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Life insurance is something you should very much be considering from the start of your adult life, especially if you have children, or a mortgage, or you earn more than your partner.

Income protection – which pays a replacement income should you be unable to work due to accident or sickness – is something you need to consider taking out as soon as you are in employment. What would the consequences be were you to cease receiving a wage and be forced to reply on the very limited state support?

Critical illness insurance might also be appropriate for adults of any age – after all you can be diagnosed with a serious illness at any age, no matter how young and healthy you might feel. This type of insurance is often taken out to protect a mortgage, and ensure the balance is paid off were you to be diagnosed with a critical illness. It is important to note, however, that critical illness can be a useful way of ensuring that you (and any children) can receive a lump sum to pay for medical treatment or nursing costs, or for the necessary modifications to your home to adapt to your condition.

Examples of insurance Moneysworth has arranged for under 30s in 2024 include:

  • £100,000 of combined life and critical illness cover over a term of 30 years, for a 28-year-old-woman to cover her mortgage. The premium was £31.05, and this was more than the standard cost of this insurance, owing to the client’s mental health issues
  • £1,300 per month of income protection benefit or a 27-year-old man, with the benefit amount to increase each year in line with inflation. This benefit level covered around 70% of his take home pay. The benefit would be paid for a maximum of two years’ absence from work. Although the plan runs to age 68, the premium was just £15.47 per month.
  • £171,000 of life cover over 32 years, at a cost of £16.60 per month, for a 26-year-old woman. The amount paid out will decrease over time in line with the expected reduction in the balance of her capital repayment mortgage. Here, the insurer increased the premium by £7 per month owing to the client’s mental health disclosures.
  • £285,000 of decreasing cover to protect his mortgage, plus an additional £50,000 of level cover for his family. These were arranged over 35-year terms for a 26-year-old man, at a combined cost of just £23.12 per month.
  • £260,000 of life cover for a 29-year-old man, which provides enough to clear his mortgage in the event of death, plus an additional amount for his family. The policy also provides a level lump sum of £25,000 should his child be diagnosed with one of the critical illnesses covered by the policy, all for just £11.62 per month.
  • £211,500 of decreasing cover for a 29-year-old woman, to cover her mortgage. The premium is £14.03 per month, and had been increased by around £4 per month because of her history of depression.
  • £270,000 of decreasing cover for a 29-year-old woman, to cover her mortgage for the whole its 35-year term. The premium is £20.72 per month, and had been increased by around £10 per month because of her complex medical history
  • £195,000 of level cover for a 27-year-old woman, to cover her mortgage for the whole of its 30-year term. The premium is £18.68 per month, and had been increased by around £12 per month because of her epilepsy
  • £260,000 of life cover for a 28-year-old woman, which provides enough to clear her mortgage in the event of death, plus an additional amount for her family. The policy also provides a level lump sum of £25,000 should her child be diagnosed with one of the critical illnesses covered by the policy, all for just £24.89 per month. This cost figure includes an increase of around £10 from the standard rate due to her multiple sclerosis and mental health issues

Perhaps the best reason for taking out life insurance, critical illness insurance or income protection insurance at an early stage in your adult life is that your premiums will be much cheaper than would be the case at an older age.

If you would like to find out more, then contact Moneysworth today to see how we can help.

The British Heart Foundation says that 7.6 million people in the UK are living with some form of heart condition. Whilst there are still unfortunately a number of deaths from heart-related issues, deaths due to heart issues are falling.

So what does this mean for people with a heart condition who want to take out life insurance?

An insurer is likely to regard your heart condition as an additional risk factor when assessing an application. The good news, however, is that there are insurance companies who will consider people with heart issues. There are clear benefits though to arranging your life insurance with a specialist broker such as Moneysworth.

If you have been declined by one or more insurers because of your previous heart trouble, or you have been told by another broker that your health issues mean you cannot get life insurance, then contact Moneysworth today. We have often been successful in obtaining policies for clients who have been declined elsewhere.

Having a heart condition need not necessarily mean that you have experienced a heart attack in the past. We can also assist clients who have experienced:

  • Angina
  • Angioplasty
  • Aortic Regurgitation
  • Aortic Stenosis
  • Atrial Fibrillation
  • Bicuspid Heart Valve
  • Brugada Syndrome
  • Bypass Surgery
  • Cardiac Arrest
  • Cardiomyopathy
  • Heart Murmur
  • Hole In The Heart
  • Implantable Cardioverter Defibrillator
  • Long QT Syndrome
  • Replaced Heart Valve
  • Tachycardia
  • Transposition of the Arteries

Moneysworth’s highly skilled and experienced team are experts in assisting people with many different 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 heart issues include:

58-year-old man who had experienced a heart attack

  • Experienced a heart attack five years prior to the application
  • Had undergone surgery to open up his right coronary artery and to have stents fitted
  • Continued to take regular medication for two years following the attack
  • As part of the assessment process, the insurer obtained a letter from his cardiologist and also took into account the fact he had qualified as a personal fitness trainer since his attack
  • We found an insurer who was prepared to offer him £190,000 of life cover over five years for £72 per month, which was just over double the insurer’s standard premium for a man of his age

