It’s time for individuals and businesses to take a closer look at their private medical insurance (PMI).
That’s the verdict of Colin Willis (pictured), employee benefits director at local insurance broker Willis Insurance and Risk Management. Willis has spoken out to reassure policyholders after APRIL UK took the decision to withdraw from the UK PMI market last month – later announcing that it had struck a deal with AXA PPP Healthcare.
“This deal enables all APRIL UK private medical insurance customers to take out a new policy with AXA, either immediately or upon renewal, with the guarantee of no additional personal medical exclusions forming part of the policy agreement,” explained Willis. “This deal extends to all broker customers, both individual and small businesses.”
The decision, of course, leaves brokers and their clients with one less provider to choose from in a sector that has already been rife with consolidation and market withdrawals. However, Willis is keen to stress that there is no need for panic – and that people simply need to take the time to review their options.
“Although the withdrawal of an insurance provider from the market can spark concern, we urge policy-holders to remain calm and seek independent and impartial advice at the most convenient opportunity,” he said. “If you are concerned and do not want to wait until the renewal of your policy with APRIL UK, Willis Insurance and Risk Management can transfer you to another insurance provider before this date if the appropriate transfer criteria are met.”
Above all, Willis urged that it’s vital to seek impartial advice at the nearest available opportunity.
While APRIL UK’s insurance partner has decided to stop bearing risks on its PMI portfolio, the company’s other business lines will remain unaffected, including income protection, life insurance, personal accident and health cash plans.
