Guaranteed vs reviewable premiums.

When you apply for a policy that includes Critical Illness Cover, you have a choice of premiums to choose from:

  • Guaranteed premiums; or
  • Reviewable premiums 

click the links below to find out more about each option and select that premium type that is right for you.

What are guaranteed premiums?

Guaranteed premiums are premiums that stay the same unless you alter your plan. So you'll always know what your premiums will be.

What are reviewable premiums?

Reviewable  premiums are guaranteed for the first five years of the policy. Reviews will then be carried out to determine whether the premium will be changed at the fifth anniversary and every five years after. This is to establish if the premium you're paying is enough to provide the level of cover selected.

We'll assess any premium change fairly. When we review your premium, the factors we look at are:

  • number of claims we've had;
  • the number of claims we expect to have and when we expect them to be made;
  • insurance industry claims experience; and
  • expected impact of future medical advances

Your current state of health is not a factor at review. 

We’ll write to tell you about the outcome of your review and will tell you at least three months in advance about the options you have and what action you may have to take.

If, after a premium review we recalculate the premium to within 5% of what you’re already paying, we won’t make any changes. The amount your premium may increase or decrease by, following a review is not limited.

If your premium increases you can choose to:

  • Accept the increased premium. If you choose this option, your direct debit will be automatically updated; or
  • Keep your premium the same but reduce your level of cover. If this is the option you want to take you’ll need to contact us within 30 days of receiving a premium review letter from us. This will ensure there is sufficient time for us to process your request prior to your review date.

It’s important to make sure that the level of cover still meets your needs, as the option you select can’t be changed at a later date.

Reviewable premiums may be cheaper than guaranteed premiums when a policy starts.

Get a quote online

Or call us on 0800 027 1976
8am to 8pm Monday to Friday
9am to 5pm Saturday.

We may record and monitor calls.

Key Information for new customers

Key Features Document
PDF: 1.45MB

Contact Us

Visit our Contact Us section for useful telephone numbers, email and postal addresses.

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Critical illness cover FAQs

If you have any unanswered questions, our critical illness FAQs may help with the answers.