By Tony Smilevski · Updated 11 October 2026
Key points
- ClearView's PDS lists the type of cover, benefit amount, optional extras, premium type, how often you pay, and age, sex, smoking status, health, occupation, pastimes and any loadings as factors in the premium, and for income protection also the waiting and benefit periods.[1]
- AIA's variable age-stepped premiums rise each year as you get older, while its variable premiums use the rate for your age when cover starts and convert to age-stepped at the policy anniversary before your 65th or 70th birthday, if cover continues; variable premiums can still change for other reasons, such as indexation or a rate change for a group of policies.[2]
- AIA says premium rates "can only be altered for all policies in a group" and a policy "cannot be singled out for an increase"; AIA guarantees its rate tables for two or five years from the start (depending on cover and premium type) and TAL guarantees its rates until the first policy anniversary; AIA, TAL and ClearView each give at least 30 days' notice of a rate change, while Acenda gives at least one month's written notice.[3][4][5][6][7]
- AIA's policy lapses if premiums aren't paid within 60 days of the due date, and ClearView writes if a premium is unpaid 30 days after the due date to explain it will cancel the policy and from when.[8][9]
- AIA, TAL, ClearView and Acenda each give a 30-day cooling-off period, but the refund rules differ; Acenda refunds premiums if you cancel (inside super, to the Trustee), but an alteration or claim in the 30 days confirms acceptance, so no premiums are refunded.[10][11][12][13]
A life insurance premium is what you pay to keep cover in place. It depends on your age, health and the cover you choose, and can change over time. Acenda's product disclosure statement (PDS) calls a premium "the amount of money we charge for the insurance we provide".[14] This guide gives no prices or quotes.
What affects the price of my premium?
Several things, and the lists differ by insurer. Examples from PDSs include:
- AIA: age, sex, occupation, state of health, smoker status, the type and amount of cover, optional benefits, discounts, and government charges such as stamp duty.[15]
- ClearView: the type of cover, benefit amount, optional extras, premium type, how often you pay, and age, sex, smoking status, health, occupation, pastimes and any loadings. For income protection, the waiting and benefit periods also count.[1]
Acenda's PDS describes a loading as a higher premium it may require after assessing an application, for reasons such as medical or lifestyle.[16] See our pre-existing conditions guide.
Stepped vs level premiums: what is the difference?
Stepped premiums are tied to your age each year. Level premiums are based on your age when cover starts. PPS Mutual's target market determination (TMD) says the current names are "variable age-stepped (previously known as 'stepped')" and "variable (previously known as 'level')".[17]
- AIA: variable age-stepped premiums rise each year as you get older. Variable premiums use the rate for your age when cover starts, and convert to age-stepped at the policy anniversary before your 65th or 70th birthday, if cover continues.[2] They start more expensive, may later become less than age-stepped premiums, and over the whole term may total less or more. AIA also offers an Optimum structure, which starts as variable age-stepped and converts to variable when the age-stepped premium would become higher, with a premium loading.[18]
- TAL: age-stepped premiums use your age at each policy anniversary and generally increase as you age. Variable premiums use your age at the plan start date. If your schedule says "to age 65" or "to age 70", they change to age-stepped on the policy anniversary before that birthday.[19]
- ClearView: variable premiums "do not increase due to age" but are "likely to be higher at the commencement of your policy" than age-stepped premiums. They convert to age-stepped on the policy anniversary immediately after you turn 65, if the policy continues.[1][6]
- Acenda: its TMD says "From 3 February 2024 we only offer variable age-stepped premium rates." Level premiums are only available if the policy was current on 2 February 2024, or the cover was transferred from such a policy. They do not rise with age but may change for other reasons.[20]
We can't tell you which suits you. That depends on your own circumstances, and this page doesn't take them into account.
