BT has increased the premiums of its Income Protection policies by 10% from the start of February, citing rising claims as the driver for the increase.
BT Financial Group National Life Insurance Product Manager, Scott Moffitt, said the increase would cover all IP policies offered by advisers under the BT Protection Plans from February 1 2016, but BT would honour proposals already in the quotes process until 30 April 2016.
Noting this was the first increase since 2011, Moffitt said the increase would be added to in force premiums throughout the year.
There has been a general increase in claims across the insurance industry…
“We have kept rates to the adviser market at the same level since February 2011 and are looking at the sustainability of the product and have reviewed prices as part of that,” he said, adding, “There has been a general increase in claims across the insurance industry and despite the premium increase we have maintained our product range and features.”
