Partners Life Product Enhancements


Partners Life has announced a raft of enhancements that will mostly apply to its lump sum range of products.

Taking effect from 5 December, the insurer has told advisers in an update summary that these product enhancements are based on a combination of adviser feedback, claims experience and competitive positioning.

The changes include:

General Enhancements

Increase in Dependent Child Age

  • The upper age limit that constitutes a dependent child has increased from 18 to 21 for Life Cover, Life Income Cover, Terminal Illness Cover, Severe Trauma Cover and Trauma Cover.

Definition of Receipt of Application

  • The 90-day restriction has been removed from the definition of Receipt of Application, which now only refers to the date on which the fully completed application was received.

Policy Suspension and Premium Holidays

  • These two components have now been separated. The maximum accrued period for Policy Suspensions over the life-time of the cove will be 12 months and the (now separate) maximum Premium Holiday period will be six months. Previously, the maximum accrued period for both facilities was 12 months.

Trauma Cover to Severe Trauma Cover Conversion

  • Up to $500,000 Trauma Cover can be converted to up to double the sum insured of Severe Trauma Cover without underwriting.

Conversion of Standalone Trauma Cover to Life Cover with Accelerated Trauma Cover

  • The Standalone Trauma Cover sum insured can be converted up to an equal amount each of Life Cover and Trauma Cover Accelerated without underwriting.

Special Events Terminal Illness Cover Benefit

  • Allows a life assured under the age of 30 to convert some or all of their Terminal Illness Cover to Life Cover without underwriting if the life assured:
    • Buys a property
    • Gets married
    • Has a baby

Life Cover

Terminal Illness Advance Benefit

  • The Terminal Illness Advance Benefit has been extended under its Life Cover benefit to include any terminal prognosis where the life assured is highly likely to pass away within the next 24 months.
  • The maximum amount payable has been increased to 30% of the life cover sum insured up to a maximum of $600,000 (previously $250,000).

Total and Permanent Disability Cover

TPD Definition – Inactive Employment

  • A restriction has been removed, which now allows a claimant who has been on leave without pay or unemployed for more than 12 months, to have their definition of Disability now assessed on the basis of their usual occupation from which they earned their income most recently prior to the date of disability.

Non-Occupational Definition of Disability

  • The total and irreversible loss of all hearing in both ears has been added as one of the listed definitions of Total and Permanent Disability.

Partial Payment Benefit

  • The partial payment amount has been increased to 25% of the sum insured to a maximum of $300,000 (previously $100,000).

Additional Conditions for No Wait on TPD

  • The list of Conditions under the Total and Permanent Disability No Wait Benefit has now been extended to include:
    • Diplegia
    • Hemiplegia
    • Paraplegia
    • Quadriplegia
    • Tetraplegia

Trauma Cover

Covered Conditions

  • The definitions for the following covered conditions have been enhanced:
    • Alzheimer’s Disease Coma
    • Deafness
    • Dementia
    • Intensive Care Treatment
    • Loss of Limbs
    • Major Organ Transplant
    • Stroke

Conversion of Childs Trauma Cover Benefit

  • The built-in Child’s Trauma Cover Benefit can now be converted to up to $50,000 of Standalone Trauma Cover without underwriting, when the parent’s Trauma Cover is cancelled or claimed.

Trauma Cover Buy-Back Option

  • Trauma Cover can now be bought back in the event of a Partial Benefit or Diagnosis Benefit payment.

Click here to access the complete set of details on all the Partners Life’s product changes, including enhancements to its private medical cover.