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.
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 make sure your cover keeps up with the cost of living, you may have selected an automatic increase to your amount of cover without you needing to provide medical or other details. This is called an 'inflation adjustment'. Each year we increase your sum insured by either a fixed percentage or the increase to the consumer price index (CPI). We'll apply whichever of these is higher, which means you'll get more cover. As your cover increases so does your premium.
You can ask us to decline the increase in the sum insured from indexation at the policy anniversary. 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. This can also be done in My Resolution Life, just search for ‘inflation adjustment’. You can learn more here.
Review loadings that aren’t relevant anymore
Have you stopped smoking or changed occupations recently?
Your medical history, pastime and occupation all contribute to how your insurance cost is calculated. If you have changed your occupation to a less manual occupation, stopped smoking, or had an improvement in health and have an existing health loading on your policy, you may be able to apply to have your cover reviewed and reduce your premium. Speak to your financial adviser or contact 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. You can check with us or your adviser to see if this is an option for you.
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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
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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.
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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.
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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.
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Important information
The content of this website is for information only, it does not contain any financial advice or other professional advice or make any recommendations about a financial product or service being right for you. The information provided by Resolution Life Australasia Limited ABN 84 079 300 379, NZ Company No. 281363, AFSL No. 233671 (Resolution Life), is of a general nature and does not take into account your objectives, financial situation or needs. Before taking any action, you should always seek financial advice or other professional advice relevant to your objectives, financial situation and needs, as well as consider the policy document for the product. Any guarantee offered in the product is only provided by Resolution Life.
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.co.nz/contact-us or by calling 0800 808 267.
