Premium

The premium is the price of the cover. It is determined by the insurer at underwriting, principally from your age, the sum assured, the term and your tobacco status, with health, occupation and family history adjusting it from there.

No figure on this website is a premium. What a policy costs is set by the insurer after it has assessed a full application.

Related terms

• Modal premium The amount payable each time, at the chosen payment frequency.
• Premium frequency How often premiums are paid — yearly, half-yearly, quarterly or monthly.
• Loading An increase to the standard premium, reflecting a risk the insurer has assessed as higher.

Back to the glossary · The four categories · How applying works