Partners Life has announced a premium increase across its medical benefit range.
The following benefit premiums will be increased for new policies issued from 31 December 2018:
|Medical, Specialists & Tests||0-20||Male & Female||11%|
|Medical, Specialists & Tests||21+||Male||9%|
|Medical, Specialists & Tests||21+||Female||14%|
The insurer stated all other benefits not listed above will not incur a premium rate change.
“Product innovation is something we take extremely seriously and as such we spend considerable time in balancing a first-class product offering with a competitive pricing structure,” the insurer stated in an adviser update.
It also confirmed changes to its Quote System which will allow advisers from:
- 10 December 2018 to either quote using the existing rates or the new rates (it will default to the existing rates)
- 17 December 2018 to either quote using the existing rates or the new rates (it will default to the new rates)
- 24 December 2018 the Quote System will automatically use the new rates
Partners Life confirmed that for existing clients, the premium increases will be effective on the next policy anniversary on or after 31 December 2018.