Standard Life Healthcare, formerly Prime Health, is launching a new
private medical insurance product with an invest- ment bolt-on aimed at
attracting IFAs hit by the low margins of stakeholder pensions.
The company says its Choices PMI product will allow IFAs to help clients
to build their investment portfolios or introduce investment customers to
The new offering provides an optional investment gateway to Standard Life
Bank and Standard Life Investments, allowing customers to build up a health
fund to pay for the cost of treatment up to the product's excess level. As
well as the investment element, SLHC says it will offer customers premiums
which it claims are up to 80 per cent lower than traditional pmi products.
The product also includes a high excess medical insurance policy plus a
treatment cost information service.
National sales manager Iain McMillan says: “One of the hopes is this will
drive more IFAs into a new market. With the impact of stakeholder, PMI will
provide advisers with a strong position for growth.”
Plan Invest Group director Michael Owen says: “If it expands the PMI
marketplace that is a good thing. It sounds a new and interesting concept.”