With effect from 1 November 2021, the guaranteed level premium rates applying to Partners Life’s Life Cover product will increase by up to 20% for new business.
In a statement to the sector, the company says the rise reflects its assumptions, and will bring pricing for guaranteed level life premiums into line with the rest of the market.
“This change in premiums will not apply to existing guaranteed level premium life covers, including future contractual CPI indexation increases, in keeping with the guarantee,” says the company in a statement.
“As is usual, any non-CPI increases of guaranteed level premium life cover on existing policies will be priced based on the premium rates applicable at the date of increase.”
The company says it’s focused on ensuring the sustainability of its products for the long-term benefit of clients.
“This means we are constantly measuring and monitoring the performance of our products against expectations in respect to claims, lapses, expenses and competitive positioning,” says the firm.
“Our latest review has identified a need for us to adjust our guaranteed level premiums for Life Cover.”