Healthcare insurer AXA PPP has launched a private medical insurance product for the over-55s.
The move is a bid to tap into the estimated 4.2 million people in that demographic sector who are uninsured.
The product will be sold through AXA PPP's 3,500 agents.
AXA PPP head of intermediary development Nye Jones said the product limited cover to four areas in order to make it more affordable.
Jones claimed that the company was taking a new approach by developing products for specific "life states", in this case the over-55s.
He said AXA PPP was looking at other PMI products, including those triggered by the occurrence of a specific event such as hospitalisation.
The number of individuals purchasing PMI has been in decline in recent years.
In January, a report by Datamonitor said there were 82,000 fewer individual policyholders in 2003 compared to 1999.
The high cost of individual PMI is cited as one of the reasons for its falling popularity, along with the increasing number of corporate PMI schemes.
