Your premium is based on your age at your policy commencement date, your gender and your sum insured. Ongoing premiums will not increase each year as a direct result of your age but will increase due to any increase to your sum insured, including as a result of the Automatic Indexation Benefit.
If you accept the Automatic Indexation Benefit or apply to increase your sum insured, the increased portion of the sum insured will be calculated based on the applicable premium rate for your age at the time of applying for the increase. If you have had a birthday since your policy commencement date, the premium rate that applies to the increased sum insured will generally be higher than when you applied for the original sum insured.
We can also change the premium rate for all policies at any time. In the event we apply an increase to all policies, we will provide you with at least 30 days’ notice and you will be charged the new premium from your next policy anniversary.