How the insurers compare
- Insurer and topic: AIA: premium types — What its PDS or TMD says: Age-stepped rises yearly with age; variable uses age at start and converts to age-stepped the anniversary before the 65th or 70th birthday, if cover continues.[2]
- Insurer and topic: TAL: premium types — What its PDS or TMD says: Age-stepped uses your age at each anniversary and generally rises; variable uses age at plan start, changing to age-stepped before the age on your schedule (65 or 70).[19]
- Insurer and topic: ClearView: premium types — What its PDS or TMD says: Variable premiums don't rise due to age but are likely higher at the start, and can change with benefit increases or a rate review; age-stepped after you turn 65.[1][6]
- Insurer and topic: Acenda: premium types — What its PDS or TMD says: Only variable age-stepped rates from 3 February 2024; level premiums only on policies current on 2 February 2024 (or transferred from one), and may still change.[20]
- Insurer and topic: AIA: unpaid premiums — What its PDS or TMD says: Lapses if unpaid within 60 days of due date; reinstatement within 90 days may need health evidence; if reinstated without it, events in the gap aren't covered.[8]
- Insurer and topic: TAL: unpaid premiums — What its PDS or TMD says: Gives at least 30 days to pay after writing, then cancels; may decline to reinstate, and pays nothing for events between cancellation and reinstatement.[21]
- Insurer and topic: ClearView: unpaid premiums — What its PDS or TMD says: If unpaid 30 days after the due date it writes explaining it will cancel and from when; after that all cover ceases.[9]
- Insurer and topic: Acenda: unpaid premiums — What its PDS or TMD says: Cancels if unpaid by the reminder date; reinstate within six months by paying outstanding premiums and answering health questions; it may decline.[22][23]
- Insurer and topic: AIA: cooling-off — What its PDS or TMD says: 30 days: premiums refunded in full, including the policy fee, unless you have exercised any right under the policy; if paid through super, the refund goes to the fund (preservation rules apply).[10]
- Insurer and topic: TAL: cooling-off — What its PDS or TMD says: 30 days, only if no claim made; full refund unless structured through super (then preservation rules apply).[11]
- Insurer and topic: ClearView: cooling-off — What its PDS or TMD says: 30 days: refund unless you have claimed (or, on ClearChoice Super, exercised other Fund rights); refunds inside super may have to stay in super.[12]
- Insurer and topic: Acenda: cooling-off — What its PDS or TMD says: 30 days: premiums refunded if you cancel (inside super, the refund is paid to the Trustee); an alteration or claim in that time confirms acceptance, so no premiums are refunded.[13]
Why did my premium go up?
The PDSs quoted here list:
- Time held. TAL and ClearView list how long you have held the policy as a factor.[19][1]
- Other changes. AIA lists stamp duty and other legislative changes, and discounts that end or reduce.[3] TAL says a discount can change when you vary your policy, or another policy held with TAL.[19]
- A group rate change. AIA says rates "can only be altered for all policies in a group" and a policy "cannot be singled out for an increase".[3] TAL says changes are "determined in relation to the group of customers that we insure" and "do not occur because of changes to an individual customer's own circumstances".[5] ClearView says it may review rates up or down, and changes apply to all policies in a defined group.[6]
AIA, TAL and ClearView each give at least 30 days' notice of a rate change; Acenda, at least one month's written notice.[4][5][6][7]
AIA guarantees its premium rate tables won't increase for a minimum period from when the policy starts, which varies by cover and premium type. It says your premium can still change in that time.[4] TAL says its premium rates are guaranteed not to change before the first policy anniversary.[5]
Can I decline indexation increases?
Indexation raises your cover each year, and your premium rises with it. Examples:
- AIA: if your application includes Benefit Indexation, the sum insured and premium rise at each policy anniversary.[24] You can opt out on the application form, when replacing a policy, or by contacting AIA before an anniversary. To refuse an increase already applied, tell AIA in writing within one month after that anniversary.[25]
- ClearView: increases follow the CPI. If you decline a year's increase you are still offered later ones, unless you ask ClearView to remove indexation. Adding it back means underwriting.[26]
Can premiums be paid from super?
For ClearView's super product, the trustee won't pay premiums if you can't or don't make contributions or rollovers to fund them.[6] See our life insurance in super guide and tax deductibility guide.
What if I stop paying my premiums?
Cover can end.
- AIA: the policy lapses if premiums aren't paid within 60 days of the due date. AIA may require evidence of continued good health and eligibility to reinstate it, and says reinstatement can occur within 90 days from the due date of the first unpaid premium. Reinstated without further medical evidence, the policy won't cover sickness, injury or death arising between lapse and reinstatement.[8]
- TAL: it writes and gives at least 30 days to pay, then cancels. It may permit reinstatement but does not guarantee it, and may decline, offer amended terms or impose conditions. If it reinstates, no benefit is paid for sickness, injury or death arising between cancellation and reinstatement.[21]
- ClearView: if you don't pay within 30 days of the due date, it writes explaining it will cancel the policy and from when. After that all cover ceases, and you can't claim for later events.[9]
- Acenda: it cancels if you don't pay by the date in its reminder letter.[22] You can apply to reinstate within six months by paying all outstanding premiums and answering health or lifestyle questions, and it may decline. For 30 days after cancellation, no answers are needed.[23]
Can I cancel my policy and get a refund?
