Will my payments on my life insurance policy change?

If you choose level or decreasing cover, your monthly payments are guaranteed to stay the same for the duration of your policy. For decreasing life insurance, premiums are set at the start of the policy to consider the decreasing amount of cover you'll need during the policy term. Premiums for decreasing cover are often cheaper than other types of life insurance.

With level cover, if you choose to help protect your payments from the effects of inflation, so the lump sum won’t be worth less in the future, your monthly payments may rise. The maximum annual increase would be 15% to your premiums and 10% to your cover¹.