Moneysworth wins Best Small Protection Advice Firm 2023! Learn more

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On International Women’s Day, Moneysworth would like to take this opportunity to thank all of the fantastic women who work in the UK financial services industry, especially the women that work for the insurance providers we use and for the firms that have introduced business to us in the past. 

We would also like to thank the women who work in Moneysworth’s great team, and to acknowledge the massive contribution they have made towards ensuring we won the Platinum Service Award and the two Best Small Protection Intermediary Awards we scooped during the last six months.

In an industry where sadly only 16% of investment advisers and 26% of mortgage and protection advisers are women, we are proud to say that we have a higher proportion of female advisers than these industry averages. A female member of our team was the consultant who advised or arranged 50% of the policies we have organised in 2024 to date.

The Platinum award is based on customer feedback submitted via Feefo, where recent complimentary feedback for our female employees includes:

“Excellent Service. Professional, Helpful, Personal service. From my initial enquiry, Joanne provided reasonable options. She cheerfully and promptly answered all my queries – even though some unusual circumstances meant this process and the medical took months. When the final premium was increased, I asked that she review and she appealed to the Insurer and the premium was revised to the original. Highly commended also to Gemma – always professional and helpful. A relief to deal with real people; rather than the ubiquitous automated system. I am pleasantly surprised by such tenacity and service and will contact Joanne for any future insurance requirements.”

“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.”

“Lyndsay and Gemma were very, very helpful. All informations were provided, they always kept me updated.”

“My experience with Moneysworth was exceptionally good. The staff were helpful and very professional. They managed to find the best deal for the Life insurance I requested for. The communication was good and they kept me updated from start till end. They found me a Life insurance that’s suitable for me and my family…Thank you Gemma and Lyndsay for all your 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 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:

  1. 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
  1. 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
  1. 52-year-old woman with a history of liver and breast cancer. 
  • Was diagnosed with breast cancer nine years prior to the application to Moneysworth and underwent surgery, chemotherapy and radiotherapy at this time
  • Was still undergoing hormone therapy at the time of the application
  • Surgery was also required to remove adenomas from her liver nine years previously
  • Other medical issues included an underactive thyroid and autistic spectrum disorder
  • One insurer was prepared to offer her £75,000 of life insurance with a premium that was 2.25 times higher than their standard rate, which made the final premium £55.51 per month
  1. 56-year-old man with a history of skin and throat cancer
  • Was diagnosed with throat cancer eight years earlier and underwent chemotherapy and radiotherapy
  • Had a malignant melanoma removed two years prior to his Moneysworth application
  • Regular check-ups would still be required for three years following the time of the application
  • Two insurers initially indicated they could offer cover and he eventually took out a policy with one of these
  •  Client was able to obtain a policy that had high premiums for the first four years, but which became more affordable after that. For £250,000 of cover over 25 years he needs to pay £751.30 for years 1 to 3; £425.05 for year 4; and £98.80 thereafter for the remainder of the policy. 
  • His second offer was  £477.48 for the first four years, reducing to £216.76 for the remaining 21 years
  1. 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
  1. 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, but then reduces to £19.83 per month for the remaining 28 years 
  1. 55-year-old man with a very high Body Mass Index
  • 5′ 10″ and 23 stone, giving a BMI of 45.6
  • Had previously been declined for life insurance on more than one occasion
  • Also had type 2 diabetes
  • Took medication for raised blood pressure
  • After researching his 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 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.

December 5th, 2023

Posted In: life insurance

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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.

What is BMI?

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.

Specialist brokers might be the answer

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.

What level of BMI is considered too high by the insurers?

When we look at 15 life insurance companies used by Moneysworth, we see that:

  • One will reject anyone with a BMI higher than 38 and three more set their limit at 39
  • Three more have a threshold of between 40 and 42
  • Six insurers apply a limit of between 44 and 46
  • Only two insurers go above 46 – these two companies actually set their limit as high as 55

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.

Case study examples

  • 22-year-old man, cohabiting with a 23-year-old woman
  • Male client was 5’9” and 17.5 stone, which means a BMI of 36.2
  • Female client was 5’6 and 18.5 stone, so her BMI was 41.2

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:

  • 55-year-old man
  • 5′ 10″ and 23 stone, giving a BMI of 45.6
  • Had previously been declined for life insurance on more than one occasion
  • Also had type 2 diabetes
  • Took medication for raised blood pressure

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.

November 22nd, 2023

Posted In: BMI, declined, diabetes, health conditions

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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:

  • Outstanding Client Engagement – in recognition of our fantastic advice offering and the administrative support we provide all the way from your initial enquiry to the point of completion
  • Outstanding Specialist Intermediary – in recognition of our specialist service where we assist applicants with medical conditions and applicants who are non-UK residents to obtain life insurance and other protection
  • Small Intermediary of the Year – in recognition of our position as one of the leading small protection broker firms in the UK

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 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 again, please contact us to find out more about what we can offer.

October 19th, 2023

Posted In: awards

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On taking out a mortgage, or increasing their mortgage amount, many people are prompted to take out life insurance to cover the mortgage balance.

Mortgage life cover is certainly important, but if you are taking out a policy for this purpose, you should also think about what additional cover you might need.

If you don’t have a mortgage, then you should still think about this area. Life events that should prompt you to review your life insurance requirements include:

  • Purchasing a home, with or without a mortgage
  • Entering into a marriage or other significant relationship
  • Planning to start a family or to have more children
  • A relationship breakdown
  • A change in your employment situation, such as leaving a role or receiving a salary increase
  • An improvement in your state of health

Depending on your individual circumstances, it can be a good idea to have life insurance for:

  • Repaying your mortgage on death
  • Providing a sum for your family to replace lost income should you pass away – if you are a family breadwinner, how would your family manage if the worst was to happen and your income was no longer available
  • Providing a sum to pay for your funeral expenses – the average cost of a funeral in the UK is more than £4,000, so would this sum be available to your loved ones if they had the unfortunate task of arranging your funeral
  • Providing a sum, payable on death, to mitigate inheritance tax liabilities – you should assume that any property and other assets you own over and above a value of £325,000 could be subject to inheritance tax at 40% on your death. Without appropriate life insurance, this could clearly mean that your loved ones would be faced with a significant tax bill were you to pass away

Moneysworth’s highly experienced advisers are available to discuss your life cover needs and to carry out a full assessment of how much insurance you might need. Contact us today to find out what we can offer.