Policyholders who answer 'no' to just two health questions have the opportunity to switch private me...
Policyholders who answer 'no' to just two health questions have the opportunity to switch private medical insurers without further underwriting, following the launch of a 'tick and switch' option by Standard Life Healthcare (SLH).
The insurer is hoping to make it easier for policyholders to switch insurers, in a market where it is traditionally hard to do so without losing current underwriting terms.
Eligible policyholders need to have not attended hospital in the last six months as an inpatient or day patient, been referred for specialist consultations or arranged any inpatient or day patient treatment that is still to take place. They also need to declare that they have never received treatment for or diagnosis of cancer, heart disease, stroke or a psychiatric-related illness.
If policyholders meet these criteria they can be transferred to an SLH policy without changing their policy terms. A no-claims discount is also available on some plans for people who have a good claims record. An age limit of 59 has been put in place for policyholders switching to SLH's Primecare range and 74 for its Choices plan.
Iain McMillan, sales and marketing director at SLH, said there was huge potential in making it easier for policyholders to switch. "By opening up the individual private medical insurance (PMI) market we are giving people the freedom to switch that they experience in other markets," he said.
"Our research shows that people are not shy of switching, although the majority would be put off by a complicated process. 17% said they may switch financial services providers in the coming year. This equates to over 320,000 people in the individual PMI market."
&149; 'Tick and switch' sales aids are available from SLH by calling 0845 6023461
