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What is the difference between Guaranteed and Renewable premiums?

April 26, 2017guaranteed premiums renewable

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What is the difference between Guaranteed and Renewable premiums?

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Guaranteed premiums never change throughout the life of your life insurance policy. If you pay £5 per month you will always pay £5 per month. Renewable premiums are generally assessed every 5 years and give the insurance company the chance to change the price of your premium. If you choose this option your premium could go up or down depending on how the market is performing.