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Just_Saying

28 Feb 2022

∙

Why is premiums for integrated plan and riders increasing at more than 120% for elderly insured?

I am 61 and have recently received renewal notices on my GE integrated plans policies. Cant help to notice that we are being pushed into co-payment plans which is inline with government policies. But when i did a comparison on the premiums from last year for co-pay plans vs the premiums this year for the same age band, the premium increased from 1100+ to 2700+. This is more than 120% increase!

Can anyone shed some light on the reason for such increase in premium?

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Louis Lui

28 Feb 2022

Hello there,

Usually, the premium is decided based on these 2 factors:

Mortality and Morbidity Rates

Mortality Rate: The rate at which death occurs among a defined group of people. Premiums will then be used to determine life insurance products.

Morbidity Rate – the rate at which sickness occurs among a defined group of people.

There could be a rise in either mortality or Morbidity rate which could cause the income to increase. Hope this helps :)

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