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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.
We’re excited to welcome Gary Harrison in the newly-created position of National Sales and Development Manager at Moneysworth. Gary is responsible for developing business from introducers, particularly broker firms within the key sectors of protection, mortgages and wealth & pensions.
Gary has worked in the protection industry since 1989, initially as an adviser for a number of insurers such as Dunbar and GA Life, and also as a business consultant for PruProtect. Ten years ago, he was taken on by SimplyBiz as a business development manager, working with providers and advisers to develop their protection propositions.
In that role, he frequently worked closely with Moneysworth and was impressed by our passion for protection, commitment to providing value to clients and our high standards of service – all of which are important values he shares. When the opportunity came to join Moneysworth, Gary didn’t hesitate:
“It was a no-brainer, as we’re of the same opinion that firms need greater support and solutions to fulfil their clients’ protection needs in an increasingly complex protection market.”
Tim Boddy, director at Moneysworth, says:
“With the FCA’s imminent roll-out of Consumer Duty regulations, we couldn’t think of a more perfect time or fit than Gary joining our team. With his background and enthusiasm for protection, he has the ideal qualities and experience to further develop and promote the introducer service offered by Moneysworth to all advisers.”
Our specialist broker service already partners with many advisers across the UK who don’t have enough time to arrange protection themselves or to handle more complicated cases. Gary’s experience and insight in this area will ensure that we can help many more advisers at this time of exciting changes in the protection sector.
Our process focuses on researching each client’s circumstances with insurers across the whole market. We’re able to demonstrate that our clients have been able to obtain the cover they need – and at a competitive price.
We believe this is the level of dedication required under the FCA’s forthcoming Consumer Duty regulations.
Having suffered a heart attack six years previously, this male client was able to provide Moneysworth with medical letters from his hospital specialist. This was very useful for us when undertaking our initial research with insurance companies.
A number of the insurers were willing to consider an application. The most expensive estimate of premium was £154pm with the three most favourable estimates ranging from £45pm to £67pm. Applications were made to these three companies and, after looking at the medical evidence and applications, all three companies made a formal offer of terms.
Two offers were similar at around £66pm. The best offer was £43.62pm which, over the full term of the policy, would save the client £2,643 compared to the second best offer. With this policy, the premiums and the life cover are guaranteed to remain the same throughout the policy term. Even if the client was diagnosed with a new health condition in the future, it would not affect his cover or the premium.
Naturally, the client was pleased to accept the lowest premium offered and now has peace of mind knowing that, if the worst were to happen, his wife would remain secure in their home and not have a mortgage to worry about.
After the policy started, we received the following review (via Feefo) of the service provided by Moneysworth:
Absolutely brilliant service from start to finish would highly recommend Moneysworth. The staff are very reliable and so good at what they do. Thank you!
This February is National Heart Month, a time for each of us to reflect on how we can improve the health of our heart. Living with a heart condition can affect not only the individual but their loved ones too.
Having a heart condition has become one of the most common medical problems among clients who ask us to help them find Life Cover.
Source: British Heart Foundation statistics
Finding Life Insurance that suits your needs can be much harder if you’ve had a heart attack, a cardiac arrest or are living with a heart condition. Moneysworth specialise in helping people find Life Cover even if they have a health condition or have been refused life cover elsewhere.
The most common heart condition we see in our work is a previous heart attack (also known as myocardial infarction). However, over the last seven months, we’ve helped over ninety people with a wide variety of other heart conditions to find life cover. Many of these clients have now successfully started their policy or are currently in the process of applying for cover.
Over the next few weeks, we’re going to post a series of articles about the circumstances behind some of our clients’ search for life cover: why they needed life insurance, the problems they’d previously encountered when trying to apply for cover elsewhere, and the policy options and prices we were able to obtain for them.
It may surprise you to see how people who are living with a serious heart condition – or even multiple conditions – are still able to find cover, thanks to our team’s expert guidance and assistance.
Having type 1 or type 2 diabetes often makes it harder or even impossible to find suitable Life Cover, Critical Illness Cover and Income Protection.
Life insurance companies typically have a range of different premium rates for people with diabetes. Different companies will place the same person in different price bands. The process of applying for cover can often take weeks – or even months – if medical reports need to be obtained and checked. And although the situation has somewhat improved for Life Cover in recent years, most insurers are still unwilling to consider Critical Illness or Income Protection for people with any type of diabetes.
