Future Insurability

Taking out life insurance cover may be one of the most important things you can do for your loved ones – providing future financial security after you pass away. But it can be tough to know whether you have the right level of protection, especially as your needs and circumstances often change throughout your lifetime.

You can speak to your adviser about whether your existing product has features that may allow you to change the level of cover you hold. One of these features – future insurability – could make it simple to get the amount of cover you need, without any complicated paperwork, if there’s a significant change in your life.

How it works

A change in personal circumstances can trigger the need to increase your level of life insurance cover. With future insurability, you may be able to simplify this process by automatically increasing your cover when certain ‘life trigger’ events occur. Unlike the usual process of applying for an increase in insurance cover, you won’t have to go through the underwriting process or provide any medical information – as long as the policy you hold has future insurability included.

Generally, you may be able to apply to increase your cover once in any 12-month period by either a percentage or a set amount. You can find out whether you have future insurability by contacting Resolution Life or by asking your financial adviser to review your policy in detail. This can help give you peace of mind that you’ll always have the level of protection you need, no matter what happens in life.

What are the common life trigger events your policy may hold?

• Getting married or divorced
• Having or legally adopting a child
• Your child starting school
• Taking out a home loan to buy your first home
• Becoming a carer for the first time
   

Get the protection you need

While future insurability can give you higher cover in specific circumstances, it’s still important to review your life insurance policy regularly to make sure it’s appropriate for your needs.

Your financial adviser can help you make sure you have the right type and amount of cover for your situation – taking into consideration your budget, income, debts and lifestyle.