29-year-old woman with transposed arteries and stenosis

  • Her heart issues included transposition of the great arteries and right pulmonary artery stenosis
  • Details of her condition were obtained from a cardiologist at the clinic she attended as part of the insurer’s decision making process
  • She was offered £325,000 of life insurance over 29 years for £81.92 per month by one of the specialist insurers we have access to

47-year-old man with Essential Thrombosytheria

  • He was diagnosed with the condition following a routine blood test three years prior to the application
  • He takes medication on an ongoing basis to control the condition
  • He also had a heart attack back in 2005
  • A stent was fitted in a procedure shortly after his heart attack
  • Unfortunately, a number of providers indicated that they could not provide cover. We were able to find him a policy with a specialist insurer where he is covered for death from causes other than pre-existing health conditions. He has £100,000 of cover over five years for £22.43 per month

33-year-old woman who had undergone a valve replacement

  • Was diagnosed with ‘tetrology of fallot’ at birth and took daily medication to control this
  • She underwent surgery to replace a pulmonary valve in 2002
  • Other medical issues included post-natal depression and a family history of hypertension and Crohn’s disease
  • We found an insurer who would offer her £250,000 of life insurance over 30 years at £28.69 per month, which was just over double their standard premium for someone of her age

44-year-old man who had undergone surgery on two occasions

  • Underwent a bypass operation at just four years of age after being diagnosed with Ebstein’s syndrome
  • Continued to require three-yearly check-ups throughout his life
  • Further surgery was carried out at age 33 – mechanical Aortic Root Valve replacement for Bicuspid valve
  • Takes medication on an ongoing basis to control the condition
  • We found an insurer who would offer him £80,000 of decreasing cover over 25 years at £43.35, which was five times the standard premium for a client of his age

These cases illustrate that it can still be possible to obtain life insurance where:

  • The heart episode has caused the applicant to be hospitalised
  • They have taken regular medication for the condition and remained under the supervision of a cardiologist for an extended period
  • There are different heart conditions for the insurer to take into account when considering the application
  • The applicants had undergone different forms of surgery for their heart issues

If you would like to find out more, then contact Moneysworth today!

Moneysworth is delighted to announce that we have won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.

Feefo presents Platinum Trusted Service Awards to businesses that have achieved Gold standard for three consecutive years. To receive a Gold Trusted Service Award, businesses must have collected at least 50 reviews with a Feefo service rating of between 4.5 and 4.9 during the year.

Here at Moneysworth, we have achieved an average score of 4.9 out of 5 from 686 highly satisfied customers since we signed up to the Feefo service. Specifically in 2023, our average score was 4.95 from 192 different customers.

As well as regularly receiving ‘five star’ reviews on Feefo, it is also heartening to see the comments our clients make here, illustrating how we were able to provide fantastic solutions to genuine problems.

Feefo established the Trusted Service Awards in 2014 to recognise brands that use the platform to collect verified reviews and receive exceptional feedback from their customers. The awards are unique because they truly reflect a business’s dedication to providing outstanding customer service by analysing feedback from real customers.

Working with over 6,500 brands, Feefo is the world’s largest provider of verified reviews, helping brands understand customers by analysing verified reviews and providing insight into trends, needs and habits.

Andrew Wilkinson, director and consumer duty champion at Moneysworth, commented: 

“We are delighted to have been awarded Feefo’s coveted Platinum Partner Award for customer service once again this year. It is a fantastic achievement and deserved recognition for our dedicated team, who work incredibly hard to ensure our clients receive good outcomes, which of course is now a requirement under the new Consumer Duty which came into effect last year. Our customer Feefo comments reveal those aspects of our service that our customers find particularly helpful and of value. 

“Key points that many Feefo customers mention in their feedback about their experience of dealing with Moneysworth include references to clear communication from polite, helpful and knowledgeable staff, without any pressure to commit to a sale being applied. Clients appreciate the effort Moneysworth puts in on their behalf to source good outcomes from across the whole market, even if they have had a poor outcome elsewhere before approaching us. Customers frequently mention our tenacity and thoroughness in pursuit in the cover they need in order for them to have the peace of mind of knowing that if the worst were to happen, they and their families are covered.”

Congratulating Moneysworth on winning this year’s award, Tony Wheble, CEO at Feefo, said: 

“With customers continuing to build resilience in a time of economic uncertainty, we’re delighted to showcase thousands of our clients who are continuing to go above and beyond for each and every customer.  

“The Trusted Service Awards have always been about recognising companies that go way beyond the norm in customer service and in turn receive great feedback from delighted customers. 

“Particular congratulations to Moneysworth for winning a Platinum Trusted Service Award by providing great customer service consistently over a number of years. I look forward to seeing them continue to achieve next year and beyond.”   

What feedback have we received?

