Pay as you go PMI

Picture this - Mr and Mrs Peterson come to you seeking advice. They are growing older and are concerned about their health and long-term security should one of them fall ill. For many years they have protected themselves by taking out private medical insurance (PMI), but their premium has risen so much they now pay more for PMI than they do their utility bills. Since the Petersons have not had to use independent healthcare so far, they are seriously questioning the value of continuing with their current insurance scheme. Yet, the Petersons are determined that they want to retain the securi...