Customers may not be told about medical insurance, study indicates

Tue, 16 Jan 2007

Thousands of banking customers may be unaware of the values of arranging private medical insurance because independent financial advisors are failing to explain products to them, it has been claimed.

Following a new study by financial services research company Defaqto, entitled Individual PMI [private medical insurance] 2007 - Dead Duck or Sleeping Giant?, it is claimed that 46 per cent of independent financial advisors never inform their customers about the medical insurance product.

According to the study, health insurance companies currently offer a grand total of 92 private medical insurance policies to clients and there are now 7.5 million people across the nation whose health is protected by an insurance deal.

However, Nick Telfer, head of life and protection at Defaqto and author of the report, suggested that some customers may still be missing out.

"Protection insurance in general appears low on the typical IFA's [independent financial adviser's] list of recommended products and PMI [private medical insurance] is right at the bottom," he said.

Defaqto was formed in April 1994 and aims to provide independent assessment of a range of products and trends in the financial services industry.

It covers areas such as mortgages, business loans, savings, credit cards and investments, in addition to analysing insurance policies.


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