Medical premiums are to rise at Partners Life and will apply to new policies from 19 April 2023. The firm is to increase its bundled medical and specialist & tests benefit premiums by 8%.
However, it is decreasing its standalone medical and specialist & tests benefit premiums to align with its bundled versions.
The firm says standalone medical and specialist & tests benefits will no longer be able to be quoted for new business. Leaving advisers to quote for medical and specialist & tests benefits with or without additional risk riders.
From the 29 March the Partners Life quote system will allow advisers the option to either quote using the existing rates or the new rates.
From the 5 April the system will allow the option to quote using the existing rates or the new rates (it will default to the new rates). Then from the 12 April the system will use the new rates.
For existing clients, premium increases will take effect on the next policy anniversary on or after 19 April 2023.