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Planning ahead: Why your cover is so important
As you move through your 50s, your lifestyle, responsibilities and financial priorities are evolving. Your mortgage may be smaller, and you’re working hard to build your career and lifestyle. The kids might be finishing their education, and you're starting to think about your next chapter – whether it’s advancing your career, planning for retirement, traveling, or giving your kids a head start. You might be wondering how best to safeguard your wealth, health and lifestyle to make the most of what you've worked so hard to achieve.
The insurance cover you have now may have suited your needs when you took it out, but does it still reflect your needs today?
To review and make changes to your cover, please speak to your financial adviser or contact our Customer Solutions team on 133 731 option 4 ext 50012.
You can view your current level of cover and your premium details in My Resolution Life.
Protect what you’ve built
Protect loved ones
Provide peace of mind or support to your partner and family
Cover remaining debts
Help with mortgage, school or university fees or credit card payments
Protect your lifestyle
Maintain your quality of life if your income is impacted
Cost-conscious? Here are some ways to keep it affordable.
Looking for ways to manage premium costs? There are flexible options that can help you stay covered while reducing your premiums. Learn more here.
Consider adjusting your cover
As life changes, you can adjust your cover. You may not need as much cover as before and there are options to reduce your cover to lower your premiums, while still keeping protection in place.
Speak to your financial adviser or contact our Customer Solutions team on 133 731 option 4 ext 50012. View your current level of cover and your premium details in My Resolution Life.
Opt-out of inflation adjustments
Your cover may include an automatic annual increase to keep up with the rising cost of living. This is known as an ‘inflation adjustment’’ or ‘automatic inflation’ increase to your sum insured and it increases by either a fixed percentage or the increase to the consumer price index (CPI). We’ll generally apply the higher of these, which means you’ll get more cover but also pay higher premiums. Learn more about inflation adjustments here.
You can opt out of this increase for a year or permanently, with the change taking effect from the next policy anniversary. Noting, if you decide to add the automatic inflation adjustment back after it has been removed, you may require underwriting.
Opt-out using this online form.
Remove optional extras
Some policies include additional options which carry additional costs, like premium waiver or Life Cover buyback. These provide extra benefits but also extra cost. Removing a no longer required option can help reduce your premiums. Noting, if you decide to add these options back after they have been removed, you may require underwriting and if your health has changed, you may not be eligible to add these back.
Speak to your financial adviser or contact our Customer Solutions team on 133 731 option 4 ext 50012 to review your policy and to remove any options you might no longer need.
Your cover matters most when it counts: At claim time
When it comes to protecting your loved ones, having life insurance you can count on is crucial. At Resolution Life, 92% of death claims are made by customers aged 50 and over1, highlighting the importance of maintaining your cover as you age. Additionally, our death claim acceptance rate is an impressive 98.8%2, when claims are made through a financial adviser. This means you can have peace of mind knowing that your policy will be there to provide support when it’s needed most. Learn more about how we support our policy holders at claim time.
Common misconceptions (and what’s actually true)
Myth: I only needed life insurance when I was younger
Fact: If you have dependants, debt or a lifestyle to maintain, life insurance still matters.
Myth: It’s not worth the cost and I’m better off spending my money elsewhere
Fact: You can often adjust your cover to make premium payments more manageable, while still staying protected.
Myth: I don’t need life insurance in my 50s if I’m healthy
Fact: At Resolution Life, 92% of death claims are made by customers aged 50 and over1, highlighting the importance of maintaining your cover as you age.
Understand what you may be giving up before cancelling
Cancelling your cover now may mean:
- Losing cover that may leave you or your loved ones without a financial safety net.
- Potentially needing underwriting, including medical tests, if you reapply for cover later.
- Maybe being ineligible for new cover, if your health circumstances change or you are above entry age for the cover.
You’ve maintained your cover for a reason - ensure it still meets your needs.
What’s your next step?
Want to adjust your insurance cover or need a quote? Please speak to your financial adviser or contact our Customer Solutions team on 133 731 option 4 ext 50012. View your current level of cover and premium details on My Resolution Life.
1 2024 Resolution Life Australasia claims statistics. Claims across death and terminal illness benefits in Australia and New Zealand, for policyholders aged 50 or older as a percentage of total life insurance claims.
2 Acceptance rate for life insurance claims made through a financial adviser. Australian Prudential Regulatory Authority (APRA) data for the financial year from 1 Jan 2024 to 31 Dec 2024. https://moneysmart.gov.au/how-life-insurance-works/life-insurance-claims-comparison-tool
