Cigna is raising its underlying premium rates ahead of a major upgrade to its risk products offer planned for release in April.
The premium changes apply to the insurer’s life, trauma and disability covers across Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra.
Changes include:
- Life cover rates on Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra are increasing by 3% for yearly renewable, 5-year level and 10-year level premium structures
- Its increased large sum assured discounts for customers with over $500,000 of life cover
- Trauma cover on Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra are increasing by 3% for yearly renewable premium structures
- Accelerated Complete Disablement Cover on Assurance Extra, Business Assurance and Agribusiness Extra are increasing by 3% for yearly renewable premium structures
- Disability covers including Income Cover, Mortgage Repayment Cover and Premium Cover are increasing dependent on factors including age, gender, wait period and benefit period. The increase will generally vary between 1% and 10%, but in some cases customers will experience a decrease
The new rates will be applied to existing customers at their next premium review date from 15 April 2021, says Cigna.
The company is also extending its multi-benefit discount on its Assurance Extra product range to 30 June 2021. The discount applies to customers taking out new cover.
Market-first Initiative
Accompanying the announcement of the premium changes and multi-benefit discount extension, Cigna has flagged it will be hosting an online event for advisers.
Key product enhancements will be unveiled at this event, including what the insurer refers to as a ‘market-first initiative’ that it thinks will be a game-changer for the NZ adviser community.