You can cancel, and whether you get money back depends on timing and the policy. AIA, TAL, ClearView and Acenda each give a 30-day cooling-off period.[10][11][12][13] Refunds differ:
- Cooling-off. AIA refunds premiums in full, including the policy fee, but you lose the right if you have exercised any right or power under the policy; if paid through super, the refund goes to the fund (preservation rules apply).[10] TAL refunds in full unless the policy is structured through super, if no claim has been made.[11] ClearView refunds premiums paid, unless you have made a claim (or, on ClearChoice Super, exercised other Fund rights); a refund inside super may have to stay in super.[12] Acenda refunds premiums if you cancel (inside super, the refund is paid to the Trustee), but an alteration or claim in the 30 days confirms acceptance, so no premiums are refunded.[13]
- Later. AIA says you can cancel at any time, and refunds the unexpired portion of premiums paid in advance.[8] TAL says you "may be entitled to a refund of a proportion of the premium".[27]
AIA warns you may not be able to get more cover because of your health or circumstances, and against letting existing cover lapse or be cancelled until new cover is firmly in place.[28] TAL says if premiums increase you can reduce them by reducing cover, subject to any minimums.[5]
How do I review my cover as life changes?
Some policies let you increase cover after listed events without new health questions:
- AIA (Guaranteed Future Insurability): events include marriage, birth or adoption of a child, becoming a carer for the first time and a first mortgage on a home.[25][29] Conditions include using it only up to the policy anniversary before your 55th birthday, and original cover accepted on standard terms without loadings or exclusions.[29]
- TAL (Guaranteed Future Insurability Benefit): events include birth or adoption of a child, marriage, divorce, a new or increased mortgage and becoming a carer. Apply in writing within 30 days of the event, or within 30 days before the next policy anniversary. The event must occur when the life insured is under age 55.[30] It can't be used if an exclusion or premium increase for medical history or pastimes applies.[31]
AIA and TAL both limit the increase, for the first six months, to events caused by accident.[29][31]
Questions to ask before you choose
- Which premium structure applies to each cover, and does it change at a certain age?
- How long after a missed payment does the policy lapse, and can it be reinstated?
- What is the cooling-off period, and what refund applies if I cancel later?
- Can I increase cover after life events without new health questions, and on what conditions?
Read the insurer's PDS and TMD before deciding. You can find them in our PDS and TMD library. We deal with 11 Australian life insurers. For general information about anything in this guide, book a time with Tony or call 0433 22 77 11.
Sources
- [1] ClearView ClearChoice Combined PDS (Aug 2026), PDF page 26.
- [2] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 178.
- [3] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 180.
- [4] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 177.
- [5] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 18.
- [6] ClearView ClearChoice Combined PDS (Aug 2026), PDF page 27.
- [7] Acenda Insurance and Acenda Insurance (Super) PDS (Apr 2026), PDF page 53.
- [8] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 169.
- [9] ClearView ClearChoice Combined PDS (Aug 2026), PDF page 28.
- [10] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 7.
- [11] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 5.
- [12] ClearView ClearChoice Combined PDS (Aug 2026), PDF page 30.
- [13] Acenda Insurance and Acenda Insurance (Super) PDS (Apr 2026), PDF page 50.
- [14] Acenda Insurance and Acenda Insurance (Super) PDS (Apr 2026), PDF page 51.
- [15] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 176.
- [16] Acenda Insurance and Acenda Insurance (Super) PDS (Apr 2026), PDF page 52.
- [17] PPS TMD Life-Insurance (Sep 2026), PDF page 3.
- [18] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 179.
- [19] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 17.
- [20] Acenda TMD (Apr 2026), PDF page 20.
- [21] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 40.
- [22] Acenda Insurance and Acenda Insurance (Super) PDS (Apr 2026), PDF page 54.
- [23] Acenda Insurance and Acenda Insurance (Super) PDS (Apr 2026), PDF page 55.
- [24] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 125.
- [25] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 126.
- [26] ClearView ClearChoice Combined PDS (Aug 2026), PDF page 84.
- [27] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 39.
- [28] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 166.
- [29] AIA Priority Protection and Priority Protection for Platform Investors PDS (Aug 2026), PDF page 127.
- [30] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 26.
- [31] TAL Accelerated Protection Combined PDS and Policy Document (Dec 2025), PDF page 27.
Just so you know, Tony Insurance operates under Sustainable Life Solutions (AFSL 536966) and can only give general advice about life insurance. That means we'll tell you what you need to know for you to make a good decision, but we can't give you specific advice or recommendations. It also means that everything on our website is only general information and isn't specific to you.
Toni Smilevski, Authorised Representative 343156 of Sustainable Life Solutions Pty Ltd (AFSL 536966)