Cigna is to increase the underlying premium rates on its current life, trauma and disability cover across assurance extra, business assurance, business extra, and agribusiness extra products from 9 September 2022.
The firm says level life cover rates on its assurance extra will increase by an average of 5%. These changes will only affect new customers. Yearly renewable term rates remain unchanged, says the firm.
Trauma cover on assurance extra, business assurance, business extra and agribusiness extra are increasing by an average of 4.5% depending on factors such as age and gender. Mortgage repayment cover rates are increasing by an average of 12% for those in typically non-office-based occupations.
In a statement, Cigna says the changes reflect the enhancements made over the past year to its core covers in response to adviser feedback, and are in line with market developments.
“We’ve also recently reviewed our claims experience and are making some changes to ensure our prices remain sufficient to cover claims, and are sustainable for the future,” states the firm.
“We’re confident these new rates continue to remain competitive and will contribute to the long-term sustainability of our products while remaining good value for customers.”
For pipeline business, Cigna says all original quotes submitted before 9 September 2022 will be honoured at the old rates for 30 days.
“As long as they are issued within the 30-day window, they will not be subject to the new rates until their first premium review date or anniversary, whichever comes first,” says Cigna.