Jargon Buster - Definition of Premium

Please select your letter of choice below to see the list of terms:

Premium

is the amount payable for an insurance policy, this is usually paid monthly or annually to keep the contract running. The premium payable differs between insurance policy and can often be determined by age, gender, smoker status, lifestyle, health and even family history.

Many insurance companies offer a small discount if you pay your premiums annually.

For underwritten policies such as life insurance, critical illness insurance and income protection, your premiums may be rated, i.e. increased, due to lifestyle choices, poor health or family history.


Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

If you are in doubt of the meaning of any terms, why not email us on info@topquoteuk.com

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The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.