Bupa has launched a medical insurance policy with a fixed price in a bid to challenge consumer concerns on future increases.
Bupa Fixed Price Cover will freeze subscriptions for either five or ten years, regardless of how many claims are made. Consumers can choose paying through a fixed monthly account or a one-off lump sum.
But while Bupa declared the new product “a new concept” Association of Medical Insurance Intermediaries chairman Bill Poynton says: “It depends on whether you think medical insurance is going to be very high or not. You don't have the stability, but the average life of a private medical insurance policy is four to five years, so you could be trying yourself for too long.”