Should I take out a guaranteed or reviewable policy?

Policies with a guaranteed premium will usually work out cheaper in the long run.

If you choose a guaranteed policy the premium you pay will remain the same for the duration of the policy.

With a reviewable policy the Insurance Company will review your premium at regular intervals.

As you would expect, at the outset guaranteed policies have higher premiums, but overall it is the reviewable policies that generally work out more expensive.

It’s worth noting that most Insurance Companies have ceased offering guaranteed rates for combined Mortgage Life Insurance and Critical Illness policies. However, if you can get a quote for a Guaranteed Mortgage Life Insurance and Critical Illness policy, you should think about it seriously.

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

What is Critical Illness Insurance?

What illnesses does Critical Illness Insurance cover?

What’s the difference between Terminal Illness cover and Critical Illness cover?

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