Partners increases medical policy price
Partners Life has increased the price of its medical product.
Tuesday, September 13th 2016, 6:00AM
by Susan Edmunds
Naomi Ballantyne
Managing director Naomi Ballantyne said the product's price had not moved for 18 months before that.
The insurer increased underlying rates by 8%.
Ballantyne said that was less than medical inflation over that period.
It also added an additional per policy fee of $4.50 for policies with one or more medical benefit attached.
"This one off additional fee is removed if all medical benefits are removed. It applies only once per policy irrespective of the number of lives who have medical benefits meaning in terms of policies with multiple lives it results in a much smaller total increase than would be the case if we had just increased the underlying premium rates by a larger percentage amount," she said.
"The result is that Partners Life remains very competitive for policies with medical benefits attached – especially given competitor pricing movements since May 2016."
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