Partners Life Introduces Lower Fees

Partners Life has announced new lower underlying rates for its accelerated trauma covers – reducing its year renewable terms by 10%.

The reduction applies to:

• Trauma cover accelerated
• Moderate trauma cover accelerated
• Severe trauma cover accelerated

In addition, the firm’s annual protection plan policy fee is reduced to $100, and its is increasing its large sum discount for sums insured of $500,000 (or higher) on the following covers:

• Life
• Life income
• Terminal illness
• Accidental death

And Partners Life has removed its monthly $7.05 minimum risk premium for accidental death cover. Any policies issued on or after 19 June 2023 will have the new premium rates and policy fee applied. Quotes generated prior to this date will be re-calculated when the policy is issued to incorporate the new rates.

The firm states that for existing business, clients receiving anniversary letters dated 19 June 2023 or later will have the new rates reflected on their anniversary letters. The new rates will only apply at anniversary in line with its guaranteed premium renewal period. Any new cover added to the policy from 19 June onwards via an alteration will be priced at the new rates.

Further changes are also planned by the firm, including an option for advisers to customise Partners Life’s products to each client’s needs and budget.

“…it means your clients will be able to benefit from our high-quality products, just without every bell and whistle if they really don’t need them all,” states the firm.

In addition, Partners Life is reviewing other products with announcements planned over the coming months. These include:

• Income cover
• Mortgage repayment cover
• Household expenses cover
• Specific injury opt-out option and critical illness opt-out option (approximately August)
• Trauma cover – TPD opt-out option (approximately October)

See our report: Partners Life’s MD Naomi Ballantyne to Step Down