in financial services firms to take positive actions to ensure they deliver good outcomes for their clients.

Moneysworth believes that, in order to ensure our clients get the very best outcomes, we need to explore all possible options when it comes to finding a suitable provider and product.

Have you been told by another broker that you can’t get life insurance, critical illness insurance or income protection insurance?

If this applies to you, then give Moneysworth a try. We cannot guarantee that we can get you covered, but we promise to do our very best. 

Other brokers who say they can’t help you might not be protection specialists, or it might be that they are unwilling to take on the extra work involved with a more complex case. Neither of these apply to Moneysworth. Life insurance and other areas of protection are the only areas we advise on. 

We have extensive experience of securing insurance for clients with many different medical conditions. We know which providers are likely to consider your application sympathetically. We are not afraid to challenge insurers if we think they have been unreasonable in declining an application, or if they are proposing to charge an unduly large premium, and we have been successful in this respect on a number of occasions.

Contact us today if you’ve been finding it difficult to get life insurance, critical illness insurance or income protection insurance.

The central idea of the Financial Conduct Authority’s new Consumer Duty initiative is that clients should receive “good outcomes”.

When it comes to life and health insurance protection, this is likely to mean that firms will need to take a ‘holistic’ approach, meaning that they will need to consider all of a client’s potential protection needs, rather than perhaps thinking just about life protection in one or two areas.

Similar sentiments have been expressed in several recent trade press articles.

This means considering not only life insurance for the mortgage balance, but also critical illness insurance, as well as some form of income protection or payment protection insurance, as there is a much greater risk of becoming ill during your mortgage term as there is of passing away.

It also means considering all potential protection needs, rather than perhaps just concentrating on life cover.

If an authorised firm decides it doesn’t want to get involved in protection advice, then it has the opportunity to establish an arrangement with a partner firm, whereby insurance leads are passed on to this other firm.

How can Moneysworth help?

In the new Consumer Duty world, Moneysworth is able to give advice in all areas of protection, including:

  • Repaying a mortgage on death
  • Repaying a mortgage on diagnosis of a critical illness
  • Maintaining income in the event of ill health
  • Providing a sum for family to replace lost income should the client pass away
  • Providing a sum for care costs and other bills on diagnosis of a critical illness
  • Providing a sum to pay for funeral expenses
  • Providing a sum, payable on death, to mitigate inheritance tax liabilities
  • Replacing income should the client become a full-time carer

One of our particular specialisms is arranging suitable cover for individuals who may otherwise have found it difficult to obtain protection elsewhere

We have helped large numbers of clients whose circumstances may be a little unusual. For example, they might:

  • Reside outside of the UK
  • Have mental or physical health conditions
  • Have a higher BMI. 

If you wish to find out more about arranging suitable insurance for yourself, then contact Moneysworth today to find out how we can help you.

What if you are a financial services firm?

Moneysworth is well placed to become your protection specialist partner firm in the brave new world of the Consumer Duty.

Since our foundation in 2003, we have become an established and respected name in the protection sector, with numerous satisfied clients and several industry awards to our name.

We invite you to place your trust in Moneysworth’s highly experienced team, who have many years’ experience of the protection market and of helping clients just like yours to achieve fantastic outcomes.
If you want to discuss the opportunities offered by introducing business to Moneysworth, get in touch with us today.

Moneysworth specialises in finding life insurance and other forms of protection for people who might be considered higher risk or who may have been declined when they made applications via other brokers.

This includes arranging cover for people who have tested positive for HIV

It’s also not that unusual for us to be able to help clients with a history of HIV, as we succeeded here on nine separate occasions in the three-month period from March to May 2023. It should be noted that as many as four different insurers offered terms to our clients in these cases. If you try hard enough, it’s often possible to obtain cover, and you don’t always need to confine your search to one or two specialist providers either.

It’s not just life insurance we can help with either, as we have also been successful in obtaining income protection insurance – policies that pay a replacement income if you can’t work due to accident or sickness – for people with HIV.

Medical advances in this area have been remarkable, and now many people living with HIV can enjoy long, healthy lives. Insurance companies are therefore much more willing to offer cover to people with HIV than was previously the case.

When you apply, the insurer is likely to want to know when you were diagnosed with HIV, and some additional medical details, such as your viral load, CD4 count and any medication you have been prescribed.

