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Life insurance premium increases: what you need to know

4 September 2012
1 minute read

My 1Life Policy

Premium increases are a part of life. Just like your medical aid and car insurance premiums, your life insurance premiums will go up. Find out when you can expect increases and why.

For 1Lifedirect policyholders there are two types of increases:

  • Scheduled annual increases and five-yearly adjustments
  • Increases prompted by changes or events in your life, as defined in your Policy Book

Scheduled annual increases and five-yearly adjustmentsFor all policies (excluding 1Life Basic) your premiums will not change for the first two years. From your third year onwards they will increase by 5% a year. As a 1Life Basic policyholder your premiums will remain the same.

In addition to your annual increase, every five years 1Lifedirect will review and increase your premiums if necessary. Your first five-yearly increase is guaranteed not to exceed 15%. Check your Policy Schedule for more detail on your premium increases.

Increases prompted by a change in your lifestyle1Lifedirect will review your policy and if necessary adjust your premiums, benefit amounts and policy terms and conditions if you do any of the following:

  1. Start smoking
  2. Start a high-risk job
  3. Take up or increase your participation in hazardous pursuits. Hazardous pursuits are defined as ‘activities (normally of a physical nature) that increase the risk of death or disablement for the life assured’
  4. Take a holiday in a high-risk country (for more than 14 days) or change your country of residence and move to a high-risk country

If any of the above occurs, the onus is on you to inform 1Lifedirect in writing. We will re-assess your policy and if necessary adjust your premiums and benefits. Failure to do so might result in rejected or reduced claims.

Please refer to the Continuity of Cover clauses under General Terms & Conditions in your Policy Book for more information.

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