Medical insurance premiums are to rise by 10% at Partners Life says the firm.
“The time has now come to apply a premium increase to private medical cover and the specialists and tests option,” says the insurer.
A statement from the firm says that having completed a routine review of emerging claims experience and considering medical inflation, an underlying premium rate increase of 10% will take effect from 12 April 2021.
New and pipe-line clients
- From 22 March the Partners Life quote system will allow the option to quote using the existing rates or the new rates (it will default to the existing rates)
- From 29 March the system will allow the option to either quote using the existing rates or the new rates (it will default to the new rates)
- From 5 April the system will automatically use the new rates
- All business issued with a first premium due date on or after 12 April 2021 will be processed on the new rates
Existing clients
Partners Life says premium increases for existing clients will take effect on their next policy anniversaries on or after 12 April 2021.
“Clients will receive their anniversary letter which will advise them of the new premiums payable from their anniversary date,” says the firm.
Partners Life says because of the client loyalty discount built into its contracts, existing clients will continue with cheaper premiums than those they would be required to pay if they were new clients.