View more on these topics

Norwich Union solves group PMI riddle

Norwich Union Healthcare has designed a group private medical insurance (PMI) plan for companies with between 50 and 100 employees.

Solutions provides core cover and a range of options that allow companies to add or remove benefits to suit a range of employees. Core cover benefits includes hospital charges as an in-patient or day-patient, specialist consultations as an out-patient, the cost of nursing at home following in-patient or day-patient treatment and maternity cash benefit of £100 for each child.

Four additional cover options provide in-patient and day-patient psychiatric cover, GP referred services such as minor surgery and alternative treatments, extended hospital list and routine optical and dental cover. There are four cost containment options, which reduce the core benefits. The six-week option provides in-patient treatment only where the NHS waiting list exceed six weeks, member excess allows a choice of a £100 or £200 excess, selected benefit reduction limits cover to in-patient, day-patient and outpatient cover and there is also the ability to reduce out-patient cover.

The plan could be a useful addition to the group PMI market as it bridges the gap between full and budget PMI plans within one product, while providers such as Bupa offer a range of products to suit different needs. For example, Bupa&#39s premier networks scheme limits psychiatric benefit up to £1,000, while its premier plus plan does not limit benefit in monetary terms. In comparison, Norwich Union&#39s product limits psychiatric treatment to £1,000 within its core cover, with the option to upgrade this to an unlimited benefit.

However, one drawback is that reduced out-patient cover is only available with the selected benefits reduction option and no other options can be selected where both options are chosen.


Allow commission based IFAs says LIA

The LIA believes the defined payment system should be replaced by a menu based option allowing consumers choice as to how they pay their adviser.It fears the introduction of the DPS will force IFAs to migrate out of the sector to become multi-tied which will damage consumers.The professional body believes IFAs should be able to […]

Royal Bank of Scotland International – Five Star Bond

Thursday, May 2 2002 Type: Guaranteed equity bond Aim: Growth linked to the performance of Fidelity European growth, Julius Baer Japan leading stock, Credit Suisse equity (LUX) USA, Merrill Lynch mercury offshore sterling trust (MOST) UK and JPMorgan Fleming USD global funds Minimum investment: Lump sum £5,000, $10,000 Place of registration: Jersey Investment split: Fidelity […]

New head of business development for Marlborough Stirling Mortgages Services

Marlborough Stirling Mortgage Services is appointing John Auburn as head of business development, responsible for the expansion of the company&#39s client base.Auburn joins SMS after 14 years in business development roles with Alltell Mortgage Solutions and HML. His career in the mortgage industry spans over 20 years and includes spells with the Halifax, Newbury Building […]

Rothschild fires off bond fund

Rothschild Asset Management is expanding its offshore retail fund range with the Five Arrows income fund, a Guernsey-based corporate bond fund.The fund will invest mainly in UK corporate bonds, with smaller amounts going into European and emerging European bonds. However, it does have the flexibility to invest further afield. Income will be paid quarterly and […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm