Why does my life insurance cost more each year?
Last updated 09 September 2016
Premiums generally increase each year due to the following reasons:
Stepped premium rate:
This is where we calculate your annual premium based on your age when you first take out cover, and then recalculate it every year using your new age. This is because as you get older, the risk of something happening to you increases.
Unless you request otherwise, each year your level of cover is automatically increased to help your insurance keep pace with inflation. Your premium will also increase because you now have more cover.
From time to time we may need to change our premium rates. If there are changes they will apply to everyone in the same group – not just you. We’ll also let you know of any increase at least 30 days in advance.
For more information please refer to the CommInsure Protection Combined Product Disclosure Statement (PDS) and Policy.