AMII has reiterated the importance of explaining moratorium private medical insurance (PMI) policies...
AMII has reiterated the importance of explaining moratorium private medical insurance (PMI) policies to clients.
Speaking on AMII's behalf at an introduction for new PMI brokers, Mary Trotman, account manager at PruProtection Consulting, said: "A five-two-two rolling moratorium is not something generally understood without explanation. The catch is that moratoriums include the concept of 'anything relating to'. For example, medication for high blood pressure would remove cover for cardiac or stroke, while medication for a cancer would rule out any other form of sarcoma.
Trotman also emphasised the importance of teaching clients how to make claims and added: "As critical illness policies have problems with non-disclosure, the biggest problem with PMI is when people have not kept in touch with insurers."
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