Buyer beware; the perils of opting for new underwriting

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When you have a private medical insurance policy in place and are struggling with the ever increasing premium charges, you may be offered a policy with new underwriting. Before you consider this as an option for cost containment, have a think about the consequences to you and your staff or family.

How do people refer to new underwriting?

Your advisor or insurance company may refer to new underwriting as “starting afresh”, “a new policy” or “new moratorium” terms. Regardless of how it is described, the end result will be the same.

What happens if you take new underwriting?

Whether your policy was originally fully medically underwritten (you completed health declarations) or moratorium underwriting (underwritten at the point of claim) if you take new underwriting with either option you will run the risk of exclusions being placed on your policy and therefore cover for those medical conditions will cease from the time the new underwriting is put in place.

Who could benefit from new underwriting?

If you and your family or staff are in good health with no medical conditions that you need to have cover in place for, then you could look at taking a newly underwritten policy however, it would be wise to go through any concerns that you have with your specialist health insurance broker or provider who will be able to help you to work out whether this is a suitable method of controlling your costs or whether there are other options more suitable for you.

There are so many options available when it comes to cost containment when you are looking at the renewal of private medical insurance whether as an individual, company or corporate scheme that you may consider these prior to taking a newly underwritten policy.

For more information relating to underwriting and private medical insurance please click on the link below where underwriting terms are explained in greater details:

If you are looking for a specialist health insurance broker who can help you with cost containment for your private medical insurance then the Medigest Business Directory will be able to help you.


SMP Healthcare