Choosing private medical insurance Choosing a private medical insurance policy
PMI policies are complex so it's best to take independent financial advice to help you choose one.
A good financial adviser will check that your existing finances are in order and will recommend a PMI policy suitable for your needs. However, it’s always good to stay in control and to check that their recommendation fits with your needs.
Another alternative is to speak to a specialist broker. The Association of Medical Insurance Intermediaries (AMII) and the British Insurance Brokers Association (BIBA) will help you find a suitably qualified broker.
AMII, in conjunction with the Chartered Insurance Institute (CII), operates a professional standard for PMI brokers. Look out for the designation ‘Cert CII (Health and Protection)’.
Checklist
Questions to ask your financial adviser
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What does the policy cover?
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What are the exclusions?
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What level of cover is right considering my circumstances?
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Is there a compulsory or voluntary excess?
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Does this policy build up a no-claims discount?
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Should I go for a moratorium or a fully-underwritten policy?
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Have you checked the whole of the market before recommending this to me?
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How much commission will you receive for this policy, and how does this compare with other suitable policies?
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