A Guaranteed policy is when your insurance company provides you with a guarantee
that they will never increase the premium at any time during the policy's term.
A Reviewable policy means that your monthly premium will rise every time your insurance
company reviews your premium (normally every 2 to 5 years but this interval does vary
between insurance companies). Reviewable policies tend increase in price at a level
slightly in excess of inflation.
The premiums for a Guaranteed policy are initially more expensive than a Reviewable
policy - but Reviewable premiums can soon catch up, and in the longer term a Reviewable
policy generally works out more expensive.
Not all insurance companies offer guaranteed rates for combined Mortgage life insurance
with Critical Illness cover. However, if you ask for a quote on a Guaranteed life insurance
and Critical Illness policy - and you are provided with a cheap quote - you should
seriously consider it.
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