Press Release: One of the criticisms of insurance is rising premiums; but there are ways to avoid these. Premier Choice Group (PCG), the specialist health and wellbeing intermediary offers top tips for avoiding paying more for your protection insurance.
- Get the policy at its best premium by starting early. Don’t wait until next year as you will be older and may well have developed medical issues which affect the premium.
- Go for the highest level of cover you need and can afford and take out the policy on a guaranteed premium basis as the price will remain the same for the duration of the contract.
- Indexation is highly recommended to keep the benefit level at least abreast with inflation, but only the increased level of cover will attract an increase in premium.
- If an indexed policy gets to a level with which you are satisfied, then write to the insurer to stop the indexation.
- Renewable and reviewable policies do have their place, especially if budget is tight at outset, but move to a guaranteed contract as soon as you can afford to do so.
- Review your policy periodically. Insurance is a competitive business and it is quite common for insurance companies to cut their prices, or offer a similar but more competitive product. Legislation such as the Gender Equalisation Act reduced some premiums while some were increased, but only for new policies.
- If a policy requires you to meet a stated fitness level in order to keep the premium low, do ensure you fully engage with the programme.
Les Schroeter, head of individual protection at Premier Choice Group says: “Before an insurer offers to insure an individual, they understandably assess the risk posed by that individual. The amount you therefore pay will depend on a number of factors and these factors remain for the duration of the contract. So following the tips we have outlined could help you to avoid premiums rising. Using a specialist healthcare intermediary will not cost you more and will ensure you have the right product at the right price.”
Les Schroeter, tel 07730 767470 or email email@example.com