Health Insurance for life

joerugby

Is it possible to buy health insurance for the remainder of one's life by paying a single premium? Does any insurer offer this?

InsideInsurance

By health insurance do you mean private medical care or permanent health insurance (aka income protection)?

joerugby

I mean private medical care

isabellemcdonalduk

There is option for Life insurance. Single premium life insurance requires one big initial payment and guarantees a tax-free lump sum that will be paid in case of the death of the insured person. The main advantage of this type of insurance is that the payment starts earning money instantly and therefore the policyholder is able to earn more money on his investment. Like with any other life policy, insurance premium depends on the age, health, and location of the insured person as well as the amount of the death benefit chosen.

stephenni1971

isabellemcdonalduk wrote: »

There is option for Life insurance. Single premium life insurance requires one big initial payment and guarantees a tax-free lump sum that will be paid in case of the death of the insured person. The main advantage of this type of insurance is that the payment starts earning money instantly and therefore the policyholder is able to earn more money on his investment. Like with any other life policy, insurance premium depends on the age, health, and location of the insured person as well as the amount of the death benefit chosen.

What are you talking about? OP has confirmed they are looking for private medical care. What single premium life cover has to do with it I don't know.

Paulaviki

As far as I know that type of policy doesn't exist. PMI is pretty much always sold as annual cover and the price will always increase year on year due to medical costs always increasing and the risk factors involved as you age.

joerugby

Paulaviki wrote: »

As far as I know that type of policy doesn't exist. PMI is pretty much always sold as annual cover and the price will always increase year on year due to medical costs always increasing and the risk factors involved as you age.

Thanks for the reply

I was hoping there might be a way of paying £xx,xxx now to secure private treatment for life and avoid escalating costs in the future, but haven't been able to find this

rs65

joerugby wrote: »

Thanks for the reply

I was hoping there might be a way of paying £xx,xxx now to secure private treatment for life and avoid escalating costs in the future, but haven't been able to find this

If an insurer was to do it, they would factor escalating costs into your premium.

It probably wouldn't be financially sensible anyway as you could be looking to buy decades of cover but might die prematurely.

ainsley

The nearest was a product from OHRA that offered protection against Age-Related premium increases and it's policy was available for life. However it stopped after Aviva offered a similar product under the Aviva Medios name. Unfortunately, Aviva welched on its obligations, misled policyholders, and is now trying to junk the product.

Besides never doing business with Aviva, the answer is that you are now limited to annual products.