With variable age-stepped premiums, the premium is re-calculated on each policy anniversary based on the insured person’s age and the applicable premium rate on that anniversary. Variable age-stepped premiums will usually increase each year in line with the insured person’s age and any increases to the sum insured (including increases as a result of the Indexation Benefit if applicable). Premiums may also change due to other factors such as changes to the cover or eligibility for discounts, or if the insurer makes changes to the premium rates. For more information, please see the FAQ on ‘How do my premiums change each year?’

Premium rates can change and are not guaranteed. If we make changes to our standard premium rates, we will always act reasonably and with utmost good faith,

and any changes will be applied consistently for policies of the same kind. This means an individual policy will not be singled out for a change in premium rates.

Please note: Variable age-stepped premiums were previously known as stepped premiums.