Tuesday, 16 May 2017

IFA's - the importance of reviewing medical insurance clients

It's very easy when a clients medical insurance renewal arrives from an insurer for an adviser to follow the path of least resistance. To send the terms straight out to the client without considering a review of the market, assuming the terms and benefits are still ok.

Over the last 23 years I have been involved in literally hundreds of such cases both as a broker consultant for insurers and then since 2010, as an adviser working primarily with professional introducers. In both parts of my career I've said the same thing : I don't think you can ever assume that the renewal terms offered by an insurer (and indeed the benefits package) are fine moving forwards. More particularly a PMI plan, personal or company sponsored needs reviewing in-depth and detail at least every two to three years.

The FCA now asks intermediaries and insurers to formally suggest clients might want to 'shop around' at each renewal and whilst this will not apply to every client (those claiming or who have done so recently for example) it is advice I do adhere for my clients.

So if within your practice you have some legacy PMI clients who've been with their current insurer for while without review it's certainly worth giving someone like me a call to look at a full market review.

I've worked with IFA's since 1994 and as professional introducers to my practice since 2010 and would be happy to chat to any IFA, general broker or accountant who has potential business to look over.
Phil Knight - Independent Healthcare Consultant
07792 075 748

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