Qualifying Period

Is there an exclusion period at the start of the policy, how long will you be without cover? If your switching from insurer, be sure to check if you will have any days without cover, also double check you are not duel-insurered as this can pose major issues when claiming.

Compare Insurance Cover

Make sure you shop around the market! be savvy, shop around and get advice. Not all brokers and intermediaries are independant. Some are owned my major insurers or incentivised to only offer a couple of options to customers – this is really unfair!

Underwriting Exclusions & Pre-Existing Medical History

Do you have any special terms of acceptance including exclusions for specific medical issues, activities or circumstances for payout? Even simple physiotherapy or regular medication could cause significant exclusions, make sure the terms of the cover is fully understood and don’t be afraid to ask questions.

Excess

Do you have to pay an excess, or contribute in the event of a claim? Some excesses are also paid per claim, some are per policy year. Some insurer’s will also class one individual claim that happens over two ‘policy years’ as two separate claims so excess can be due twice – double check the small print.

Are the Premiums Fixed

Do they track the base rate, do they increase with age/each year/when claiming? Make sure to calculate the increase in policy cost for making a claim against the value of the claim. Quite often, claiming for a consultation with a specialist will hike up your renewal price more than the cost of paying for the appointment yourself.

Policy Expiry Date

When will cover finish? Some health, life and critical illness policies have ceiling limits to the age of membership, this can leave you in a difficult position as you are stastically more likely to make major claims during the later years of life.

What Are You Actually Covered For?

Do you understand the treatment/conditions/circumstances can you claim for? Some insurance policies will be underwritten and may have general or specific exclusions. In some situations, your occupation may also invalidate certain aspects of cover, so be sure to shop around and find the best option for your individual circumstances. Make sure you are completely honest with your broker and disclose all medical history so they can find you the right policy.

Annual Premium Cost

Are you paying too much for your cover? if you haven’t shopped around for a better price in the last 3 years you are most likely paying over the odds. In some cases we have found customers paying as much as 4 times more than they should be, wasting thousands of pounds each year.

Members on Cover

Do you have everyone that you want to cover on the policy? Are any of the members covered also on schemes elsewhere? have you looked at setting up children on their own plans?

Insurance T&C’s

Have you read any small print? If in doubt, ask your consultant who can legally give you advice. You can also ask a family member to check over all the dull but important details.

Trusted Insurance Provider

Have you checked any independent review organisations or researched user feedback?

It may also be worth contacting https://www.fca.org.uk/ if you are concerned about your current Insurer or Broker

Independant Insurance Advice

Have you recieved up to date advice from a specialist, to make sure you have the best policy for your personal circumstances? Are they legally able to give advice? do they offer whole of market services and will they issue advice in writing?

Annual Increases in Premium

With most types of Insurance, annual increases are something customers are familiar with. Each year, in line with inflation, the cost of providing cover will likely rise. On top of this, if you insurance product does not come with fixed repayments, it’s calculated on the risk or exposure you pose to the Insurer – yes, you are getting older and therefore statistically more likely to cost them money.

New Innovative Health Insurance Cover

Each Year, Insurers try to out-do each other by offering new types of cover, upgraded benefits and extended protection. More recently, several providers have increased their cancer cover in line with NICE guidelines, access to consultants and occupational therapists. Some new policies offer penalty-free claims for initial consultations and minor diagnostics – this is a great option as these are the most claimed for element of Private Medical Insurance plans.

Underwriting Exclusions & Pre-Existing Medical History

If your health has recently improved, you may be better to have your policy re-underwritten or set up on a new moratorium. Pre-existing history will likely cause permenant exclusions on a multitude of product types, so if you are clear of symptoms, treatment or advice for a number of years it may be possible to get that exclusion removed, often by changing insurer.

IPT Raises

In the current Budget, IPT (Insurance Premium Tax) raised from 10 to 12% The impact on policy pricing has been felt by customers across the UK, with many opting to cancel their cover alltogether – it’s far better to shop around and get a better deal.

Considering Cancelling the Cover?

Unfortunately, many customers are pushed to breaking point financially and decide to pack in the cover completely. Normally, when premiums are caculated based on risk, it’s the over 50’s who will suffer. Many insurance products double or even triple in cost when you get to retirement and this is just the time when you are more likely to need the cover.

Save Money and Compare Insurance Cover

Most customers who are eligable to switch insurance providers are able to save a significant amount of money, with no loss in cover. In some situations, customers have been able to save thousands of pounds per year by moving away from very old over-priced policies. So speak to one of our advisers now and let them talk you through all available options.

Who Can Change Insurer?

Most Insurance policies will allow you to leave mid-term, most without penalty. Occasionally if you pay for cover annually you may no be able to cancel until the cover renews at the end of the scheduled year. Our advisers will be familiar with most terms and conditions, so they will be able to give you an indication if you are able to switch cover.

We cover the whole of the United Kingdom, giving advice to individuals and businesses of any size. We specialise in private medical insurance, family cash plans, income protection, critical illness, life insurance, equity release and every business insurance product you could ever need.