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Medical Insurance Fixed Age at Entry Plans
Medical Insurance Fixed Age at Entry Plans | Fixed Age at Entry Plans |
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| Personal Plans - Medical Insurance (PMI) | ||||||||||
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A common complaint regarding Medical Insurance is that it goes up every year, irrespective of whether you have made a claim or not – largely because you are aging. Some insurers calculate their premiums on an annual basis, others on a 5 year block. This can mean that every five years, you move up into a new age band – with a higher premium. There are of course, several ways to counter these increases such as using a No Claims Bonus – however if you have need to make a claim, your following renewal will increase by a much higher rate due to this. Alternatively, you could consider a handful of policies available which are not age sensitive to the same degree. This option is called Age at Entry Fixing and does just that. If you join a plan aged 49, you will always pay the premium of a 49 year old – even when you are 70! The Pros…It goes without saying that if someone joins at a younger age and sticks with the same insurer throughout, they will start to reap the benefits within about 5 years of joining.Therefore, after a couple of years of membership, the savings become more serious. This also means that you do not have to keep changing insurers to keep your premium competitive thereby being less likely to lose out on underwriting issues. The Cons…Premiums tend to be more weighted than most at the outset. This option is not a ‘quick-fix’ moreover a long term investment to control your premiums. If the premium you pay ‘today’ is an issue, you might be better looking at more competitively priced options.However, you will see from the graph below (taken from the ABI Guide to buying medical insurance) just how premiums increase due to age:  Insurers who utilise this facility include:
Where available, please click the link to learn more. |
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