A “significant increase in the volume and cost of monthly disability claims” has seen Partners Life increase the premiums for its Partners Protection Plan and Business Protection Plan monthly disability covers by 9.5% from December 1, 2025.
Announcing the change at its Adviser Roadshow last week, the insurer says in an update for advisers that the increase appropriately reflects the heightened costs.
Partners Life says the products included in the increase are:
- Income Covers
- Income and Expenses Cover
- Mortgage Repayment Insurance
- Household Expenses
- Waiver of Premium
- Loss of Revenue
- Business Premium Cover
In a FAQ update for advisers the company says the change applies to all new business for the above products and existing business on Yearly Stepped premiums.
It notes that for existing business with Yearly Stepped premiums, the premium increase will take effect on the customer’s next policy anniversary, on or after 1 December 2025, “…as reflected in the client’s anniversary letter advising of the new premiums payable.”
Partners Life says the premium increases are in addition to any applicable age-related increases. Rates for the new Partners Life Journey Plan are not affected.