Partners Life Medical Cover

Partners Life – Private Medical Cover, here are some “golden nuggets” relating to some of the built-in features of the product.

• Excess Waiver Benefit: Partners Life will waive the excess that applies to your Private Medical Cover if you are diagnosed with Coronary Artery Surgery; Cancer; Heart Attack or Stroke (as defined) and as a result are admitted hospital or to a require certain treatment provided for under this Private Medical Cover. This means clients with larger excesses can be treated for conditions like Cancer treatment without having to pay the Excess.
• Automatic cover for babies: All children born during the term of your Private Medical Cover are automatically covered free of charge for the 6 months immediately following their birth to give you time to officially add them as lives assured if you choose.
• Death benefits:
  • The Funeral Support Benefit is a lump sum payment of $10,000 per life assured. This benefit is payable to assist with funeral expenses should a life assured die (certain exclusions apply).
  • The benefit payable for children under the age of 10 (including an unborn child (20 weeks gestation or above) and those automatically covered for up to 6 months after birth is $2,000.
  • No excess will be deducted from this Funeral Support Benefit.
  • In addition under the Waiver of Premium Benefit, if an adult life assured dies before the age of 70, then the Private Medical Cover premiums you pay for all remaining lives assured will be waived for the following 3 years (certain exclusions apply).
• Cancer Testing Benefit: Your Private Medical Cover will pay up to $10,000 for genetic testing in order to find the best possible treatment plan to arrest or cure a current diagnosed cancer.
• Keeping the Partners Protection Plan up to date: Partners Life guarantees to automatically apply any future enhancements we make to the Partners Protection Plan or to any protection benefits to your policy, provided there is no additional premium required for those enhancements.

Additionally, we discussed retention and/or affordability with products. Our product team have run some numbers relating to the different excess options available on our Private Medical Cover. Based on a $0 excess (i.e. if we consider that as the starting point), then the following (approximate) excesses differ like so in terms of premium for the base Private Medical Cover only:

250 excess approximately 20% less than $0 excess

500 excess approximately 30% less than $0 excess

1,000 excess approximately 40% less than $0 excess

2,000 excess approximately 55% less than $0 excess

5,000 excess approximately 70% less than $0 excess

10,000 excess approximately 80% less than $0 excess

IMPORTANT: This is approximate, it is not guaranteed and is correct as of today. These percentage differences could be reviewed in the future if and when we review our underlying premium rates for Private Medical Cover.