Brokers can now earn commission on a new cash plan being launched by the sales and marketing company, Surgery Merchandisers.
The cash plan, MedEx, will be distributed through Surgery Merchandisers and is underwritten by Pinnacle Insurance. It will offer brokers 10% commission on new business with 2.5% on renewals.
The plan is similar to others in that it offers five entry levels, 21 benefits and cover for the whole family. But unlike other plans, MedEx offers immediate cover with no moratorium period.
The benefits are the same for both personal and corporate membership, with lower premiums for the corporate scheme. While once viewed as a substitute for private medical insurance, cash plans are increasingly being bought as an add-on to PMI. They also offer cover for dental and optical treatment as well as hearing aids and chiropody, areas that are often excluded from traditional PMI policies.
Steven Katz, director of Surgery Merchandisers said: “With premiums as low as £1.04 a week we want companies to look again at their cash plan schemes.”
He added: “With MedEx offering commission, this widely overlooked product can add to the broker’s portfolio.”