"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."
- Mike Allison, Paradigm head of protection
According to the 2010 White Paper, titled Healthy Lives, Healthy People: Our strategy for public health in England, “many of the lifestyle-driven health problems we see today are already at alarming levels. Over a decade later, nothing has changed.
Lifestyle disorders are referred to as non-communicable diseases that are popularly caused by an individual’s day-to-day habits.
The NHS has documented a steady increase in lifestyle disorder frequency for the last five years - an increase predominantly due to sedentary lifestyles.
Conditions such as obesity, hypertension, diabetes, heart disease, colon cancer, alcoholism, and substance addiction are all considered lifestyle disorders. These disorders often affect an individual’s susceptibility to medical complications, a danger made visibly apparent during the COVID-19 Pandemic with several studies revealling that obese individuals were three times more at risk of hospitalization since the condition is linked to impaired immune function and decreased lung capacity.
In an attempt to help educate advisers on this growing concern, Paradigm Protect - which is part of Paradigm Mortgage Services - has today launched a new Private Medical Insurance (PMI) proposition to member firms. This proposition has been designed to support firms with assisting clients in the private medical space and supporting a potential new revenue stream.
Paradigm Protect currently work with three PMI providers – AXA Health, The Exeter, and Vitality – and has strong commission terms available for each member firm.
Commenting on the launch, Mike Allison, Paradigm head of protection, has said:
“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.
“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.
“Member firms active in this space, or indeed looking to be active, can utilise this new PMI proposition from Paradigm in order to access the growing opportunities that exist and to provide the right, tailored solutions to their clients."
Karen Woodley, The Exeter head of healthcare distribution, added:
“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.
“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.”
