Why are some insurance premiums flat while others are increasing? How can I lock in my premiums while young so that I don't have to pay as much when I get older?

Insurance premiums are flat because they did the TVM (time value of money) and payments are like mortgage payment. If you wish to lock-in, get a "Level Term Life" insurance or Whole Life insurance.

Term insurance of different terms are priced differently.

IF you want a crash course on insurance, consider us. PolicyWoke is planning big things in 2020.

But most stuff require you to read up extensively. Seedly Blog is 1 way.

The confusion part comes because there are a lot of moving parts. 1 way is to understand the basics, the why. Then the how and what will flow in later.

Hi Anon,

That's a very good question, actually for premiums in the regards to WL, Term and Personal Accident policies, these are usually flat, meaning once you have bought them at a certain age, they will not increase even as you age.

The policy where premiums increase with age are mainly the hospitalisation polices, meaning your integrated shield plans. This makes sense cause as we age, there is a higher probability us visiting the hospitals more, thus premiums for such policies do increase as we age.

Hope that this will help clear things up for you. Of course, as always the ideal plan is to meet up with an agent who can advise you better