Partners Life is to raise its underlying premium for private medical cover, as well as the specialists and tests option, by 12% from 16 April 2022.
In a statement the firm says that from 6 April its quote system will allow advisers to use existing rates or the new rates (it will default to the new rates).
From 16 April the system will automatically use the new rates and all business issued with a first premium due date on or after 16 April will be processed at the higher rates.
Partners Life says healthcare costs are rising because medical inflation is outpacing general inflation, and the frequency of medical treatments are also increasing.
For existing clients, premium increases will take effect on next policy anniversaries on or after 16 April. Clients will receive their anniversary letter which will advise them of the new premiums payable.
The total change in premium payable from the previous year is calculated based on age related premium changes, the underlying premium rate and loyalty discount changes if applicable.