Will my life insurance premiums increase over time?

The answer to this question depends upon whether you have a “Guaranteed” or a “Reviewable” policy.

With a “Guaranteed” policy the insurance company guarantees never to raise the premium.

With a “Reviewable” policy the insurance company reviews your premium at regular intervals. The reviewing interval can be between 1 and 5 years - but 2 and 5 years is most common. The interval does vary between insurance companies and so you should check their literature. At the Review date, the Insurance Company and has the right to increase your premium and as you get older, increases will become more likely.

As you would expect, when you first start a policy, “Guaranteed” policies have higher premiums than “Reviewable” policies - but through the reviews the premiums for Reviewable policies can soon catch up.

In the medium to longer term we would expect Reviewable policies to work out more expensive than Guaranteed policies but Reviewable policies do have the advantage of low start up premiums and this is attractive to many people.

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