How often are the premiums on a reviewable critical illness cover policy typically reviewed?

In the context of reviewable critical illness cover policies, premiums are typically reviewed every 5 to 10 years. This means that the insurer has the opportunity to reassess the risk associated with the policyholder, which could lead to adjustments based on factors such as changes in health status, age, or shifts in industry standards for critical illness coverage.

The rationale behind this periodic review is to ensure that the premium accurately reflects the risk profile over time as well as changes in underwriting criteria. This approach allows policyholders to benefit from potentially lower premiums in the earlier years of the policy, while also accommodating necessary adjustments as circumstances evolve.

The other options do not align with typical industry practices. Annual reviews could lead to too frequent adjustments and instability in premium costs, while longer intervals like 10-15 years may not provide timely reassessments that account for significant changes in health or other risk factors. Thus, the 5 to 10-year timeframe strikes a balance, allowing for reasonable assessments while maintaining some stability for the policyholder.