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With life insurance what is the difference between stepped and level premiums

  • by The Quotesonline Team

What premium option suits you?

With life insurance you will have options to choose either stepped or level premiums, but what does this mean?

Generally the older you are the more the premiums will cost, to reduce this cost some life insurers will let you choose stepped or level premiums.

Stepped Premiums

With stepped premiums the cost will rise each year but will be lower in the beginning

Level Premiums

With level premiums your premium remains the same but is likely to be more expensive 

Can you get stepped and level premiums for income protection insurance? No because income protection insurance is based on your current income and its worth reviewing with your broker if you income changes.

If you need personal advice speak to our brokers on 02 9779 1126

Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs.

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