Underwriting explained
PMI is designed to cover new and unexpected medical conditions. As such, to enable us to offer the cover you’re your clients need we are able to offer a number of underwriting options. Underwriting is the way that we view the policy and the risk we attach to it. The various underwriting options are explained below.
- Full medical underwriting
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This means we ask your client (or group member) questions about their past health through a health questionnaire. Any pre-existing conditions and related conditions will be excluded unless we agree to accept them.
- Moratorium
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Instead of filling out a health questionnaire, an automatic exclusion applies to any disease, illness or injury (whether or not diagnosed), or of any related condition if:
- your client (or group member) has had symptoms of, medication or treatment for, or advice about such a disease, illness or injury within five years before taking out the policy, and
- there has not been a clear two-year period after joining during which your client (or group member) has been free of medication for, treatment for, and advice about such a disease, illness or injury or related condition.
After this clear two-year period, cover will be extended to include that disease, illness or injury, subject to policy terms and conditions.
- Continued Medical Exclusions
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Your clients can apply on this basis if you are transferring from an existing fully medically underwritten medical insurance plan and they (or their group members) are under 70 years old.
We will apply the same personal medical exclusions to the policy that were applied to the previous policy. No new personal medical exclusions will be added.
- Continued Moratorium
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Your clients can apply on this basis if they are transferring from an existing plan which is written on a moratorium basis and they (or the group member) is under 70 years old. We apply our moratorium wording with effect from the commencement date of their existing policy.