Your Choice of Underwriting,
Underwritten V's Moratorium
Important Information You Must Read This!

Private Medical Insurance (PMI) - what is its purpose?

PMI exists to cover the unexpected that happens after the policy commences, in health insurance, this means cover for the cost of medical treatment for an unexpected medical condition.

• The vast majority of PMI policies don't cover pre-existing medical conditions.
• Nor will the policy cover conditions that are related to any pre-existing conditions.

Your Choices

1. Full medical assessment based on completing a health questionnaire. This way you complete an in-depth questionnaire, your GP may also be written to establish the facts of your previous medical history. If you have any pre-existing conditions they will usually be excluded. The insurance company will issue a policy schedule that will show any exclusion's to your cover. Sometimes an insurer may review your cover and at a later date they may 'lift' any exclusions. This won't apply to long term or chronic conditions. New conditions are covered from day one.

• Benefits: You will know exactly what is covered and what isn't covered, in some cases, pre-existing conditions may indeed be covered.
• Downside: The questionnaires do take a lot of time to complete and there are usually delays in commencing your cover (especially if your GP is involved in completing a Medical Report). Also, some conditions may be excluded for all time.

2. Moratorium This is by far the easiest way to get cover, the insurer will only ask you very basic information. You will not be asked any medical questions. The insurer will exclude all pre-existing medical conditions which you have received treatment and / or medication for, or asked advice on, or had symptoms of during the 5-years immediately before your policy started. However, if you do not have treatment, medication, symptoms or advice for those conditions, for two continuous years after your policy starts, then the insurer will reinstate cover for those conditions. This 2-year period is known as the moratorium. Often advisers will refer to this as the 5-2 rule, i.e. 5-years back - 2-years forward.

• Benefits: Nice and simple to arrange cover, no medical questions, no fussy form filling and prompt issuing of your policy documents!
• Downside: The insurer relies on you to understand that they will not cover pre-existing medical conditions except when you are free of all treatment, medication, symptoms and advice for the condition, and related conditions, for 2-years after you join.