Financial advisers across the UK are warning of a growing trend in private medical insurance (PMI) cancellations as businesses and households tighten their belts in the face of rising taxes, inflation and economic uncertainty.
During the Covid pandemic, PMI uptake more than doubled. According to comparison site ActiveQuote.com, sales between November 2020 and January 2021 surged by 100% compared with March to May 2020, as fears over NHS waiting times drove record numbers towards private cover.
Now, however, advisers say that economic pressures and higher tax burdens are forcing many to rethink or abandon their policies entirely.
David Stirling, Independent Financial Adviser at Mint Wealth Ltd in Belfast, said the wave of cancellations is one of the clearest signs of stress among SMEs and middle-income households.
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