Moneysworth wins Best Small Protection Advice Firm 2023!
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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.
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‘
