The company says “The reality is that healthcare costs are rising because medical inflation is outpacing general inflation, and the frequency of medical treatments are also increasing.”
Partners Life says it regularly reviews its medical premiums to ensure that its top-ranked products continue to provide excellent claims results for advisers and their clients.
The transition to the increase will take place in three stages. From 26 March 2022 the company’s quote system will allow advisers to either quote using the existing rates or the new rates and it will default to the existing rates.
From 6 April 2022 advisers can either quote using the existing rates or the new rates but iit will default to the new rates. From 16 April 2022 the quote system will automatically use the new rates.
Partners Life has notified advisers that all business issued with a first premium due date on or after 16 April 2022 will be processed on the new rates. Existing clients will see their premium increases take effect on their next policy anniversary on or after 16 April 2022.
