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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.
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.
Moneysworth’s office is in Macclesfield, Cheshire, in the north west of England. We do, however, have clients in all areas of the UK. It is also the case that a high proportion of our life insurance clients reside overseas.
If you reside in a country other than the UK, but still have interests in the UK, and you are interested in arranging life insurance, then contact Moneysworth today. We have extensive experience of navigating the complex area of expatriate life insurance.
It’s quite possible that any policy we can arrange for you will cost a similar amount to what you would pay were you to live in the UK.
This list includes both EU and non-EU member states in Europe, as well as countries from every other continent, so Moneysworth really can provide a global service.
This is not an exhaustive list either and we have successfully secured cover for residents of many other countries in the 21 years since Moneysworth was founded.
If people don’t take out life insurance, critical illness insurance or income protection insurance, then one of the reasons they might give is that they are prepared to take the risk and so they do not take steps to minimise the financial consequences of dying or becoming ill.
The problem with this approach is that, by not looking at appropriate insurances, you are potentially exposing your loved ones to the risk as well. A recent study by insurer LV= found that the average UK worker’s income supports as many as three people – so think about whether your spouse, partner and dependants could manage if your income was taken away suddenly.
The same study also exposed the low levels of savings held by the UK population, with 40% of workers not having an emergency fund of the recommended three months’ worth of average expenditure. This means that large numbers of people cannot rely on their savings to replace a wage earner’s income should the worst happen.
Life insurance can provide sufficient funds to replace the income of a family breadwinner should they pass away. It’s also possible to add critical illness cover to the policy, so that the same sum is paid out should you contract a serious illness.
Income protection policies can be set up to pay a significant proportion of your income, should you be unable to work due to accident or sickness.Moneysworth are experts in arranging life, critical illness and income protection insurance. We are a whole-of-market specialist protection broker and we can search the entire marketplace to find the most suitable product and provider for your individual circumstances. Contact us today to find out more.
One of the main reasons why people might not take out the life insurance and other protection they require is that they think it would be too costly.
In 2017, insurer Sun Life asked people to estimate the likely premium for £100,000 of life cover, and the average estimate turned out to be almost five times the correct figure!
Other studies have suggested that many people believe Covid-19 has driven a significant hike in premiums, but again, this is not the case. With the Covid threat having diminished, and death rates now down around the historic average, there is no reason for the insurers, who operate in a very competitive market, to charge any more than they need to.
Moneysworth can search the entire marketplace for the most suitable product and provider for your individual circumstances. We advise on and arrange life insurance, critical illness and income protection insurance and particularly specialise in finding cover for clients with complex individual circumstances, such as those with medical conditions, or who reside outside of the UK. Contact us today to find out more.
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:
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.
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
29-year-old woman with transposed arteries and stenosis
47-year-old man with Essential Thrombosytheria
33-year-old woman who had undergone a valve replacement
44-year-old man who had undergone surgery on two occasions
These cases illustrate that it can still be possible to obtain life insurance where:
If you would like to find out more, then contact Moneysworth today!
