"To fix the premium" means to secure or lock in a certain price for an insurance policy or service. It ensures that the cost of the premium remains the same over a period of time, typically for the duration of the policy. Full definition
Where a term policy has a fixed time period for guaranteed premiums, a standard whole life insurance policy offers fixed premiums for the entire life of the insured. (truebluelifeinsurance.com)
Depending on the type of policy, term life insurance can offer fixed premiums for the entire term or life insurance on level terms. (aigdirect.com)
However, a hybrid long - term care policy provides guaranteed fixed premium payments for life. (insuranceandestates.com)