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As life changes, so do your insurance needs

It’s a good idea to review your cover regularly to make sure it suits your current needs. If you’re entering a new life stage, such as nearing retirement or you’ve paid off your mortgage, your insurance needs may have changed. 

 

Check your policy details

Log into the My Resolution Life portal to view your sum insured amount, payment details and update your details. 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. 

Keep it affordable

There are lots of ways to reduce the amount you pay, such as reducing your sum insured, changing your payment frequency or adjusting your cover. Learn more about ways you can make your insurance more affordable.

 

Make the most of your cover by reviewing key options and updates

From inflation adjustments to lifestyle changes and life events, there are several ways to tailor your policy to better suit your needs. 

Here’s what to consider and where to take action.

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 evidence 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 whichever of these is higher, which means you'll get more 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 My Resolution Life, just search for 'inflation adjustment'. 

Review loadings that aren’t relevant anymore

Have you stopped smoking or changed occupations recently?

When you first took out your policy, any health or lifestyle factors that are deemed ‘higher risk’ could have meant extra costs were applied to your insurance premiums. These are known as both ‘premium loadings’ – which might include smoking, dangerous hobbies, or a high Body Mass Index (BMI) – and ‘occupation ratings’ which include having a high-risk job.

However, if you’re now living a healthier lifestyle than you were before or no longer working in a high-risk job, you may be able to lower your insurance cost by having these loadings removed. Speak to your financial adviser or with us to learn more about reviewing loadings.

Future insurability

For certain life events, such as taking on a home loan, having children and getting married or divorced, depending on your product we may be able to offer a capped increase in your cover without the need for medical underwriting. This is known as future insurability or guaranteed future insurability (GFI). You can check with us or your adviser to see if this is an option for you.

  • Why insurance costs can change

    It’s important to know what to expect each year on your policy anniversary and understand why the cost of your cover will change.

    Learn more

  • Check your beneficiaries

    Check who owns your policy and any listed beneficiaries to ensure payouts go to the right people. Claims usually go to the policy owner, unless it’s held by a super fund or trust. You can review these details in the My Resolution Life portal.

    Learn more

  • How to adjust your cover

    Depending on the product you hold, you may be able to use our cover adjustment tool to increase or decrease your sum insured, modify waiting and benefit periods and instantly receive updated quotes and cover options.

    Learn more

  • Get advice

    Consider speaking with a financial adviser or contact us before changing or cancelling your cover to make sure you’ve considered all your options and are making the right decision based on your circumstances.

    My Resolution Life

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.