Successful outcomes for Moneysworth clients with a history of HIV for the period between March and May 2023 include:

46-year-old man

  • Diagnosed 2015
  • Taking two forms of medication for the condition
  • Offer was for £358,000 of decreasing life cover over 29 years for £32.28 per month. This was 50% higher than their standard premium
  • At least two other insurers were prepared to offer cover

34-year-old man

  • Diagnosed 2015
  • Taking one medication on a regular basis for HIV
  • Offer was for £250,000 of level term life cover over 50 years at £55.66 per month, around double the insurer’s normal premium. Much of this premium rating was due to his high BMI

46-year-old woman

  • Diagnosed 2004
  • Taking two forms of medication for the condition
  • Her offer was for income protection insurance with a monthly benefit of £1,500.00, a deferred period of 13 weeks and a term taking her to age 67. The monthly premium was £50, which was only slightly higher than the insurer’s standard premium

28-year-old woman

  • Diagnosed 2018
  • Taking two forms of medication for the condition
  • Offer was for £180,000 of decreasing term life cover with a term of 30 years and a premium of £10.78 per month. This was £3.59 higher than the insurer’s normal premium for a female client of this age

Moneysworth boasts a highly skilled and experienced team who know the best approaches to take when dealing with clients who have a history of HIV and other medical conditions

We are whole-of-market brokers and can consider all insurers in the marketplace. This means that there is a better chance of obtaining competitive life cover than is the case were you to approach a broker who uses a limited panel of providers.

Contact us today and see how we can help you.

For too many of us right now, the cost of living crisis is part of our daily lives. Many of us are looking to make savings in any way we can.

You might be tempted to think about making savings by cancelling your direct debit to your life insurance company. You really need to think carefully, however, before taking this step.

Typically, your insurance policy will end once you have missed three consecutive premiums. This means that you will lose valuable insurance cover, and possibly deprive your loved ones of the peace of mind you were so keen to provide when you took out the policy.

You might be tempted to think that you will simply take out a new life insurance policy once the cost of living crisis eases and your personal financial situation improves. If you think this way, however, not only are you losing valuable cover in the meantime, but it might not be as easy as you think to obtain replacement insurance cover in the future. Being a few years older inevitably means higher premiums, and by the time you apply for the replacement policy, your health or personal situation may have deteriorated, meaning that the insurance companies will only offer you cover at a much higher premium, or may not wish to insure you at all.

If you have decided, however, that you really can’t afford your life insurance premium, before you cancel your direct debit, please speak to your insurer to see how they might be able to help. 

For example, your insurer might be prepared to offer:

  • Payment deferrals – where you can miss several premiums, and then make up the missed amount later. They may allow you to do this via a payment plan instead of demanding all of the outstanding sum in one go
  • A reduction in the sum assured, while keeping the policy in force
  • A reduction in the term of the policy, and thus a reduction in your premium, while keeping the sum assured unchanged
  • An option to top your cover back up at a later date with simplified underwriting, so you won’t need to answer all of the health questions that you did at application stage
  • An option to top your cover back up at a later date with no underwriting
  • A reduction of the scope of your cover, so the range of benefits available to you is reduced, but you can still maintain core elements of the policy

June 23rd, 2023

Posted In: life insurance

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No one needs any reminder that cancer is a serious illness, nor that it’s extremely common.

Around one in two of us will get cancer at some point in our lives and it’s one of the most common causes of death across the world.

Given this, you might assume that obtaining life insurance once you have experienced cancer would be impossible. Even if someone was judged to be free from cancer, would the insurers not be worried that the cancer might return?

It should be noted, however, that, in the UK, you are now more likely to survive cancer than die from it. This means that there are opportunities to obtain life cover should you have experienced cancer.

Moneysworth specialises in finding life insurance for people who might be considered higher risk or who may have been declined life cover when they made applications via brokers or when applying directly to an insurer. This includes arranging cover for people who have previously had cancer. 

Sometimes, a life insurance policy is arranged with an exclusion for a particular illness, so the insurer might decide to offer you insurance where you are covered for death for illnesses other than cancer. We have often been successful, however, in arranging comprehensive life cover where the policy includes cover for death from the type of cancer that our client experienced previously.

Even if your policy excludes death from cancer, you would still have the peace of mind that death from other causes will be covered.

Even more worthy of note is that a number of our clients who have experienced cancer manage to obtain cover at standard rates, i.e. at the same monthly cost as any other applicant.

It is possible though that your premium might be subject to a rating, i.e. you would need to pay more each month than a client who had not experienced cancer.

It’s also not that unusual for us to be able to help clients with a history of cancer. We have successfully arranged life insurance in many such cases since our foundation in 2003.

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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.