How does the review of target PMI fee schedules impact consumers? Is this a good or bad thing for me as a PMI policy holder?
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I'm reviewing my outgoings and deciding if PMI is worth continuing.
financemum
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
PMI premium levels tend to be guided by the increase in medical services inflation which runs much higher than any of the normal published inflation measures.
Having said that, it doesnt mean that you cannot improve on the premium you are paying and potentially add in new benefits. It can vary from person to person but there are often good deals to be had in switching providers to secure a deal in today's terms.
even if you have pre-existing conditions (which are typically excluded on new plans) you can still retain cover when you move but as ever you need to be honest with your medical history when you let an IFA review the plan for you.
failing all this, if you like the peace of mind of having PMI but have seldom claimed, it might be worth finding out if you have the option to increase your excess which will reduce the monthly premium.
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Having said that, it doesnt mean that you cannot improve on the premium you are paying and potentially add in new benefits. It can vary from person to person but there are often good deals to be had in switching providers to secure a deal in today's terms.
even if you have pre-existing conditions (which are typically excluded on new plans) you can still retain cover when you move but as ever you need to be honest with your medical history when you let an IFA review the plan for you.
failing all this, if you like the peace of mind of having PMI but have seldom claimed, it might be worth finding out if you have the option to increase your excess which will reduce the monthly premium.
