What is the difference between a Guaranteed and Reviewable life insurance policy?

With a “Guaranteed” policy the Life Company guarantees that it will never increase the premium.

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What is the difference between a Life Insurance Broker and a Life Insurance Company?
A Life Insurance Company is the organisation that actually writes your policy and covers the policy risk. It is also their name that appears on your policy documents and it is their duty to make any payouts if you make a claim.
What is Life Insurance?
Life Insurance (with terminal cover included) is a form of insurance that pays out a lump sum if you die or fall terminally ill during the period covered by the policy.
What is the difference between Insurance and Assurance?
Many people confuse Life Assurance with Life Insurance but there are several big differences between the contracts.
What is Level Term Insurance?
Level Term Insurance is a form of insurance that pays a lump sum to you or your family if you die or fall terminally ill whilst the policy is in force.
Will I need a medical?
This depends upon your medical history and the exact plan you have chosen.

With a “Reviewable” policy the insurance company reviews your premium level regularly (every 2 to 5 years but the reviewing interval can vary between Life Companies) and the company reserves right to increase your premium on the review date.

As you would expect, a “Reviewable” policy will start with a lower premium than an equivalent “Guaranteed” policy. However, the price of “Reviewable” policies will soon catch up and in the longer term are generally more expensive.

Some Life Companies have stopped offering “Guaranteed” rates on life insurance policies that include Critical Illness cover. This is because they experienced a higher claim rate than they originally expected. However, if you can find a “Guaranteed” life and critical illness insurance policy, you should seriously consider it.