Changes to your Life Insurance premiums

Changes to your Life Insurance premiums

MAS is committed to providing consistent and fair value premiums for Members, which is why we are making some adjustments to premium rates for our Life Insurance policies. 

Why the changes are needed

Over time, we have introduced new versions of our Life Insurance policies. As these new policies have been introduced, we have priced them differently. 

We are introducing these changes to ensure that equivalent policies are priced consistently, regardless of when they were introduced. These changes will not increase the amount of Life Insurance premiums MAS collects overall. 

To ensure all Members with Life Insurance cover are paying the same premium rate for their age, we are making the following changes:

PLP Life Insurance cover with a policy number starting with 'PL'

We are increasing base premium rates this year by 6.5%.

Life Insurance policies with a policy number starting with 'L00'

We are not changing base premium rates this year.

This change affects the base premium rates we use to calculate your policy premium. Your premium is also influenced by your age and any additional cover you may have added to your policy. This means the full premium you end up paying for the next year will differ from the percentages quoted above. 

When these changes will take effect

We will introduce these new rates on 1 November 2021 for all new PLP Life Insurance policies we issue. For existing PLP Life Insurance policies, the new rates will apply to your policy on its first renewal after this date. Your renewal notice contains your new total premium payable.