What does the Premium Freeze Benefit cover?

There may be times in your life when you feel the pinch and would like to keep your outgoings steady, including your insurance premiums. With NobleOak’s Life Insurance products, you may choose to fix the cost of your premiums at any time by writing to us with a request to freeze your premium amount.

Premium Freeze Benefit means that your future premiums will be fixed at the amount you were paying on the date you notified us.

Instead of the premium increasing with age and inflation, each year your cover amount will be adjusted to the amount of cover that can be purchased for the frozen premium using the premium rates applicable for your age.

For example, Holly has bought her first home and her mortgage repayments are higher than the rent she used to pay. She reassesses all her outgoing expenses and decides that she still needs her insurance but would prefer that her premiums remain steady, rather than automatically increasing with her increasing age and to keep up with inflation. She writes to NobleOak and asks to freeze her premiums. After four years of static premiums, Holly is still covered, but for a lesser amount.

The next year, Holly receives a pay-rise at work, gets on top of her mortgage and feels ready to resume insurance cover which keeps up with the rising cost of living. She simply needs to write to NobleOak and we will end the premium freeze on the next anniversary of her cover. Going forward, her cover will increase each year to allow for inflation, and her premium will correspondingly increase to reflect her age each year and increased cover.