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Q:What are Reviewable Premiums?
A:Some of our critical illness and income protection products have reviewable premiums. This means after a period of time we will review your premium, which may result in an alteration to the amount you pay.
Factors which we will consider when renewing your premium will include:
- Changes in claims (death and illness) experience, trends and expectations
- changes to expenses outside our control i.e. changes to the costs of providing care planning service, or changes to the tax levied on this type of business
- changes in persistency (how long customers keep their products) experience, trends and expectations
- changes to future expectations of investment returns.