Premiums for reviewable critical illness plans are guaranteed for the first five years, after which premium rates are reviewable.
Reviews are carried out to determine whether the premium will be changed at the fifth anniversary and every year thereafter.
Ian Smart, head of product development and technical support, at Bright Grey said: “At a time when everything seems to be going up in price it is reassuring that reviewable rates for life or critical illness are actually reducing, especially as many people wrongly assume that reviewable rates automatically increase.
“For consumers looking for a cost effective option, the reviewable premium represents excellent value for money and will provide peace of mind that loved ones will be looked after financially should the worst happen.”
