When you take out a Life Insurance policy, you typically have the option to select a Level Premium or an Increasing Premium pattern.
Level Premium means that for the lifetime of the policy you will be paying a premium that is directly in line with the benefit or cover you have. The other option, Increasing Premium, means you pay a discounted premium in the beginning, but the premium increases every year for the lifetime of the policy. Click here to read more about Increasing Premiums.