Premium
What you pay the insurer, monthly or annually, to keep the policy in force.
The premium reflects your age, where you live, the hospital list, the excess, the outpatient limit and any optional modules, along with the insurer’s own claims experience. It is not fixed for life: most private medical insurance is an annual contract that is re-rated each year, which is why renewal is the point at which people most often review cover or take advice.
Where this comes up
Guides that use this term
- Is income protection tax deductible?
- How much does income protection cost in the UK?
- Is private health insurance worth it? An honest framework
- How much does life insurance cost in the UK?
- Health insurance costs where you live: how location shapes price
- What is income protection insurance, and how does it work in the UK?
- Private health insurance in Manchester and the North West
- Private health insurance in Birmingham and the Midlands
