Product and pricing changes at Partners Life

Partners Life have announced a range of product changes, effective from 15 March 2025, aimed at giving customers more flexibility and the option to remove features if they don’t want to pay for them.

• The built-in Total and Permanent Disability (TPD) Benefit will become a TPD Option. If a client opts out of TPD, the premium for their monthly disability cover will reduce accordingly. This change applies to Mortgage Repayment Cover, Household Expenses Covers and Income Cover Agreed Value, Agreed Loss of Earnings and Indemnity Loss of Earnings.

• They have made changes to Trauma Cover and Moderate Trauma Cover for clients who have suffered an out of hospital cardiac arrest. They have removed obsolete medical requirements, and added current diagnostic tools used by medical staff to confirm a cardiac arrest has occurred. The wording has been updated to allow for new and future diagnostic tools.

• They have updated Trauma, Moderate Trauma and Severe Trauma Cover wordings to let clients know that Partners Life will notify them when they can exercise their Life Cover or Deferred Trauma Cover buy-back options.

Any beneficial enhancements to policy wordings are automatically applied to existing in-force policies under the Guaranteed Upgrade of Future Benefits feature.

In addition to the product changes, Partners Life have reviewed premiums, in light of increased volume and cost of medical claims. Premiums for Private Medical Cover including Specialists and Tests Option will increase by 18% and the policy fee will increase from $58.08 to $64.13 per annum, both from 22nd April 2025.

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