Like any product (insurance or otherwise), over time the cover can become outdated as insurers create new plans and in common with many financial services plans, insurers rarely offer the best rates to current plan holders. Preferring to use low rates to attract new customers usually.
As an independent, whole of market adviser I look at providing my clients with an on-going service to ensure their cover remains affordable and up to date over many years.
As a general rule then if you've had the cover for more than a couple of years it is worth 'sanity checking' the benefits and pricing at the next renewal - we would typically ask the following 'questions' when performing a client review :
1) Is the cover affordable still ?
2) Do the plan benefits still meet the clients need ?
3) Do we need to amend benefits to make it more affordable - e.g. include an excess or reduce out-patient benefit slightly ?
4) Is a move to another insurer possible - policy holders in good health with low claims can usually move insurers
5) Do other insurers offer equivalent/better cover at lower rates than the holding insurer
Private medical insurance is an extremely complex product area with literally hundreds of permutations of cover available from numerous insurers - if you would like a review of your cover please feel free to get in touch and we can run through what information I need to review your cover and how the process would work.
Any work undertaken for clients in this regard is usually free - I only receive commission from an insurer if you take up my recommendations or appoint me as your intermediary.
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If you're interested in a free review of your medical insurance cover (family or company paid) please get in touch :
Tel - 07792 075748 or 0113 3474395
Twitter - @localventure1
Phil Knight
Independent Healthcare Consultant
I'm a totally independent healthcare intermediary with 20 years market experience, not tied to any insurer, full FSA regulated and part of the Premier Choice Healthcare Group
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