Many insurance policies have an increasing premium even though the cover amount doesn’t change. Life insurance also gets more expensive as you get older; why would this be the case?
Each year we get older and unfortunately for all of us that means we become more likely to die, even if only a little bit. Life Insurance premiums are based on this risk and the likelihood of us dying, this what those people called actuaries work out.
So the reason you pay more each year is because you just got a little more risky.