Partners Life Cuts Some Premiums, Promises Further Increases
Partners Life has taken many steps to make insurance more affordable, including a 10% reduction in the base interest rate for Annual Renewable Period (YRT) Accelerated Trauma Insurance.
Tuesday, June 20, 2023, 4:41 p.m.
In an email sent to advisers, the company said the reduction applies to both moderate and severe injury coverage.
The company also reduced the annual premium for its Partners Protection Plan from $132 to $100 per year, offering significant discounts on life insurance, lifetime income, terminal illness and accidental death coverage of $500,000 or more. to increase
The minimum risk premium of $7.05 per month will also be eliminated.
Partners Life said in an email: “With the high cost of living in New Zealand, we are doing our best to make quality insurance more affordable by introducing flexibility and pricing changes to our existing products. I am happy to let you know that we are doing our best.” .
“All the changes we implement are aimed at making life easier for our customers who seek comfort and certainty in today’s challenging economic climate,” the company said.
The price change applies to all policies created after June 19th and to existing policies after the renewal date.
Strategy Financial Services’ Graeme Lindsay says the change “makes us more aligned with other industries.”
Lindsay said Fidelity is currently running a promotion that waives the premium, which normally costs $78 a year, for two months for the duration of the policy, while Resolution Life for both AMP and AXA products, as well as Asteron, offers discounted premiums. It says it won’t charge.
PartnersLife said it plans to make further product changes.
“It will allow us to better customize our top-rated products to each client’s unique needs and budget,” the company said.
“This means that our customers can benefit from our high-quality products without all the extra features if they don’t really need them.”
The company said it will provide price changes for income, mortgage repayments, household expenses coverage, and specific injury opt-out options and serious illness opt-out options around August.
The company plans to notify advisors about the price changes for the Totally Disabled and Permanently Disabled (TPD) opt-out coverage around October.
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