Premium changes from 1 August 2020

Premium changes from 1 August 2020

On this page you’ll find all the details about premium increases for some income protection cover or Key Person Cover and for new level trauma (including Trauma Multi) covers. The new premiums kick in from 1 August 2020.

Why we’re increasing some premiums

As you know, we’re well-capitalised and in good financial shape. These changes are part of our commitment to sustainability. Sustainability is important because it allows us to keep delivering on our promises to customers at claim time over the long term.

At an industry level, the sustainability of income protection and trauma products is under pressure due to rising claims volumes, and unfortunately sometimes insurers need to pass on cost increases to customers. Increasing premiums is one way to address this.

We’ve considered Covid-19

It’s important to note we’ve considered the economic impacts of Covid-19 on customers as part of our decision to increase premiums. We have a number of options available for customers suffering financial hardship due to Covid-19 or otherwise. So please make sure you’re aware of these so we can work together to find solutions – and help these customers keep their policies in place.

You can find more details on these options on Adviser Hub here.

The changes

The changes include removing or reducing sales discounts or increasing underlying insurance rates on some income protection covers, Key Person Cover and new level trauma (including Trauma Multi) covers.

You can find a summary of all the changes here.

Key Dates

  • 19 June 2020 – renewal schedules mailed to affected customers with policies renewing in August
  • 30 July 2020 – Apollo deployment: premium increases from 1 August 2020
  • 1 August 2020 – Premium increases come into effect



If you have any questions please get in touch with your Business Manager or Business Account Manager.