A new insurer, aiming to offer low-cost alternatives to traditional group cover, has entered the UK ...
A new insurer, aiming to offer low-cost alternatives to traditional group cover, has entered the UK private medical insurance (PMI) market.
PatientChoice has launched with two products for intermediary distribution, which both pay a variable lump sum benefit.
The basic PatientChoice product, which covers individuals requiring an elective medical or surgical pro-cedure, pays out a set amount depending on what is needed. The PatientChoice Plus product add-itionally covers policyholders diag-nosed with a select list of chronic conditions that may not require surgery, paying out a £15,000 lump sum.
There is no excess on either policy, and policyholders can choose where to spend the money on procedures, keeping any surplus. The firm claims premiums are 30% cheaper than traditional PMI.
Products are underwritten by Foresters Friendly Society.
Dominic Higham, chief exec-utive of PatientChoice, said: "We believe our overall approach empowers the policyholder."
