PPS - Life insurance premiums.

[Necropolis]

So,

I signed up with PPS for life insurance, disability and sickness cover towards the end of October.

My first premium was paid at the beginning of November.

My birthday happens to fall within November and shortly thereafter I received an email from PPS stating that since my birthday had passed I was due for an age related increase to my premiums.

I was a bit shocked by this and went back to the quote that I received from the consultant and saw that there was a table that mentioned the fact that the age related premium would increase after my birthday - I then also noticed that it mentioned that my premium would increase on January 1st 2017 (An annual increase).

Now these increases were hidden in my quote and it's my fault for not reading through it properly - but I would have thought this would be something that the consultant would've brought up with me.

Now my question is: am I unreasonable for being angry with the following things:

1) 2 increases within the space of every year I have the policy.
2) The fact that they sting me with these first 2 increases within 3 months of taking out the policy.

And: Is it common for life insurance policies to have 2 annual increases? I was previously with Discovery and my premiums increased yearly but this was always on the anniversary of my policy.

Thanks

 

[ToxicBunny]

annual increase should be about it...

Unless PPS is considerably cheaper, or has extremely good benefits I would tell them to fsck off and move elsewhere.

 

[Necropolis]

annual increase should be about it...

Unless PPS is considerably cheaper, or has extremely good benefits I would tell them to fsck off and move elsewhere.

There were cheaper - but factoring in the twice a year increases that's not so much the case anymore.

 

[Nerfherder]

annual increase should be about it...

Unless PPS is considerably cheaper, or has extremely good benefits I would tell them to fsck off and move elsewhere.

PPS have really good benefits. You get these shares, sort of like a no claim bonus. They are really good.

 

[vash87]

As far as I know PPS is the only provider that has two annual increases but the two increases combined will be comparable to the single increase with most other companies

 

[Necropolis]

As far as I know PPS is the only provider that has two annual increases but the two increases combined will be comparable to the single increase with most other companies

But I'm sure no other provider will hit you with an increase 1 month into your policy.

 

[Verde]

The annual increase is simply an inflation related adjustment, so the life cover increases by the same %. You can opt out of this increase every year - there is a form available for this. It however is advisable to review your needs every year, before opting out, as these increases are not subject to underwriting.

PPS definitely offers the best rates, but their brokers and service is absolutely useless. They should have explained these things to you during the consultation process.

I would be very grateful if you could post the table showing age rated increases somewhere, as I have been struggling to get this table out of them all year. (also mention if it is Term or Whole life premiums; smoker/ non-smoker and male/female/unisex)

 

[Cius]

The only age one happens at age 30 as far as I know. Due to how tight things are the first couple years after graduating PPS gives a very low rate to people under the age of 30, once you pass that date however it normalises. So perhaps your timing was just that good!

Still, I love my PPS life cover. Not only is it cheaper than anyone else I quoted but due to it being PPS I get back about 60% of my premiums into my profit share account each year.

 

[Drifter]

2 x increases every year, Run man.