Fidelity Life Premium Increases

Fidelity Life has informed its customers of premium increases across its lump sum and IP range of covers, that will come into effect on 1 April 2025.

The insurer says the underlying premium increase* of 5%-7.5% applies to any life, trauma or TPD covers and income protection or mortgage protection type covers.

Fidelity Life Chief Commercial Officer Bronwyn Kirwan has encouraged customers with questions about the increase, or concerns about paying their premiums, to speak with their financial adviser or contact Fidelity Life.

…Advisers are uniquely positioned to offer personalised advice that considers the individual needs of each customer…

“Advisers are uniquely positioned to offer personalised advice that considers the individual needs of each customer. Working with them, we can help customers explore their options, which can include declining the inflation increase, adjusting their cover amounts and, potentially financial hardship support,” Kirwan says.

“We also have a suite of resources and tools available for both advisers and customers to support them through these changes.”

Kirwan says the company is “…very mindful of the increasing cost of living … we have resisted implementing widespread price increases for some years. Our underlying premium rate was last adjusted in June 2023 and was limited to a 2% increase to our Trauma & Income covers and no increases have been made to our life covers since 2018.”

She adds that as claim costs rise “…we need to adapt to ensure we can continue to deliver on our promise – to support customers when they need us most,” she says.

Click here to see a full breakdown of the premium changes.

The company also notes that in FY24 it paid out $242 million in claims and accepted 93% of all new claims submitted.

*It adds that the underlying premium increase is the increase to the base premium. Customers may also have age-rated or consumer price index related increases in addition to this.