Pinnacle Life offers self-servicing life insurance tool, and more daily news
Legal and regulatory review for the life and health insurance sector

Partners Life announces increase to medical pricing, and more daily news

Partners Life has announced a 10% price increase to the Private Medical Cover and the Specialists and Tests option. The new rate will come into effect from 12 April 2021. From 29 March, advisers will be able to quote using the current or new rates on the Quote System. New rates will apply to new customers while the new rates will apply to existing customers on their next policy anniversaries on or after 12 April 2021. Exact changes in price will vary depending on age related premium changes, inflation adjustments, underlying premium rate and policy fee increases, benefit expiry premium reductions, and loyalty discount changes.

“In order to continue to offer top ranked products to you and your clients we have to regularly review our premium pricing structures. Product innovation is something we take extremely seriously and as such we spend considerable time in balancing a first-class product offering with a competitive pricing structure. The time has now come to apply a premium increase to Private Medical Cover and the Specialists and Tests option.

Having completed a routine review of emerging claims experience and considering medical inflation, we have determined that an underlying premium rate increase of 10% will take effect from 12 April 2021.

From 29 March the Quote System will allow you the option to either quote using the existing rates or the new rates (it will default to the new rates).

From 5 April the Quote System will automatically use the new rates.

These premium increases will take effect on next policy anniversaries on or after 12 April 2021. Clients will receive their anniversary letter which will advise them of the new premiums payable from their anniversary date.

The total change in premium payable from the previous year is calculated based on age related premium changes, inflation adjustments to benefits and therefore premiums, underlying premium rate and policy fee increases, benefit expiry premium reductions, and loyalty discount changes.”

In other news

Partners Life: February webinar about disclosure converted into a Partners Life Academy course with five short videos with knowledge assessments

Actuaries Institute Australia: Under the Spotlight – Ricky Au

FMA: Unlicensed advisers need a contingency plan: FMA

Fidelity Life: Fidelity Life - My Story - David & Cheri Flight with intro from Carl Drummond

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.