Changes to Life and Income insurance base premium rates 

Effective 1 April 2023

Base premium rates for Income Security, Professional Life Plan Recovery Insurance, and Joint Life Insurance are changing from 1 April 2023.  All new policies issued on or after this date will be quoted at the new rates. The changes will also be applied to all existing policies on the next annual renewal of each policy on or after this date. 

These changes reflect our experience of claims costs across the portfolio, which means some policies will experience a decrease in base premium rates and others will experience an increase. For example, claims costs have increased due to a significant increase in the length of time Members under the age of 45 are on a disability claim. Another example is our experience of higher Recovery Insurance claims from Members aged 45 to 55 over the last two years.

We understand many Members are experiencing increased cost-of-living expenses due to the difficult economic climate. If premium increases are challenging for you there are options to adjust your policy to make it more affordable, including reviewing the amount you are covered for.

If you would like to speak to an adviser about reviewing your cover, options for reducing your premium, or for a general check-up on your insurance needs, please contact us on 0800 800 627 or email

Also, please contact us if you are considering cancelling your policy. To help you make this decision, we can work with you to review your insurance needs taking into consideration the budget currently available to you.

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