We are updating our website
So that we can direct you to the right page,
please select your product from the list below.
The only constant in life is change, which is why your life insurance cover with Resolution Life is flexible and can be adapted to your changing needs.
It is likely your needs have changed since you purchased your insurance, so it’s recommended that you should review your existing cover every 12 to 18 months. This is to ensure you’re covered when major life events occur, for just the right amount, paying the right premium, and getting the best value from your policy.
Where should you start?
There are several factors to consider when you are reviewing your life insurance cover. These include:
Your personal situation
In this day and age, there is no slowing down once you hit 60. Chances are, you still have dependents to think about and provide for, be that adult children or elderly parents. While your life situation may have changed over the years, you will probably still have to think about covering any outstanding debts and liabilities, cover any of your dependents financial needs or even consider contributing something to your children and grandchildren.
Your financial health
How do your superannuation and savings balance stack up against your debts and expenses? Would your partner or family be supported if the unexpected happened to you? If you own your home, could your partner afford to stay in it?
Your physical health
Although 3 out of 4 Australians aged 65 or over report their health as good, very good or excellent, many people will experience an increase in health issues as they get older. Your smoking status, medical history, pastimes (like sports and other recreational activities), 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.
Check your cover
Know the type of cover you have and how much you’re covered for. You’ll want to consider whether what you’re insured for still matches your current need. Learn more about different types of cover Resolution Life offer in our insurance overview.
Keep it affordable
It’s important to make sure your insurance stays 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.
Changing to a less hazardous occupation
Some insurance policies for dangerous jobs include a loading, which is a percentage increase in the cost of the premium. If you worked in a dangerous occupation and you have changed to a less hazardous one, we may be able to reassess your occupation, subject to underwriting.
Other ways you can adapt your cover to your current needs
Your Resolution Life insurance cover is flexible and there are ways you can change it to make sure it is appropriate for you. We have already discussed changing the amount you’re insured for to better match your needs, reviewing health factors like whether you smoke and why types of pastimes you participate in, as well as what type of occupation you now hold.
Beyond that, you can also:
• Choose to keep or opt out of the inflation adjustment.
Learn more about variable age-stepped versus variable premiums and the inflation adjustment here.
Other considerations
Understand who your benefits will be paid to
You want to make sure any insurance that’s paid out goes to the right people, so check who your policy is owned by, or any beneficiaries listed. This can vary depending on the type of cover you have. In general, claims are paid out to the policy owner, however, this can differ if the policy is owned by a super fund or trust.
Know important dates that apply to your policy
Important dates include the expiry date and policy anniversary and other key dates where your cover or costs might change.
For example, at policy anniversary, your insurance premiums may increase due to your age, the cost of any additional cover due to the inflation adjustment, and/or any overall premium increases. By understanding these, you can make appropriate changes at the right time.
How can Resolution Life help?
If your circumstances have changed since you last reviewed your policy, now’s a good time to contact your financial adviser to discuss your options.
You can also contact Resolution Life on 133 731 Monday to Friday, 9.00am to 5.30pm (AEST/AEDT).
