Guiding you through premium reviews
We regularly review premiums for Life or Earlier Critical Illness Cover and Critical Illness Cover policies, such as International Protector Middle East, to check if the assumptions used to calculate your premium have changed. Existing or future changes will need to be reflected in the amount you pay in to your policy.
After a review, your premium may go up, down or stay the same. Once it's confirmed, the amount will be guaranteed until the next review, as long as you pay your premiums on time.
Your premium is reviewable, not renewable, so at the time of review, your premium will never change based on your age and we cannot cancel your policy.
At the start of your policy, your premium is guaranteed for five years. Then, premium reviews take place every five years.
Your premium is decided using a range of factors:
- Future claims
- The amount of money we pay to reassurance companies
- How many policyholders stop their policies early
- Future investment returns
- The effect of inflation
- The amount of money we are required to hold as financial reserves
These factors are not directly related to you, so we don’t ask for evidence of insurability or re-underwrite you at the time of review. After five years, we assess the assumptions again. If needed, we will fairly and reasonably calculate any change to your premium. This process will happen again at your next five-yearly review. There is no limit to the increase or decrease which may apply.
|Review outcome||Effect on your policy|
|Neutral review -
No change to your premium needed
|The assumptions have not changed enough for your premium to change.|
|Favourable review -
Reduction in premium
|Unfavourable review -
Increase in premium