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05 Aug 2022

As part of our commitment to ensuring the long-term sustainability of our core covers, we wanted to let you know about some upcoming changes to the underlying premium rates on our current Life, Trauma and Disability cover across Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra.

The new underlying rates will come into effect on 9 September 2022.

Why the change in rates?

The changes reflect the enhancements made over the past year to our core covers in response to your feedback and in line with market developments, to make it easier for your customers to access support when the unexpected happens.  

We’ve also recently reviewed our claims experience and are making some changes to ensure our prices remain sufficient to cover claims, and are sustainable for the future.

We’re confident these new rates continue to remain competitive and will contribute to the long-term sustainability of our products while remaining good value for your customers.

What’s changed?

  • Level Life cover rates on Assurance Extra are increasing by an average of 5%. These changes will only affect new customers. Yearly Renewable Term rates remain unchanged.

  • Trauma cover on Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra are increasing by an average of 4.5% depending on factors such as age and gender. 

  • Mortgage Repayment Cover rates are increasing by an average of 12% for those in typically non-office-based occupations.

How will this impact my customers?

For new customers: The refreshed rates come into effect on 9 September 2022 for all new policies.

For existing customers: The new rates will be applied to existing customers at their next premium review date or anniversary from 9 September 2022. They will receive communication from us to advise them of these changes.

What about pipeline business?

All original quotes submitted before 9 September 2022 will be honoured at the old rates for 30 days. As long as they are issued within the 30-day window, they will not be subject to the new rates until their first premium review date or anniversary, whichever comes first.

We’re here to help

If you have any questions about these changes or would like to discuss options for your customers, please get in touch with your Business Partnership Manager, they’ll be happy to help.