Moneysworth wins Best Small Protection Advice Firm 2023!
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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.
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.
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!
Moneysworth is delighted to announce that we have won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
Feefo presents Platinum Trusted Service Awards to businesses that have achieved Gold standard for three consecutive years. To receive a Gold Trusted Service Award, businesses must have collected at least 50 reviews with a Feefo service rating of between 4.5 and 4.9 during the year.
Here at Moneysworth, we have achieved an average score of 4.9 out of 5 from 686 highly satisfied customers since we signed up to the Feefo service. Specifically in 2023, our average score was 4.95 from 192 different customers.
As well as regularly receiving ‘five star’ reviews on Feefo, it is also heartening to see the comments our clients make here, illustrating how we were able to provide fantastic solutions to genuine problems.
Feefo established the Trusted Service Awards in 2014 to recognise brands that use the platform to collect verified reviews and receive exceptional feedback from their customers. The awards are unique because they truly reflect a business’s dedication to providing outstanding customer service by analysing feedback from real customers.
Working with over 6,500 brands, Feefo is the world’s largest provider of verified reviews, helping brands understand customers by analysing verified reviews and providing insight into trends, needs and habits.
Andrew Wilkinson, director and consumer duty champion at Moneysworth, commented:
“We are delighted to have been awarded Feefo’s coveted Platinum Partner Award for customer service once again this year. It is a fantastic achievement and deserved recognition for our dedicated team, who work incredibly hard to ensure our clients receive good outcomes, which of course is now a requirement under the new Consumer Duty which came into effect last year. Our customer Feefo comments reveal those aspects of our service that our customers find particularly helpful and of value.
“Key points that many Feefo customers mention in their feedback about their experience of dealing with Moneysworth include references to clear communication from polite, helpful and knowledgeable staff, without any pressure to commit to a sale being applied. Clients appreciate the effort Moneysworth puts in on their behalf to source good outcomes from across the whole market, even if they have had a poor outcome elsewhere before approaching us. Customers frequently mention our tenacity and thoroughness in pursuit in the cover they need in order for them to have the peace of mind of knowing that if the worst were to happen, they and their families are covered.”
Congratulating Moneysworth on winning this year’s award, Tony Wheble, CEO at Feefo, said:
“With customers continuing to build resilience in a time of economic uncertainty, we’re delighted to showcase thousands of our clients who are continuing to go above and beyond for each and every customer.
“The Trusted Service Awards have always been about recognising companies that go way beyond the norm in customer service and in turn receive great feedback from delighted customers.
“Particular congratulations to Moneysworth for winning a Platinum Trusted Service Award by providing great customer service consistently over a number of years. I look forward to seeing them continue to achieve next year and beyond.”
Recent customer feedback submitted via Feefo includes:
“Excellent service. Joanne was extremely helpful and went well above and beyond to help me and my partner find mortgage cover. Would definitely use Moneysworth again and highly recommend them.”
“The service was excellent from start to finish. Malcolm Crossley was very professional and patient with me and supported me in taking the life insurance policy that best suited my needs. Gemma Usher finalised my policy and now I have peace of mind with my life insurance cover. I would recommend Moneysworth Life Insurance and the process excellent.”
Other Feefo feedback that illustrates how we can assist applicants with health conditions and other complex circumstances includes:
“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.”
“Went above and beyond last year but I was eventually knocked back because of a health condition. They advised me to pursue my GP vigorously to push for further testing as I believed I didn’t have this condition. I took this advice and lo and behold after genetic testing this turned out to be the case. I came away with the required proof, came back to Moneysworth who argued my case further and now have a lovely big life insurance policy after years of being declined everywhere!”
“My case was difficult, complicated and unusual with hurdles at every stage. Andrew Wilkinson and his team guided me with sound, accurate, knowledgeable advice, promptly answered all my many questions in language I could understand, dealt professionally with all my concerns, and achieved the end result I wanted. They were unfailingly polite, efficient, friendly and kind and I would recommend their services without hesitation.”
“Highly recommended. The guys at Moneysworth made my first experience of buying life insurance a breeze even with some fairly complex circumstances.”
“Moneysworth did all the running around to get quotes for my life insurance as I have existing health issues that require specialist insurers.”
We also achieved average scores of 4.8, 4.6 and 4.95 to the three ratings questions we ask on our internal questionnaire. Respectively, these questions ask customers to rate:
Our regulator, the Financial Conduct Authority (FCA), recently introduced the Consumer Duty. The Duty places new obligations on the firms it supervises, to ensure that clients receive favourable outcomes at all times. This latest award from Feefo only reinforces our confidence in saying that our advisers and administrators provide exemplary customer service.
This latest award completes what has been a very exciting and successful period for Moneysworth. In the final weeks of 2023, we won two awards at different industry ceremonies, each naming us as the best small protection advice firm in the UK.
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.
According to charity Mind, one in four of the UK population will be affected by some form of mental health condition in any one year.
Not only are mental health problems, unfortunately, very common in today’s society, there is also undoubtedly a stigma that surrounds this issue, and this inevitably has an impact when it comes to insurance applications made by people with a history of mental health issues.
The good news is that not every insurer thinks in the same way, and Moneysworth’s previous successes demonstrate that it is certainly possible to obtain affordable life insurance for clients who have experienced mental health difficulties. If you have been declined by one or more insurers because of your mental health history, then give Moneysworth a call today as we have frequently been successful in obtaining policies for clients who have been declined elsewhere.
Moneysworth’s highly skilled and experienced team are experts in assisting people with both 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 mental health issues include:
31-year-old woman with a history of various mental health conditions:
26-year-old woman with a history of depression and other complications:
33-year-old woman who had experienced both OCD and depression:
50-year-old man with a history of depression and anxiety:
We can help you find the right insurance if you have experienced any of a number of mental health conditions, which include:
Moneysworth promise to be sensitive to your individual needs and we promise to treat you in a compassionate manner.
Standard exclusions restricting payouts for death by suicide in the first year are apparently not sufficient for many providers where there is evidence of what they see as significant mental health issues. Instead they often apply a heavy loading to the premium or refuse the application outright. This only increases the stigma that surrounds mental health in today’s society.
Also consider that, even when a mental health condition does exist, it is overwhelmingly likely that an individual’s death will be caused by a physical illness.
Although insurers are keen to point out that they offer about 80% of cases involving a mental health disclosure at standard premium rates , this provides little consolation to the other 20% that will be rated or declined.
Moneysworth are seeking to change the landscape for clients with mental health issues. In partnership with a well-known insurer, we have a new Life Cover option that has been specifically designed for people who have had a significant mental health event in the last five years. This new cover option is typically available at a more affordable price, and allows individuals to obtain life cover for death by natural causes, while the exclusion for death by suicide remains in force for longer than the usual 12 months.
It is important to note, however, that we don’t automatically send all mental health cases to this insurer. We have a whole-of-market offering and we always seek the best insurer for your individual circumstances.
Moneysworth’s highly skilled and experienced team are experts in assisting people with both mental and physical health conditions to obtain the cover that they need.
