Level premium ceased being available on 16 February 2024.

With level premiums, the premium is calculated based on the insured person’s age at the cover commencement date and the applicable premium rate for that age.

Level premiums generally start out higher than variable age-stepped premiums, but may become lower at some point in the future. This is because level premiums have the cost of providing insurance spread out over a number of years and will not increase because of the insured person’s age.

Level premiums may still increase or vary due to other reasons, such as increases to the sum insured (including increases as a result of the Indexation Benefit if applicable), 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.