Will your premiums increase?

It depends upon whether you have a “Reviewable” or “Guaranteed” policy.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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How much will the premium be?
Your premium reflects the level of cover you want and how long you want to be insured for. It also reflects the risk to the Insurance Company that you may make a claim. This risk is conditioned by your age, sex, occupation, health record and life style etc.
Will your premiums increase?
It depends upon whether you have a “Reviewable” or “Guaranteed” policy.
If you’re asked to supply more information or go for a medical, will the premium increase?
No, not necessarily. If you’re asked for more information or to have a medical it does not automatically follow that your premium will increase. To put this in context, in our experience 88% of people who apply for life insurance qualify for the price first quoted.
Are there any extras to pay?
Definitely not! There are no hidden extras when you buy life insurance through ClickLife our Life Insurance Partner.
Is a medical absolutely necessary?
No. Most people do not require a medical. Normally an insurer will only ask for a medical if you have existing health issues that cannot be resolved by a report from your GP or if you have applied for an especially high sum of insurance.
With a “Guaranteed” policy the insurer guarantees that it will never raise your monthly premium.

If you have a “Reviewable” policy your insurance company reviews its premium at regular intervals - usually interval of between 1 and 5 years. This interval does vary between insurance companies and you should check their literature. At the Review date, your insurer has the right to increase your monthly premium and as you get older, increases will become more probable and larger.

As you might have predicted, when you first start a policy, the premiums for “Guaranteed” policies are higher than the premiums for “Reviewable” policies. However, through the review system the premiums for Reviewable policies can soon catch up and overtake.

In the medium to longer term we expect Reviewable policies to work out more expensive than Guaranteed policies. On the other hand Reviewable policies do have the advantage of a low start up premium and this appeals to many people.

Frequently Asked Questions related to the above topic.
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