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Tower slashes premiums

Tower Health and Life has made major changes to its life insurance premiums propelling its products up into the number one spot in various categories.

Tuesday, June 10th 2008, 7:24AM
A particular focus of the changes is on the higher sums assured.

It has reduced Life Cover premium rates for the over 30s segment for sums insured of more than $250,000.

The most significant reductions are for non-smokers aged between 41 and 55 years old at sums insured of $500,000 or more.

Tower says this is where the majority of higher levels of insurance are required.

"Tower's new life insurance premiums will be amongst the sharpest in the market for this customer segment," Tower Health and Life chief executive Steve Boomart says, "with premium rates decreasing by an average 10% and up to 18% in some cases."

Boomert says there are four primary reasons for the reductions.

  • Mortality in general is improving and has resulted in improving claims experience
  • Tower is seeing good underwriting results for higher sums insured
  • There has been a general improvement in underwriting leading to better claims management
  • Tower has cut its underwriting times by more than half over the past two years which has reduced costs.
Boomert says: "We are recognising the benefits of the above and transferring these to our customers through lower premiums."

In addition to these changes Tower is reducing rates on its Life 360 and Business 360 trauma and disability products by 5%.

"In an environment where consumer borrowing is at historic highs with an on-going under-insurance issue, this move will be welcomed by advisers and their customers," Boomert says.

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