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We understand that as life changes, so may your insurance needs.
There may be times when you're considering cancelling your insurance policy because:
You can no longer afford the payments
You’re at a different stage of life, such as having paid off your mortgage, your children have now grown up and moved out, or you’re nearing retirement
You're unsure of the value of your cover
However, it's important to know your cover is flexible, you do have control over your policy and you can make adjustments. If you’d like to stay covered, read about some of your options below.
You want to manage the cost of your policy
There are lots of ways to manage the amount you pay and align the cost to your budget, such as reducing your sum insured, changing your payment frequency or removing extra cost options from your cover.
Learn more about ways to make your insurance more affordable and why insurance costs change over time. There are also support options available if you’re having trouble paying or can no longer afford your premium.
If you have maintained a healthy lifestyle, we may have additional options to help address the affordability of your premiums. Please speak to your financial adviser or contact our Customer Solutions team on 133 731 option 4 ext 50012.
Your lifestyle and insurance needs have changed
You may be entering a new life stage, such as nearing retirement, or have paid off your mortgage. This could mean your financial situation is very different from when you first took out your cover, and you may not need as much cover anymore.
You can take advantage of your policy's flexibility and built-in features to adjust your policy to your current lifestyle. It’s also a good idea to speak to your financial adviser to learn more about matching your cover to your needs. Read more about how you can review your cover to meet your needs.
You’re unsure what your insurance policy covers you for
It may have been some time since you’ve last reviewed your cover. You might find you no longer need the same level of cover as when you first took out your policy.
It’s important to know the type of cover you have and how much you’re covered for. You’ll also want to consider whether what you’re insured for still matches your current need. Learn more about types of insurance and other insurance considerations when checking your cover.
To check what you're covered for, you can refer to your policy document. If you no longer have your policy document, please contact us for a new copy.
You can also view your sum insured, payment details, policy terms and conditions and update your details in the My Resolution Life portal.
Other considerations
It’s human nature to forget why you took out insurance in the first place, and you may be considering cancelling your insurance cover in response to increases in premiums – but it may be a decision that results in you losing important insurance protection.
It may also be a decision you can’t easily reverse. If you subsequently apply for a new policy, you may have to undergo medical underwriting again. Any changes in your health, income and lifestyle since your existing policy was taken out may impact your ability to be insured. The terms, conditions and exclusions applicable to your cover could also change, and any new policy may cost more, or have excluded medical conditions due to your health.
Next steps for your insurance
If you’d like to speak to someone about your insurance policy or if you’re having trouble paying, you can reach out to your financial adviser or contact our Customer Solutions team on 133 371 option 4 ext 50012.
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and 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 relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
