The proposition was designed to support member firms with clients in the private medical space
Paradigm Protect, a protection distributor for directly authorised firms, has launched a new private medical insurance (PMI) proposition.
The proposition is designed to support member firms with clients in the private medical space and to support a potential new revenue stream. It is focused on educating advisers on the sector and introducing them to providers active in this area.
Paradigm Protect, which is part of Paradigm Mortgage Services, currently works with three PMI providers – AXA Health, The Exeter, and Vitality.
Read more: Paradigm Protect adds HSBC Life to panel.
“The healthcare landscape has shifted significantly, particularly post-pandemic, and we have seen an increase in demand from Paradigm Protect member firms for support in this area,” Mike Allison (pictured), head of protection at Paradigm, commented. “That has undoubtedly come as a result of clients looking at their potential options for PMI, at what cover costs, what it entails, and what options are available to them.
“We know many clients are now opting to pay for the healthcare they need as a result of longer waiting lists, which in turn has consequences for their retirement savings. We therefore believe this will be particularly relevant to firms active in the wealth advisory space.”
Allison added that member firms active in this space, or those looking to be active, can utilise the new PMI proposition from Paradigm in order to access the growing opportunities that exist and to provide the right, tailored solutions to their clients.
“It looks likely that more and more clients will be open to conversations about their PMI needs both now and in the future, and we intend to support adviser firms with a growing range of services in this space,” he said.
Karen Woodley, head of healthcare distribution at The Exeter, also remarked that private healthcare products play an important role in helping the NHS meet the nation’s healthcare needs.
“When understanding the range of options available, financial advice can be invaluable for consumers, helping them access the most appropriate solution at the right price,” she pointed out. “With this in mind, we are delighted to see Paradigm Protect launch their new healthcare panel.
“We look forward to working together to ensure more people have access to the best possible healthcare solutions to help safeguard their health and financial wellbeing.”
