Premiums for Life Insurance, Total and Permanent Disability Insurance, Trauma Insurance and Income Protection Insurance can be paid by either “stepped “or “level” premium options. Stepped premiums ordinarily start at a lower price, however these increase dramatically as you get older and often become unaffordable for the policyholder at a certain age. The alternative is Level premiums, which start off higher than the stepped premiums. However, Level premiums remain constant over time and do not increase with age. For younger people, Level premiums are recommended to assist future affordability of their insurance policies.