“Insurance lingo” can sometimes be a bit tricky! For example, do you know the difference between a “Level Premium” and a “Stepped Premium”?
- Stepped Premiums: This is initially the cheaper option, but the premium cost will increase year on year. Most people feel it’s the most cost-effective option for the short term.
- Level Premiums: This is the more expensive option to begin with however the premium will not increase until a selected age, this could be anywhere from 65 to 100. This provides long term certainty of cost and substantial long-term savings.
Not sure what you currently have or if you should make any changes to your existing policy? Contact Amicus today.