Well, there’s definitely some good news here.
In recent years, we’ve seen improvements in the prices for Life Cover typically offered to people with diabetes.
Another encouraging development we’ve seen with a couple of insurers: after starting the life insurance policy, the insurers reward policyholders by reducing premiums if the customer can demonstrate improved control (i.e. if their HbA1c reading comes down by a certain amount). We think this is a very encouraging sign, not just because it can make cover cheaper, but because it demonstrates that the insurance market is starting to consider how to adapt to the unique circumstances of people with long-term health conditions.
If certain criteria are met, it’s now possible for people living with diabetes to get a “fast-track” application, which means cover could be in place immediately. Less stress, more peace of mind – exactly the kind of innovation we want to see for people with long-term health conditions who want to protect their financial security and their family’s future.
A year ago, there were hardly any options for people with diabetes to obtain Income Protection Insurance. For most it simply wasn’t available.
Moneysworth campaigned to improve that situation, and we’re pleased to see at least some people in the insurance industry listened to us!
With expert guidance, it’s now possible for some people who have type 2 diabetes to get Income Protection with no exclusions, subject to certain criteria. But for people with type 1 diabetes, although there is some availability, it’s extremely limited.
The situation for Critical Illness Cover has been slow to improve. It is now possible for people living with diabetes to obtain Critical Illness Cover – but the options are very limited and the chances of being offered cover are even narrower if they have type 1.
The small signs of progress we’ve seen in the market are a welcome start, but the fact is most insurance companies still don’t offer either of these protection products to people who have diabetes.
The charity Diabetes UK reports that there are around 3.7 million people who have been diagnosed with diabetes in the UK, and that figure is predicted to rise to 5 million by 2025*.
In light of this, we firmly believe that the insurance market needs a surge of innovation to make its products and services more forward-thinking and inclusive.
Moneysworth wants to see cover options and availability broaden for people living with diabetes, and so we’ll continue to lobby the insurance industry.
* Source: Diabetes UK ‘Facts & Figures‘
Hello and Welcome!
We are proud to launch our new website which with a great deal of consideration, has taken over a year to develop.
The new site is very different to the old one and we thought it might be useful to explain some of the thinking that has gone into the design and content.
Firstly we were aware that our website had not kept pace with the changes in our business and especially our client groups. Put simply any visitor to the old site might well conclude that our life cover services were designed only for people with pre existing health conditions. However the truth is that we arrange life cover for a much wider range of clients, including people with no health conditions, business owners and clients with occupational and/or overseas travel issues.
Secondly we knew that the old website looked dated and the new site needed a much fresher approach. Financial services websites generally are often criticised for being somewhat dull, so it was important to us that visitors find the new site visually stimulating and engaging.
Our clients receive a bespoke personal service and we wanted the new website to visually send a clear message to visitors, that we are different. We have tried hard to make the site easy to read and visually engaging by breaking information down into manageable amounts. We have used space to de-clutter and chosen a font which feels personable (and different again) and is easier on the eye.
Functionality was another key consideration. We have tried to make the new website easy to navigate and as simple to use as possible. We have tried to make it easy for customers to communicate with us, whether making an enquiry or asking us any questions (e.g. email, phone, live chat). It’s really easy for visitors to share a link to any page they think may be of interest with a friend. Underlying all of this is a clear invitation for visitors to engage with us.
Finally we wanted to create a website that visitors find genuinely useful and compelling. In short we want people to leave our site feeling their visit has been worthwhile and the key issue here is the quality of the content.
Here we have tried as much as possible to put ourselves in the shoes of our clients. We asked ourselves time and time again ‘what are the questions that customers really want answers to?’ ‘How are customers feeling as they approach applying for life insurance?’ ‘What concerns do they have?’ ‘What information might help customers feel more confident’? For example, some people with pre-existing health conditions may fear that life insurance premium rates would be completely unaffordable in their particular situation. They may fear the embarrassment explaining that it was unaffordable. For some these potential negative outcomes might cause them to avoid making any enquiry at all. It is for this reason that we have decided to include a selection of real cases, showing actual premium and cover amounts achieved for some of our customers on the diabetes and heart condition pages of the site. Throughout the website we have similarly tried to include lots of additional information which we think visitors might find useful.
When it comes to life insurance, we believe that what customers are looking for above all, is to feel confident in the decisions they are making. We hope you find our website of genuine value and we look forward to being of service.
