Regular payments for your insurance are referred to as “Premiums”.  Premiums will vary depending on the amount of cover on your life and your age amongst other things. 

When considering Life, Trauma or Income Protection insurance cover there are two types of premiums to think about:   

• Life Cover Yearly Renewable Term (YRT)

  This type of premium is renewable each year and the premiums increase annually. 

  Yearly renewable term premiums are less expensive at the start of the policy but they increase each year due to age even if there is no increase in the level of your insurance cover.  

•  Level Life Cover

  You have certainty and long-term affordability with a structure that provides level premiums for the term you have selected e.g. 10, 15 or 20 years etc. 

  Level premiums are more expensive at the start of the policy but remain at same level as you get older.

  The premiums will only increase if the amount of your insurance cover increases.   

LONG-TERM AFFORDABILITY

Level premiums make budgeting easier as you will know the cost of your insurance from day one and this will not alter unless the amount of your insurance cover increases. 

Over time it is possible to pay more in premiums for yearly renewable term cover than what would have been paid for a level premium term policy. 

 If you already have yearly renewable term cover and wish to switch to level premiums to lock in your premium it is easy with no underwriting required - you just need to sign a letter for the change to be made.