Moneysworth wins Best Small Protection Advice Firm 2023!
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According to a study by Direct Line, only 35% of UK adults have any life insurance at all.
Even if you are one of this 35%, it’s also important to ask yourself how much cover you might need, and whether you have made sufficient provision.
For many people, £200,000, or even £100,000, might sound like a lot of money, and many people might be reassured by having life insurance of this amount in force. When we look at all of the reasons why you might need life insurance, we begin to see that many people need a lot more than this:
Having £130,000 of life cover will not even cover the mortgage for the average UK homeowner, and that’s before we begin to consider the other need areas.
Inheritance tax is only paid on a small minority of UK estates, but if it might apply to you, and you don’t take out life insurance to cover it, your relatives could be left with no means of paying a large tax bill of 40% of the value of your estate.
Replacing the income of a breadwinner can also be an area where you might need a lot more life insurance than you imagined. There might be some reduction in the household expenses if there is one less person to buy for, and having mortgage life cover will remove the mortgage payments from the household expenditure, but the monthly outlay is still likely to be substantial. Think carefully about what salary you earn and how your partner and dependants might manage without this income coming in.
Life insurance might be required to cover your income until such time as your children reach their early 20s. It might be required for even longer if you earn significantly more than your partner and they rely on your income.
If you earn £40,000 per year, you might need cover for at least half of this. If your children are likely to be dependant for another 20 years, this could mean there is a need for at least £400,000 of cover, and potentially more if you have a mortgage and/or an estate where inheritance tax might be charged.
If you earn a good salary, and had previously thought £200,000 of life insurance would be sufficient, ask yourself this question – Would you be willing to give up your salary for the rest of your working life, in exchange for a £200,000 one-off lump sum?
Here at Moneysworth, we would be delighted to hear from you if you want to take out life insurance for the first time, or if you think your life insurance provision might be insufficient. Our team of experienced protection advisers will carry out a comprehensive assessment of your circumstances and make a recommendation as to how much life insurance you really need.
Our particular specialism is arranging life insurance for people with all manner of different health conditions, who may find it difficult to get covered if they tried to arrange it themselves.We have won numerous financial services industry awards and our clients regularly give us superb feedback, so you really are in safe hands if you give Moneysworth a call.
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.
A recent survey from insurance provider Exeter Friendly shows that 80% of employed people in the UK – equivalent to around 26 million people – prefer to receive professional financial advice before taking out protection products such as life insurance, critical illness insurance or income protection insurance.
Here at Moneysworth, we are well placed to service this demand for advice in this area. Advising on life insurance and other forms of protection is all we do, so we really are experts in this area. Our recent awards successes illustrate that you really will be in safe hands if you approach Moneysworth.
We promise to search the whole of the market to ensure we find the very best product for your needs and your individual circumstances, no matter how complex these might be.
We regularly obtain competitively priced life and health insurance for clients with medical conditions, and we can also find life insurance for people who reside outside of the UK.
We don’t charge a fee for our advice either.
If you are a consumer who is interested in exploring this area, contact us today to see how we can help.
If you work for a financial services firm and have clients with needs in this area, then you can rest assured that your clients will be well looked after if you introduce them to Moneysworth. Again, please contact us to find out more about what we can offer.
Moneysworth’s director Andrew Wilkinson talks about the adverse impact long NHS waiting times are having on the protection insurance market, and urges the new UK Government to take action. If you’re waiting for treatment, it becomes so much more likely that an insurer will decline an application for life insurance, critical illness or income protection insurance. Sadly, all too many of us are still waiting for increasingly long periods to get the treatment we need.
Moneysworth is delighted to announce that it has been shortlisted in two categories for the inaugural Consumer Duty Leadership Awards. These are:
The Consumer Duty was introduced by our regulator, the Financial Conduct Authority (FCA), on 31st July 2023. The Duty places new obligations on financial services firms to take positive actions to ensure they deliver good outcomes for their clients. Moneysworth wholeheartedly welcomed the introduction of the Duty and we have always been aware of the importance of treating customers fairly.
In the words of the organisers, “the Awards recognise and celebrate firms that demonstrate exceptional leadership, innovation, and commitment to delivering good outcomes for their customers. Judged by an independent panel of experts, the awards shine a spotlight on leading firms’ efforts and accomplishments in embedding the Consumer Duty and driving positive change within the industry.”
We were particularly pleased to have been shortlisted for these awards as there is only one category for all firms from the insurance sector, which includes all of the insurers as well as the brokers arranging the various types of insurance.
Moneysworth has regularly won awards in the past for being the best small protection advice firm in the UK. Whilst we did not take home either of the prizes at the Leadership Awards, we effectively achieved the same level of recognition, as we were the only specialist protection advisory firm on the shortlists. For the Leadership in Insurance award, the other finalists were two product providers and an advisory support firm. Our fellow finalists for the Consumer Duty Champion Awards were two building societies, two investment advisers, a credit union and a trade association.
The Leadership Awards judging panel praised Moneysworth for our “strong focus on customer needs and goals” and “interesting solutions for vulnerable customers.”
We were also delighted to receive this endorsement as further recognition of the positive outcomes our clients receive, which complements the superb feedback they give us on a regular basis. We were also delighted to receive the Feefo Platinum Service Award earlier this year.
We have also been named in the final shortlist in two categories at the Health & Protection Awards:
We were fortunate to win one of these awards in 2023 and hope for further success at the ceremony in October.
Health & Protection is a leading publication for intermediaries, consultants and brokers in the world of healthcare, protection and financial advice.
Above all, these successes are testament to the efforts of our directors, advisers and administrators, and a fantastic acknowledgement of the quality of service we provide to our clients.
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 insurance, critical illness insurance or income protection insurance, get 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.
If you have a life insurance policy, you might think that the only role your insurer plays is to provide you with vital peace of mind. You pay your premium each month and, in return, the insurer keeps your policy in force, one which will provide much needed funds for your loved ones should the worst happen.
Increasingly, however, insurers are developing new ways of supporting their customers.
For example, the following support services might be on offer:
No one insurer will offer all of these, and the exact level of support varies from one provider to another, but it’s likely that your insurer will offer quite a few of these support services.
This support is very welcome indeed in the modern world, where cost of living pressures are all too obvious, and where one in four of us experience mental illness, not to mention the fact that many people struggle to get NHS GP appointments.
