What is the difference between a Guaranteed and Reviewable life insurance policy?

With a “Guaranteed” policy the Life Company guarantees that it will never increase the premium.

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What is Mortgage Insurance?
Mortgage Insurance is also commonly known as Mortgage Protection Insurance.
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Critical Illness Insurance pays an lump sum if you are diagnosed with a serious illness or critical illness.
Will I get charged more as a smoker?
Yes you will. But first let us give you the usual Life Company’s definition of a smoker:
UK Life Insurance and Laws in the European Union
All Life Insurance policies sold by UK based Life Companies cannot be sold to residents in other EU countries.
Complaints about a Life Insurance Adviser
If the Life Insurance Adviser is regulated by the Financial Services Authority then he will have provided you with his Terms and Conditions at the very first opportunity.

With a “Reviewable” policy the insurance company reviews your premium level regularly (every 2 to 5 years but the reviewing interval can vary between Life Companies) and the company reserves right to increase your premium on the review date.

As you would expect, a “Reviewable” policy will start with a lower premium than an equivalent “Guaranteed” policy. However, the price of “Reviewable” policies will soon catch up and in the longer term are generally more expensive.

Some Life Companies have stopped offering “Guaranteed” rates on life insurance policies that include Critical Illness cover. This is because they experienced a higher claim rate than they originally expected. However, if you can find a “Guaranteed” life and critical illness insurance policy, you should seriously consider it.