Reviewable Vs Guaranteed policies

With a “Guaranteed” policy the insurance company guarantees that it will never increase your policy’s premium.

With a “Reviewable” the premium will increase. The insurance company reviews your premium regularly (normally every 2 to 5 years but this can vary) and the company has the right to increase your premium on the review.

As you might expect, a “Reviewable” policy will have a have lower premium than an equivalent “Guaranteed” policy - but “Reviewable” policies frequently catch up and in the longer term are more expensive.

Some insurance companies have stopped offering “Guaranteed” rates for life insurance policies which include Critical Illness cover. This because they have experienced higher claim rates than originally expected. “Guaranteed” rates can be an especially good value and if you can find a “Guaranteed” premium for a policy which includes critical illness cover, you should seriously consider it.

The following Frequently Asked Question is related to the above topic. You may care to read it: -

What are the most common optional extras available on life insurance policies?
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