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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What do you need to know about Life Insurance?
Life Insurance pays out a tax-free lump sum if you die; there is no investment value.
What is the difference between Life Assurance and Life Insurance?
Life Assurance has an investment value but Life Insurance does not.
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!
How long should you insure for?
For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
Can you have different levels of cover on a joint life policy?
Yes you can - but 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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