As the premium is age-related it is adjusted according to the current age of the individuals insured under the policy. If your policy is payable by semi-annual or quarterly instalments - and one or more of the insured moves into a higher age bracket or one or more of the children becomes a paying insured during the policy year - your premium will change accordingly. You should, therefore, be aware that the premium amount stated in the renewal letter may not reflect the premium applicable at the following instalment(s).