Jargon Buster - Definition of Reviewable Premium

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Reviewable Premium

is a term which specifies that insurance premiums will be reviewed at pre-determined times from a policy start date. Normally insurers will review premiums every five years however some companies do review them annually.

With reviewable premiums, your payments may increase, stay the same or decrease after the company makes the review. Most insurance companies will review their premiums based on the number of future claims and their costs for reinsuring policies.

The advantage of reviewable premiums is that the cost may start lower than a guaranteed rate, however there is no saying what will happen to premiums after a review and they could become too expensive to keep the policy at its current level.

You usually get an option for guaranteed of reviewable premiums with Critical Illness Insurance, Life 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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