In short
Reviewable premiums can be changed by the insurer at set review points, so the price you pay may rise over the life of the policy.
With reviewable premiums, the insurer sets a price for an initial period and then reviews it, often every five or ten years. At each review the premium can stay the same, but it can also increase, sometimes significantly, particularly as you get older.
Reviewable premiums often look cheaper than guaranteed premiums at the outset, which can make them attractive on a like-for-like quote. The trade-off is uncertainty: a low starting price gives no guarantee about what you will pay later in the term.
If you are comparing quotes, it is important to check whether each is guaranteed or reviewable, because the headline figures are not directly comparable. For long-term cover, many people prefer the predictability of guaranteed premiums even at a higher starting cost.
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