Healthcare costs throughout the western world rise faster than general inflation. In the UK this is true for the National Health Service and the private sector, both of which see a steady rise in the number of patients being treated. As far as the private sector is concerned, improvements in technology expand the range of available treatments under most policies. As a result charges made by specialists and hospitals tend to rise above retail price inflation. In addition to a yearly adjustment for inflation, premiums will increase as you get older.
Insurers vary in the extent and frequency of age increases.
Taxation Your premium could also be affected if the Government changes tax legislation, for example, this might mean changes to insurance premium tax. When you apply for PMI, you will usually be asked to complete an application form. Some insurers will allow you to purchase your PMI cover over the telephone, but this cover may only be provisional pending their receipt of your fully completed application form. Other insurers will cover you only when they have received an application from you. The application form is a very important document because it gives insurers information they need and it forms the basis of the contract you make.