Jargon Buster - Definition of Guaranteed Premium

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Guaranteed Premium

is a term used to indicate that the premiums for an insurance policy do not change over the term of the policy. By taking a policy with guaranteed premiums this offers the security and peace of mind of knowing exactly what your monthly premiums will be for the full length of the contract.

The only reasons that guaranteed premiums may change is if you change your amount of cover or if you have and index-linked policy (increasing policy).

You normally get an option for guaranteed of reviewable premiums with Life Insurance, Critical Illness Insurance and Income Protection Policies.

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

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