Moneysworth wins Best Small Protection Advice Firm 2023!
Learn more
Accessibility Options
Call us 01625 462 744
The new Reaching Resilience report from insurer LV= has revealed the gaps present in many people’s strategies for protecting themselves against the adverse financial consequences of illness or injury.
When asked how they would cover outgoings if they were unable to work for two months or more, the most popular answer, given by 47% of survey respondents, was that they would rely on savings or rainy day emergency funds. Just how realistic this is for many people was called into question by a separate finding that only 42% of households could manage for more than three months without an income. One in ten people said they had no savings at all and around 25% had less than 1,000 put by for an emergency fund.
12% of employed people and as many as 19% of the self-employed said they would continue working through their illness or injury, despite the fact that this may be impossible if the problem is severe and/or causes then person to spend a period in hospital.
The average working person’s income supports three people, according to the survey. Some respondents even classed their pets as people dependent on their income, although most mentioned needing to support their partner, children or other relatives, as well as ex-partners and their children. Two-thirds of the working population also have some form of debt, and of course lenders would expect debt repayments to continue if the person was absent from work.
Taking out protection policies in advance can very much help to alleviate any concerns in this area. The survey found that, while 52% of UK workers have some form of protection policy, only 27% have income protection insurance and only 29% have critical illness insurance.
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.
If you would like to find out more, then contact Moneysworth today to see how we can help.
Here at Moneysworth, we might claim that “our specialist service has helped people with health conditions to find life insurance and other protection insurance.” When we look at the superb feedback clients with health conditions have given us, it’s easy to see just how we have managed to provide real solutions to real problems faced by individual clients.
Many of these people tell us about the difficulties they experienced obtaining cover, prior to contacting Moneysworth. Others mention that they had tried to get other brokers to help them, without success.
“After searching for life insurance with a heart condition, I came to the conclusion that no company would cover me, or the ones that would wanted to charge me a fortune. I decided to give it one last chance through Moneysworth to see if they could locate a policy that wouldn’t cost as much as a mortgage payment. After sending my initial inquiry, I was contacted by the most helpful protection consultant, Joanne Hallsworth. Joanne spent time with me to truly understand my needs and conditions. She then collaborated with Paul Rushton and came back with not only a cover that matched my needs perfectly but also a realistic price. While we all hope to never use life insurance, having a medical condition adds extra worry in case something happens and you want to ensure your family is supported.”
“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.”
“The service was excellent. My case was a bit more complex than the standard life insurance case as I have a disability but I wanted to make sure I got insurance to protect my family. Malcolm supported me in this over a long period of time and was very helpful given I’d previously had a very bad experience with insurance. Malcolm didn’t give up and supported both myself and my partner in getting the right insurance we needed. He was absolutely amazing and I don’t think I’d have gone through with the process without him.”
“Perfect. They were incredibly patient and really listened to me with what I was after. They did not discriminate me at all for my mental or physical health and made sure I got the best deal possible.”
“Simple, efficient service by friendly people. Got me life cover when I had very difficult medical conditions.”
“Seamless great provider for Life Insurance, approachable understandable and knowledgeable staff who found the right insurer and product for me where other insurance companies refused cover. Took a few days from enquiry to finding and agreeing a provider and cover starting.”
We have had some major successes obtaining cover for clients with what appeared to be fairly serious health conditions. So if you’ve been struggling to get life insurance, critical illness insurance and income protection insurance, then contact Moneysworth today.
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.
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.
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.
