We recalculate the premiums for your policy each year at your policy anniversary.  We will also recalculate the premiums for your policy when there is a change to your policy.

If we make changes to your premium, including making changes to our premium rates, the change will only apply to you once a year, effective from your next policy anniversary. We’ll give you at least one month’s written notice before premiums change. If you make changes to your policy, we’ll recalculate your premium based on the rates applicable at the time the change is approved by us.

Your premiums will vary depending on several factors including:

• your premium type – variable age-stepped premium or level premium. The level premium type ceased being available on 16 February 2024
• your eligibility for discounts – we may from time to time offer discounts that may reduce your premiums. These discounts are not guaranteed, may be varied or removed, and may not apply over the life of your policy, and
• the length of time since you applied for cover – when you first apply for insurance, we undertake a detailed assessment of your personal circumstances. As we know more about your situation at that time, we’re able to offer insurance to you at reduced standard premium rates. As time passes, your premiums will gradually increase to our standard premium rates.

Your premiums will also change if, for example:

• your sum insured changes, including because of Indexation Benefit increases
• there are changes to stamp duty or other government charges
• there are changes to policy fees (as at the date of this PDS, no policy fee applies), or
• we make changes to our standard premium rates, or the discounts we offer.