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Product Matters

There has been a dramatic increase in the amount of consumers paying for medical treatment from their own pocket. Over 300,000 self-pay treatments were carried out in 2000, accounting for almost a third of all private treatment, while there was a 3 per cent fall in the number of people covered by traditional private medical insurance products.

Standard Life Healthcare launched Choices a year ago. The customer chooses a high excess of either£1,000,£2,500 or£5,000, reflecting the maximum amount they want to pay for an episode of treatment. The policy pays the balance with no maximum.

Self-Pay Protect from WPA is a variation on the theme. It reimburses 30 per cent, 50 per cent or 75 per cent of all private hospital costs, limited to£50,000 each year. A 30-year-old would pay a premium of£125 a year for the 75 per cent option. These policies can save up to 80 per cent on premiums for traditional PMI products.

Self-Pay Protect does not cover out-patient consultations and treatment, nor any treatment undertaken within 90 days of cover commencing.

Because the customer is responsible for a proportion of the costs of treatment received, the adviser should ensure they are aware of the real cost of typical surgical procedures. The typical cost of a heart bypass operation is£14,500 and a knee replacement is£7,400.

Both Choices and Self-Pay Protect would be good starting points for IFAs wanting to dip their toes in the PMI market. WPA is offering initial commission of 50 per cent until December 2001.


Switching to fees is not just about helping advisers

The article in Money Marketing last week headlined, Comm-ission to visit the land of the fee, tells us that IFAs who have turned to fees have done so as a marketing tool and to ensure they are remunerated for the work they carry out.The article neglected to explore a third reason, namely that a large […]

Norwich & Peterborough – Five Year Fixed Rate Mini Cash Isa

Monday, 2 July 2001.Type: Mini cash Isa.Minimum investment: £3,000.Maximum investment: £3,000.Catmarked: No.Interest rate: 5.75 per cent gross for five year term.Charges: None.Withdrawal penalty: 120 days&#39 interest on amount withdrawn in fixed rate period.Commission: None.Tel: 0845 3002511. 

HSBC Bank International – Nasdaq Plus Growth Fund

Thursday, 4 July 2001.Type: Ucits.Aim: Growth linked to the Nasdaq 100.Minimum investment: £5,000 or $5,000.Place of registration: Dublin.Investment split: 100 per cent linked to the Nasdaq 100.Isa link: No.Charges: None.Commission: Initial 2.5-4.5 per cent.Tel: 01534 606348.

Inter-Alliance offers expert divorce help

Inter-Alliance and specialist adviser the Divorce Corporation are linking up to offer clients access to expert actuarial and pension-based evaluations as well as advice in divorce settlements. Inter-Alliance advisers can get evaluation and advisory reports from the Divorce Corporation to give clients wealth management and pension advice in divorce cases.

Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


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