Partners Life premium reductions and announcement of upcoming product changes to improve flexibility

Partners Life has made a series of changes to their products resulting in premium reductions or otherwise lower prices for customers:

• increased their high sum insured discount, which results in a cheaper premium

• decreased the new annual policy fee from $132 to $100 for the Partners Protection Plan

• adjusted premium rates for larger sums assured across life, life income, terminal illness and accidental death cover

• reduced accelerated trauma on their yearly renewable premium by 10% after allowing for cross-subsidisation between life cover and accelerated trauma

Chief and appointed actuary Kate Dron said

“Given the cost-of-living crisis that’s going on at the moment, we looked at were there any opportunities for us to do anything to actually help our customers out.

….that’s looking at the way that we do things and the way that we run our business and making sure that we’re doing it as efficiently as possible. And where we’re able to do that, we’re seeing that it’s fair for us to allow the customer to share in some of those cost savings, which is why we’ve implemented these changes.”

Partners Life have announced some upcoming changes to make their products more flexible.

• Ability to opt out of specific injury option and critical illness option on their disability income

• Ability to opt out of total permanent disability on trauma