Guiding you through premium reviews

We regularly review premiums for Life or Earlier Critical Illness Cover and Critical Illness Cover policies, such as International Protector Middle East, to check if the assumptions used to calculate your premium have changed. Existing or future changes will need to be reflected in the amount you pay in to your policy. 

After a review, your premium may go up, down or stay the same. Once it's confirmed, the amount will be guaranteed until the next review, as long as you pay your premiums on time.

Your premium is reviewable, not renewable, so at the time of review, your premium will never change based on your age and we cannot cancel your policy.

When reviews take place

At the start of your policy, your premium is guaranteed for five years. Then, premium reviews take place every five years.

Your premium is decided using a range of factors:

  • Future claims 
  • The amount of money we pay to reassurance companies 
  • How many policyholders stop their policies early 
  • Future investment returns
  • The effect of inflation 
  • The amount of money we are required to hold as financial reserves 
  • Taxation 
  • Legislation.

These factors are not directly related to you, so we don’t ask for evidence of insurability or re-underwrite you at the time of review. After five years, we assess the assumptions again. If needed, we will fairly and reasonably calculate any change to your premium. This process will happen again at your next five-yearly review. There is no limit to the increase or decrease which may apply.

Review outcome Effect on your policy
Neutral review -
No change to your premium needed		 The assumptions have not changed enough for your premium to change.
Favourable review -
Reduction in premium
  • The assumptions are now more favourable, so your premium reduces for the existing amount of cover.
  • This will happen automatically and you'll be told the new amount.
  • You will need to let your bank know the new amount if you pay by standing order.
  • If you pay by credit card, there's nothing for you to do.
Unfavourable review -
Increase in premium
  • The assumptions are less favourable than previously thought. Your premium needs to increase to maintain the existing amount of cover, you’ll be told the new amount.
  • You will need to let your bank know the new amount if you pay by standing order.
  • If you pay by credit card, there’s nothing for you to do.
  • You can continue to pay your previous premium amount, by giving us 14 days’ notice. Your level of cover will be reduced in line with the review and will apply from the date you let us know.