This will all depend on which policy you select. For a majority of our direct insurance policies available through Choosi, your premium will depend on the type of policy (age-based or fixed options).
If you select the age-based premium option, your premium rate will increase on each Policy Anniversary if the oldest Life Insured on the Policy is aged between 44 and 80. If the oldest Life Insured on the Policy is younger than 44, or older than 79, your premium rate won’t increase due to age.
If you choose the fixed premium rate option, your premium rate will be fixed at the rate you are paying at the commencement of your Policy. However your premium may still increase if you choose to amend the amount of cover or if you do not opt out of any automatic sum insured increases that we offer you.
Also with some policies available through the direct insurance brands, whichever premium option you choose, your Benefit Amount will automatically increase by 5% at each Policy anniversary with a corresponding increase in premium; this is designed to help your level of insurance keep pace with the cost of living. You can decline these automatic increases if you wish. Your premium will increase with any Benefit Amount increase that you request or accept.