Rhys (52) has just taken early retirement due to stress and serious heart problems which resulted in surgery. He and his family were previously covered under his company's PMI plan, and now he wants to provide this cover for his wife (Heather, 48) and two children (Justine, 21 & Carl, 15) who are all healthy. He also wants some cover for himself, but is realistic that he may face exclusions to keep the policy affordable. What are his options?
Richard Kerton, PMI Partners The first thing to consider is when his previous policy lapsed. If within the last two months then there are policies that will offer a ‘switch CPME’ underwriting. This option would benefit his family by not adding any further exclusions to a policy. Another consideration is the stress, heart problems and surgery; when were the last symptoms, advice or claims made? It may be necessary to look at two policies, one for Rhys & one for his wife and children. Due to the claims, Rhys may not be eligible for most ‘switch’ options so would be faced with a Morat...
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