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 already paid off your mortgage, your children have now grown up and moved out, or you’re nearing retirement
- You are unsure of the value of your cover
However, it's important to know your insurance cover is flexible and that you can make adjustments if you need to. 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 several ways you can 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.
Your lifestyle and insurance needs have changed
You may be entering a new life stage and this could mean your financial situation is very different from when you first took out your insurance cover. As a result, 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 needs.
For full details of your policy terms, conditions and exclusions, 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 personal details in the My Resolution Life portal.
Other considerations
It’s easy 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 insurance cover could also change, and any new life insurance policy may cost more, or have excluded medical conditions due to your health.
Make an informed decision about your insurance with your financial adviser
Your financial adviser can be invaluable when reviewing your insurance and understanding your options. They offer the following assistance:
- Detailed discussions: Advisers engage in detailed discussions about your personal situation and specific insurance needs.
- Informed decisions: As industry experts, they can guide you in making informed decisions about your insurance coverage and help you understand the impact of any changes.
- Policy changes: If you decide to make changes to your policy, your financial advisers can assist you with the process.
We’re also here to help if you need more information about your insurance policy or if you’d like to proceed with a policy alteration or cancellation. You can contact us on 0800 808 267.
Important information
Resolution Life Australasia Limited ABN 84 079 300 379, NZ Company No. 281363, AFSL No. 233671 (Resolution Life). The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.
A disclosure statement is available from your Adviser, on request and free of charge.
