Why the change in rates?
Over the past year in response to feedback, and in line with market developments, we’ve made a number of enhancements to our core Life, Trauma and Disability cover to make it easier for customers to access support when the unexpected happens.
These new competitive rates reflect the recent enhancements and will contribute to the long-term sustainability of our products while remaining good value for your customers.
Life cover rates on Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra are increasing by 3% for yearly renewable, 5-year level and 10-year level premium structures.
Alongside this we’ve increased our large sum assured discounts for customers with over $500,000 of life cover.
Trauma cover on Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra are increasing by 3% for yearly renewable premium structures.
Accelerated Complete Disablement Cover on Assurance Extra, Business Assurance and Agribusiness Extra are increasing by 3% for yearly renewable premium structures.
Disability covers including Income Cover, Mortgage Repayment Cover and Premium Cover are increasing dependent on factors including age, gender, wait period and benefit period. The increase will generally vary between 1-10%, however in some cases customers will experience a decrease.
How will this impact my customers?
For new customers: The refreshed rates come into effect on 15 April 2021 for all new policies.
For existing customers: The new rates will be applied to existing customers at their next premium review date from 15 April 2021. Customers will receive notification of their new premiums via the renewal letter which is sent prior to their premium review.
What about pipeline business?
Any applications submitted before 15 April 2021 and issued before 15 May 2021 will be honoured at the old rates and will not be subject to the new rates until the first premium review.
Extending our multi-benefit discount offer
To support your new customers we’re pleased to share we’re further extending our multi-benefit discount on our Assurance Extra product range to 30 June 2021. The discount applies to customers taking out new cover. Find out more here.
We’re here to help
If you have any questions about these changes, please contact your Business Partnership Manager - they’ll be delighted to talk to you.