Recent customer feedback submitted via Feefo includes:

“Excellent service. Joanne was extremely helpful and went well above and beyond to help me and my partner find mortgage cover. Would definitely use Moneysworth again and highly recommend them.”

“The service was excellent from start to finish. Malcolm Crossley was very professional and patient with me and supported me in taking the life insurance policy that best suited my needs. Gemma Usher finalised my policy and now I have peace of mind with my life insurance cover. I would recommend Moneysworth Life Insurance and the process excellent.”

Other Feefo feedback that illustrates how we can assist applicants with health conditions and other complex circumstances includes:

“Fantastic service. First contacted Moneysworth in 2022 to arrange life insurance with an underlying heart condition, after I’d been declined by a major provider. They were really informative, and talked through all the options available to best suit my family. They were then incredibly patient and professional when an unexpected health issue changed my circumstance. When I got back in touch in late 2023, they worked through several providers and managed to secure cover for me. A huge weight off my and my partner’s mind. Thanks so much to Jo and the wider team for persevering and all the help and advice.”

“Went above and beyond last year but I was eventually knocked back because of a health condition. They advised me to pursue my GP vigorously to push for further testing as I believed I didn’t have this condition. I took this advice and lo and behold after genetic testing this turned out to be the case. I came away with the required proof, came back to Moneysworth who argued my case further and now have a lovely big life insurance policy after years of being declined everywhere!”

“My case was difficult, complicated and unusual with hurdles at every stage. Andrew Wilkinson and his team guided me with sound, accurate, knowledgeable advice, promptly answered all my many questions in language I could understand, dealt professionally with all my concerns, and achieved the end result I wanted. They were unfailingly polite, efficient, friendly and kind and I would recommend their services without hesitation.”

“Highly recommended. The guys at Moneysworth made my first experience of buying life insurance a breeze even with some fairly complex circumstances.”

“Moneysworth did all the running around to get quotes for my life insurance as I have existing health issues that require specialist insurers.”

Other indications of our exemplary service

We also achieved average scores of 4.8, 4.6 and 4.95 to the three ratings questions we ask on our internal questionnaire. Respectively, these questions ask customers to rate: 

  • The extent to which they feel they received a good outcome from Moneysworth
  • How easy it was to read and understand the disclosure document, where we explain the scope of our service
  • How easy it was to read and understand the suitability letter we send to the customer post-sale, explaining the recommendation we have made and the customer needs we have addressed

Our regulator, the Financial Conduct Authority (FCA), recently introduced the Consumer Duty. The Duty places new obligations on the firms it supervises, to ensure that clients receive favourable outcomes at all times. This latest award from Feefo only reinforces our confidence in saying that our advisers and administrators provide exemplary customer service.

This latest award completes what has been a very exciting and successful period for Moneysworth. In the final weeks of 2023, we won two awards at different industry ceremonies, each naming us as the best small protection advice firm in the UK.

Find out more about what we can offer

Both our clients and the industry experts have recognised that we offer the highest levels of advice and customer service, so if you are a consumer seeking life insurancecritical illness insurance or income protection insuranceget 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 please contact us to find out more about what we can offer.

February 21st, 2024

Posted In: Customers, life insurance

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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. 

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 any of 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

Our promise to you 

Moneysworth promise to be sensitive to your individual needs and we promise to treat you in a compassionate manner.

Our ground-breaking mental health partnership 

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.

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.

For almost twenty years, Moneysworth has been committed to providing value to our clients.

Our process focuses on researching each client’s circumstances with insurers across the whole market. We’re able to demonstrate that our clients have been able to obtain the cover they need – and at a competitive price.

We believe this is the level of dedication required under the FCA’s forthcoming Consumer Duty regulations.

The following case is just one example of a client coming to us after being signposted by an insurer who was unable to provide the valuable life cover the client needed.

Having suffered a heart attack six years previously, this male client was able to provide Moneysworth with medical letters from his hospital specialist. This was very useful for us when undertaking our initial research with insurance companies.

To ensure the client was offered the best possible terms and price, we approached every life cover provider in the market.

A number of the insurers were willing to consider an application. The most expensive estimate of premium was £154pm with the three most favourable estimates ranging from £45pm to £67pm. Applications were made to these three companies and, after looking at the medical evidence and applications, all three companies made a formal offer of terms.

Two offers were similar at around £66pm. The best offer was £43.62pm which, over the full term of the policy, would save the client £2,643 compared to the second best offer. With this policy, the premiums and the life cover are guaranteed to remain the same throughout the policy term. Even if the client was diagnosed with a new health condition in the future, it would not affect his cover or the premium.

Naturally, the client was pleased to accept the lowest premium offered and now has peace of mind knowing that, if the worst were to happen, his wife would remain secure in their home and not have a mortgage to worry about.

There’s no better advert than a recommendation from a satisfied client

After the policy started, we received the following review (via Feefo) of the service provided by Moneysworth:

five stars
Absolutely brilliant service from start to finish would highly recommend Moneysworth. The staff are very reliable and so good at what they do. Thank you!