PMI is an overwhelming and confusing marketplace, where due to the complexities of its make-up and the different offerings from each provider, it is difficult to compare products on a like for like basis for the discerning customer looking for cover for possible medical conditions that might appear in future times.
Using a regulated PMI broker can allay all these fears because utilising an experienced professional with access to the whole market will ensure clients receive the best advice and recommendations. So, let us look at a few tips to help you through this maze.
A new Start Up
If you’re starting up a new company, this can be a daunting prospect. Maybe you have come out of regular employment and you had company paid PMI as an employee benefit?
Leaving these schemes can sometimes leave you in the lurch with your only option appearing to be to speak with your existing provider and getting a quote. As an individual getting cover for possible future and past medical conditions can appear to cost you a multiple of the company paid benefit. The reason is that your company plan had a multiple of members and could spread the risk for the provider. An individual or family policy will put you out there on your own in the provider’s eyes.
What are the options?
- Continuing your cover at an increased premium.
- Looking at your options on your policy and trying to fathom how you can remove or change some to decrease the premium.
- Underwriting – do I continue my cover at the current rate, do I re-underwrite (start again?), this may compromise any pre-existing conditions previously covered.
- Increase my Excess?
- Remove or add Therapies, Mental Health?
- Which Hospitals are included in the list? (Central London Hospitals cause a major up-lift to some provider’s premiums.)
- Ensuring I have the full cover for Cancer?
- What are the rules on chronic conditions?
Other options to consider would be to commence a company policy in your start-up. This can be cost effective versus an individual policy with more members on the policy, as the spread of risk will help.
But have you employees from the beginning of your enterprise? Do you think it would be a good selling point when employing new staff? Maybe you have a duty of care to offer this benefit with most providers offering EAP (Employee Assistance Programmes) within the company plans.
Company PMI offerings have been proven to reduce sick days and motivate staff in the long run.
It is a lot to take in and discussing with an experienced adviser can help with the correct and regulated advice for you, your family and any staff you might have.
This advice can also take away some of the heartache of future occurring medical conditions as you can look at this as a benefit for staff or just cover for you and your family in general.
If you need advice or believe your current cover/costs are not what you are happy with then contact me by dropping an email to firstname.lastname@example.org or calling me on 01923 750965.