21st July 2020

Aston Lark saves client 45% on their PMI renewal premium

By Lee Jones
Business Development Consultant
Private Medical
Background

The Employee Benefits team were asked to contact an existing Aston Lark private client by his Account Handler in our Alton office.

The client was interested in undertaking a review of his and his wife’s current Private Medical Insurance (PMI) cover, which they had held directly with a leading provider for the past 17 years.

The client had growing concerns over the ever-rising premiums, which had been subject to yearly increases of between 10% and 15%. With the annual premium now reaching £16,500 (for a policy which covered both him and his wife), he was keen on seeing what Aston Lark Employee Benefits could offer in comparison.


Our solution

Following our review, we approached several other key insurers in the market and were able to deliver to the client a range of options with premium savings of between 25% and 45%, for a comparable level of policy benefits.

The only caveat was that the client had an initial 12 month medical exclusion placed on a previous condition. However, the client discussed the proposal with his wife and, in view of the final proposal terms representing a 45% premium saving, he was extremely pleased with the outcome and wished to proceed.

The client now views Aston Lark as his ‘one-stop-shop’ insurance advisers. A particular point of interest for the client is our ongoing review process whereby we test market conditions every three years. This will enable us to demonstrate to the client where his benefits and premium sit in the market, to ensure he is still receiving fair value for his PMI policy coverage, thereby ensuring he does not end up in the same position as before, with a policy which is left unchecked.

 

Call the Aston Lark Employee Benefits team on 020 7543 2826 or email [email protected] to get in touch. 

 
Keep up to date with Employee Benefits news from Aston Lark