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Should I choose a “Guaranteed” or a “Reviewable” Mortgage Life policy? |
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We recommend
Guaranteed policies because they are better value in the long term, even though the
Reviewable policy will be cheaper at the outset.
With a Guaranteed policy - premiums are fixed at the same amount for the term of the policy. With a Reviewable policy - the premium will be reviewed and increased at regular intervals (normally at a rate slightly higher than inflation. The review will occur every 2 or 5 years). Reviewable policies are cheaper at first, but because they increase over time, they usually end up being more expensive than Guaranteed policies. We have noticed that a lot of insurance companies no longer offer Guaranteed rates for combined Life Insurance and Critical Illness policies, however if you shop around you should be able to find one. |
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Please Note:
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