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Try PMI, urges BCWA

Bristol Contributory Welfare Association is urging IFAs to consider private medical insurance as an alternative source of income in the wake of stakeholder.

With commission earnings&#39 potential restricted by the 1 per cent charging cap on stakeholder, BCWA Healthcare believes IFAs need alternative income opportunities.

It suggests consumers are now more open to taking out medical insurance because of increased pressure on the NHS. It says the attractions of PMI are not just limited to the individual and employers are increasingly recognising PMI as a valuable employee benefit.

BCWA offers support to IFAs selling PMI by providing training, advice and help with marketing through an individual broker consultant.

Speaking at the Cover Protection Forum in London last week, sales consultant Geoff Maggs said: “IFAs&#39 income streams will suffer when the new system comes in. It makes sense to look at alternative income streams. PMI is one of these, as are dental insurance, travel insurance and cash plans.”

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