Should you have a “Guaranteed” or a “Reviewable” policy?

With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.

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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Is there any investment value in your policy?
No. Once the term is completed the policy simply ends. It’s a bit like car insurance!
What personal details do you need to provide to get a quotation for Life Insurance?
Only your date of birth, sex and whether you're a smoker. So it's really simple to get an immediate quotation.
Should you have a “Guaranteed” or a “Reviewable” policy?
With a Guaranteed policy your insurance company Guarantees never to increase the premium at any time during the policy’s term.
What is the Difference Between Critical Illness Insurance and Terminal Illness insurance?
Critical Illness Insurance is much more comprehensive than Terminal Illness cover.
Should the cover be on joint lives or separate lives?
It may be better to buy separate policies.
With a Reviewable policy your monthly premium will rise when your insurance company reviews your premium (normally every 2 to 5 years but this interval does vary between insurance companies). In our experience, Reviewable policies tend to experience price increases slightly in excess of inflation.

As you would expect, at the outset the premium for a Guaranteed policy is higher than a Reviewable policy - but Reviewable premiums can soon catch up. In the longer term a Reviewable policy generally works out more expensive.

Just a quick point. Some insurance companies have stopped offering Guaranteed rates for combined Mortgage Life Insurance with Critical Illness cover. However, if you ask for a quote on a Guaranteed Life Insurance and Critical Illness policy - and ClickLife, our Product Partner, can source one for you - you should seriously consider it.

Frequently Asked Questions related to the above topic.
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