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Ways to help you manage your policy
Step 1: Review your cover when things change
Reaching major milestones like having kids, paying off your home loan, buying or selling an investment property or retiring can impact the amount of insurance cover you need. You may also choose to review any loadings you have1, additional options you have chosen, or any activities or conditions your cover excludes2. It’s important to review your cover to ensure you’re only paying for what you need. Read more about how to review your cover.
1. A loading is an extra amount factored into your insurance premium, which reflects your personal circumstances at the time you underwent underwriting.
2. Exclusions are those activities and conditions you won’t be covered for, because of the risk involved from a pre-existing medical condition.
Step 2: Opt out of inflation adjustments
Your policy may have a feature that automatically increases your cover each year to keep up with inflation, referred to as an inflation adjustment or indexation. If you decide you don’t need this additional cover, you can opt out of the inflation adjustment either for one year or permanently. Find out more about how the inflation adjustment works.
Step 3: Tell us about healthy lifestyle changes you’ve made
Making healthy lifestyle changes is a great achievement. If you have quit smoking for at least 12 months, you can request an insurance reassessment to see if you can decrease the cost of your cover.
Step 4: Keep your beneficiaries up to date
If you haven’t nominated a beneficiary yet or if they have changed, let us know as soon as you can. Also, for some policies, your original beneficiary notification may expire after a period of time, which means you have to renominate them. You can update your beneficiaries in the My Resolution Life online portal.
Step 5: Know your rights
Your right to make changes to a policy will vary depending on whether the policy is individually or jointly owned, and whether you are the insured person or the policy owner. For further information on your rights as the policy holder and/or the insured person take a look at our insurance ownership structure flyer.
Important information
Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.
