Guaranteed vs reviewable premiums
12 October 2026
Quick answer: a guaranteed premium stays the same for the whole policy. A reviewable premium can be changed by the insurer at set points, so you could pay more later on.
When you get a life insurance quote, one small detail decides whether the price you see today is the price you will always pay. That detail is the premium type. It is either guaranteed or reviewable. Our plain English life insurance guide explains how the cover itself works.
What guaranteed means
A guaranteed premium is the price you agree when the policy starts. It stays at that price for the whole policy, as long as you keep paying and do not change the cover.
The insurer cannot put it up because you get older, because your health changes, or because it is paying out more claims than it expected. If claims cost more than expected, that is the insurer's problem, not yours.
Most term life insurance sold in the UK today comes with a guaranteed premium. Guaranteed is about the price only. It does not promise a claim will be paid, and it does not make the cover grow with inflation.
What reviewable means
With a reviewable premium, the insurer can look at the price again at set points and change it. It can go up, go down or stay the same.
When those reviews happen depends on the insurer. Some can review every year. Others fix the price for the first few years and review after that. British Friendly, for example, holds its reviewable income protection price for the first five years before any review. Your policy terms tell you exactly when.
Most reviews are not a new medical. You are not asked health questions again. The insurer looks at what it is paying out across all its customers, then sets a new price for everyone on that policy.
Reviewable premiums are more common on income protection than on life insurance. A few specialist policies work differently. Royal London's diabetes life cover sets each year's price from your yearly blood test result. A better result can bring the price down, and it can never go above what you started on.
How they compare
Guaranteed
The price is fixed for the whole policy.
It usually costs more at the start.
The price only changes if you change the cover, or chose increasing cover at the start.
Reviewable
The price can change at each review date in your policy.
It usually costs less at the start.
If it goes up, you can pay the new price, lower your cover to bring it down, or cancel.
A reviewable price that starts lower is not always cheaper overall. If it goes up at a few reviews, you can end up paying more over the full policy than you would have on a guaranteed price.
Want to see both prices on the same cover?
Where an insurer offers both, we can get you a quote for each so you can see the difference. Talking to us costs nothing. If you take out a policy, the insurer may pay us a commission.
Premiums that rise with age
You may also see a premium that goes up a little every year as you get older. This is called age-banded or age-costed pricing. You might see either name on a quote. It is different from a review.
The yearly increases are written into the policy from day one, so you know they are coming. It starts cheaper than a level premium, but it costs the most in the later years. You will mainly see it on income protection.
When a guaranteed price can change
A guaranteed premium only changes when you change the policy. If you add more cover, the extra part is priced at your age and health at the time and added to what you already pay. Adding an extra benefit works the same way.
Some policies let you add cover without medical questions when you move house or have a baby. That saves you the questions, but you still pay for the extra cover.
If you chose increasing cover, the amount of cover and the price both go up each year. That was agreed at the start, so it is not the insurer changing its mind.
If you cancel and take out a new policy, you are priced again at your current age and health. Think carefully before giving up a guaranteed price to save a few pounds elsewhere.
Which suits you
Ask yourself which price you can still afford in the last few years of the policy. Rises usually come in those later years.
If the cover is there to pay off a mortgage, a fixed price is usually the better fit. You know what the cover costs for as long as the mortgage runs. Our guides to mortgage protection cover and decreasing vs level term explain how that is usually set up.
Reviewable can make sense if it is the only option an insurer offers on that product, or if the lower starting price is all your budget allows. Having some cover is better than having none.
Do not pick reviewable just because it is a few pounds cheaper today. Rises tend to come later, when you are older. If your health has changed by then, finding cheaper cover elsewhere may be hard. This matters most with critical illness cover.
How to tell which you have
Your policy schedule says whether your premium is guaranteed or reviewable. If it is reviewable, it should also show when the first review is due.
If you have a reviewable policy, put the review date in your calendar with a reminder two months before. That gives you time to look at other options while your current cover is still in place.
If you cannot find your documents, ask your insurer. What the policy says is what counts, not what you remember from the quote.
Frequently asked questions
What is the difference between guaranteed and reviewable premiums?
A guaranteed premium stays the same for the whole policy. A reviewable premium can be changed by the insurer at set points, so it may go up, go down or stay the same.
Can a guaranteed premium ever go up?
Only if you change the policy. Adding cover or extra benefits will raise it. If you chose increasing cover, the cover and the price go up together each year as agreed at the start. The insurer cannot raise it on its own.
How often are reviewable premiums reviewed?
It depends on the insurer. Some can review every year. Others fix the price for the first few years, often five, and review after that. Your policy terms say when.
Does a review look at my health?
Usually not. Most reviews look at the insurer's costs across all its customers, and you are not asked medical questions again. A few specialist policies are different. Royal London's diabetes life cover uses your yearly blood test result, but the price can never go above what you started on.
What can I do if my premium goes up and I cannot afford it?
You can usually pay the new price, reduce your cover so the price comes down, or cancel. Reducing the cover is worth asking about first, because some cover is better than none.
Does a guaranteed premium mean my claim is guaranteed?
No. The guarantee is about the price only. Whether a claim is paid depends on the policy terms and on answering the application questions fully and honestly.
How do I find out which type I have?
Look at your policy schedule. It says whether the premium is guaranteed or reviewable. If you cannot find it, ask your insurer.
Related reading
- Life insurance, plain English guide
- How much life insurance do I need?
- Joint life vs two single policies
- Family income benefit guide
Not sure which type you have?
Ask us and we will help you check. Talking to us costs nothing. If you take out a policy, the insurer may pay us a commission. Use the contact page.