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Flexible options to keep your cover affordable

We understand that financial circumstances can change. This page offers practical options to help you manage your life insurance costs – whether you're reviewing your cover, adjusting premiums, or exploring support during financial difficulty. We're here to help you stay protected while keeping cost affordable.

 

Change your cover

Reducing your cover or making changes to your insurance is one way to keep your policy affordable. We recommend speaking to your financial adviser before making any changes.

  • Reduce how much cover you have: Your insurance needs may change over time. For example, if you’ve reduced your mortgage or your kids have finished their education, you may not need as much cover as before.
  • Income Protection – increase the waiting period: A waiting period is the time between when you stop working due to sickness or injury and when Income Protection payments begin. You may have accumulated extra sick or holiday leave that can provide an income buffer if you are unable to work due to injury or sickness. Increasing your waiting period (e.g. from 30 to 60 or 90 days) could lower your premium.
  • Income Protection – reduce the benefit period: A benefit period is the maximum length of time your Income Protection, or benefit, is paid for. As your needs change, you may not require the same benefit period you originally chose. Reducing it may lower your premium. For example, by moving from a Lifetime benefit to an aged 65 benefit period or reducing your benefit period from an aged 65 benefit to a 2- or 5-year benefit period (note the maximum period we pay is the earlier of benefit period term or policy expiry. For example, a customer aged 62 with a 5-year benefit period who is disabled will have payments cease at age 65).
  • Removing additional options: Some policies include additional cost options – like premium waiver, which carry additional costs. Removing an option that you no longer require can help reduce your premiums, but it does remove the benefit of the option, and you may not be able to add it back in if you change your mind in the future.
  • Restructure your insurance from standalone to linked: You can hold life, TPD and trauma cover as standalone or linked plans. Linked cover is usually cheaper, but a claim on one (e.g. trauma) reduces the sum insured on others (e.g. life). Standalone plans don’t affect each other, which is why they cost more.
  • Switch to a less comprehensive product: Some insurance products are tiered – higher tiers offer more features but usually cost more than basic options.
Helping our customers through tough times When it comes to protecting your loved ones, having life insurance you can count on is crucial. In 2024, Resolution Life paid out $257m to over 1,356 customers for life insurance claims, which equals $714,818 paid every day.
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Change how you pay

The premium structure or premium frequency you choose on your plan may affect the premium you pay. Reviewing these may help reduce your premium.

Choose to keep or opt out of the inflation adjustment

To protect your policy against the effects of inflation, we often apply an automatic increase to your amount of cover without you needing to provide medical or other details. This is called an 'inflation adjustment'. Each year, we may automatically increase your sum insured by either a fixed percentage or by the same percentage as the annual rise in the Consumer Price Index (CPI). We’ll apply the higher of the two, resulting in increased cover. Generally, as your sum insured increases, so does your premium. 

It’s a good idea to speak to your financial adviser about how inflation may impact your personal circumstances, so you can decide whether inflation adjustments are right for you. You can learn more about inflation adjustments here. You can opt out of the increase for any particular year or permanently and this change will take effect from the next policy anniversary. This can be done in the My Resolution Life portal, just search for 'inflation adjustment'. 

Change your payment frequency

Most insurance products charge a fee if you pay your insurance premiums more frequently than annually. Additionally, smaller more regular payments may help with budgeting than larger one-off payments. You can request a change of payment frequency within My Resolution Life, however, some frequencies may not be available depending on the source of your premium payments.

Paying for your insurance premiums through your super

Life, TPD and income protection insurance can be held inside super, meaning premiums are paid from your super instead of your take-home pay. However, this reduces your retirement savings.

To receive a payout, you must meet a condition of release under superannuation law, which can make accessing benefits harder. For example, income protection may not pay out if you're not working when you suffer a sickness or injury. Life insurance inside super may also have tax implications for you and your beneficiaries.

If you're considering funding your premiums through super, speak with your financial adviser to see if this structure suits your needs.

Speak to your financial adviser

Consider speaking with a financial adviser before cancelling your cover to make sure you’ve considered all your options and are making the right decision based on your circumstances. Alternatively you can contact us and we can discuss some product options with you.
Depending on the product you hold, you might be able to use our cover adjustment tool in My Resolution Life to increase or decrease your sum insured, modify waiting and benefit periods and instantly receive updated quotes and cover options.  

Review your health and pastime loadings

Your smoking status, medical history, pastime and occupation all contribute to how your insurance cost is calculated. If you have changed your occupation, stopped smoking, or had an improvement in health, you may be able to review your cover and reduce your premium.

Changing your smoking status

Smoking puts your health at risk – which is why it will impact the amount of your premiums. If you change from a smoker to a non-smoker status, it may reduce your premiums.

If you’re not a smoker, check your policy schedule to ensure your smoking status is correct. You can also check your smoking status in My Resolution Life.

If you have stopped smoking or using nicotine replacement products and haven’t smoked any other substance, including vaping for more than 12 months, and have no illnesses caused or made worse by your smoking habits, you can apply to be reassessed as a non-smoker.

You can find the Digital Non-Smoker Declaration form here. 

Changing to a less hazardous occupation

TPD and Income protection premiums are higher for those in more manual occupations and if you have had a change in occupation to one which is less manual, we may be able to reassess your occupation and reduce your premium cost, subject to underwriting.

Request a reassessment of health loadings

For certain medical conditions, a health loading can be applied. A health loading is a percentage increase in the cost of the premium.

If you had health concerns when you originally purchased your insurance, such as high cholesterol or high blood pressure, and your health has since improved, we may be able to reassess your health loading, subject to underwriting.

Request a reassessment of pastime loading/exclusion

Certain sporting and recreational pastimes, such as football, motor sports and scuba diving are considered risky and may result in a premium loading or exclusion. If you are no longer participating in these types of pastimes, we may be able to remove the loading or exclusion, subject to underwriting. 

Other affordability considerations

From understanding how inflation adjustments affect your premiums to exploring support during financial difficulty, these options can help you make informed choices that suit your changing needs.

Premium freeze

Some products offer the option to freeze* your premium in exchange for a reducing benefit amount. This means your premiums won’t increase each year, but your sum insured or monthly benefit will reduce each year. Before making any changes, you should check your policy terms carefully or speak with your financial adviser.  

*Applicable for some Resolution Life retail insurance policies with a stepped premium. Premium freeze is not available on a FlexiLink plan, PremierLink TPD option, PremierLink IP option or the plans/options to which they are linked.

Supporting you through financial hardship

If you're experiencing financial difficulty, contact your financial adviser or contact us to talk about how we may be able to help you.  We understand that everyone’s circumstances are unique, so we'll assess your situation and discuss your options to help you through this period.  

These options could include:  

  • Accessing features within your policy that may reduce or waive your premium.  
  • Altering your options or cover levels to make your premium more affordable.  
  • If your employment circumstances have changed, such as experiencing a reduction in income or unemployment, please contact us to talk through the impact this may have on your insurance cover.

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.