Stepped premium

Stepped premiums are adjusted each year in line with your age and therefore will increase every year by a certain percentage based on your age.


  • Stepped premiums are cheaper when the policy is first taken out.


  • The premium will increase every year; and
  • You will pay more for your policy if you hold the policy over a long period of time.

Why a stepped premium is recommended

  • You have short term insurance needs and will likely change your level of cover and policy structure in the future; and
  • You want to reduce the initial cost of your insurances as much as possible.
The Dover Group