Moneysworth wins Best Small Protection Advice Firm 2023!
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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.
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.
The central idea of the Financial Conduct Authority’s new Consumer Duty initiative is that clients should receive “good outcomes”.
When it comes to life and health insurance protection, this is likely to mean that firms will need to take a ‘holistic’ approach, meaning that they will need to consider all of a client’s potential protection needs, rather than perhaps thinking just about life protection in one or two areas.
Similar sentiments have been expressed in several recent trade press articles.
This means considering not only life insurance for the mortgage balance, but also critical illness insurance, as well as some form of income protection or payment protection insurance, as there is a much greater risk of becoming ill during your mortgage term as there is of passing away.
It also means considering all potential protection needs, rather than perhaps just concentrating on life cover.
If an authorised firm decides it doesn’t want to get involved in protection advice, then it has the opportunity to establish an arrangement with a partner firm, whereby insurance leads are passed on to this other firm.
In the new Consumer Duty world, Moneysworth is able to give advice in all areas of protection, including:
One of our particular specialisms is arranging suitable cover for individuals who may otherwise have found it difficult to obtain protection elsewhere.
We have helped large numbers of clients whose circumstances may be a little unusual. For example, they might:
If you wish to find out more about arranging suitable insurance for yourself, then contact Moneysworth today to find out how we can help you.
Moneysworth is well placed to become your protection specialist partner firm in the brave new world of the Consumer Duty.
Since our foundation in 2003, we have become an established and respected name in the protection sector, with numerous satisfied clients and several industry awards to our name.
We invite you to place your trust in Moneysworth’s highly experienced team, who have many years’ experience of the protection market and of helping clients just like yours to achieve fantastic outcomes.
If you want to discuss the opportunities offered by introducing business to Moneysworth, get in touch with us today.
For several years, Moneysworth has been involved in a campaign to radically improve access to Life Insurance for people with health conditions. Now a growing number of large insurers, industry organisations and charities are committed to improving access to Life Insurance.
As of yesterday, a manifesto has been submitted to Parliament which sets out how people with health conditions should be offered greatly improved access to insurance. This is the culmination of a huge, focussed effort from many industry stakeholders, and we are proud to be a part of this project.
The result is a comprehensive agreement which will help make protection insurance more widely available. It achieves this by setting out principles for participating companies to follow when they are unable to offer cover to a client.
From the consumer’s point of view, it will mean they will be given help with finding specialist assistance to help them continue their search for cover. The industry term for this is signposting, because the insurer directs the client to other organisations who may be able to help them find the cover they need.
The agreement, which is voluntary, has been signed by insurers such as Legal & General, Lloyds Banking Group, Bank of Scotland, Scottish Widows, plus several key adviser firms, industry groups and associations. In time, we anticipate many more insurers, advisers and industry organisations will also participate.
Moneysworth was asked to be involved in developing the agreement because of our expertise in helping clients with health conditions, assisting with their Life Insurance needs – and, in particular, our breadth of knowledge about the many obstacles people face.
It is true that some people are uninsurable, however many people are more insurable than they think.
Often people just assume that insurance is not possible. For example, sometimes customers who have had a heart attack tell us they have always assumed that, due to their heart attack, they are uninsurable. The same goes for many people with other health conditions.
Many wrongly assume that if one insurance company declines their application, so will all the others.
Typically, the application process can be lengthy, as insurers often need to obtain medical evidence from a doctor’s surgery. To get a decline decision at the end of this process can be demotivating.
However, the length of the whole process is normal and other insurers may decide to offer cover – so the key message is “Don’t give up”.
With the new agreement announced yesterday, hopefully many people who have had an application for protection insurance declined will now be able to find a suitable specialist broker like Moneysworth.
This is because we’re well placed to help people in this situation. We have detailed knowledge of the Life Insurance market, and we have in-house underwriting expertise, which helps as we gather appropriate medical information to enable us to approach different insurers across the market, in our search for solutions on behalf of our clients.
Moneysworth has over fifteen years of success in finding cover for people with mental and physical health conditions.
Examples of Life Insurance prices we found for clients with health conditions:
We don’t charge clients any fees to search the insurance market, so it won’t cost you a penny to ask us to fully explore your Life Insurance options.
