Does my premium stay the same each year or go up?

At the start of the policy you can choose whether you want your premiums to increase each year (called Yearly Renewable Term) or be fixed for the life of your policy (called Level Term).

With Yearly Renewable Term, your premium increases each year based on things like your age, gender, smoker status and your amount of cover. You’ll receive a note letting you know your adjusted premium.

With Level Term, the premiums start out a bit higher than yearly renewable, BUT the amount you pay remains the same for the term of the policy.

A combination of Level Term and Yearly Renewable Term can help provide flexibility and certainty. Ask your adviser about this, or give us a call.

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