Planning ahead: Why your cover is so important
As you move through your 50s, your lifestyle, responsibilities and financial priorities are evolving. Maybe the mortgage is 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 0800 808 267.
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 keeping protection in place. Speak to your financial adviser or contact our Customer Solutions team on 0800 808 267. 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 (unless you choose to ‘opt out’ of the adjustment). This is called ‘indexation’, an increase to your sum insured by either a fixed percentage or the increase to the consumer price index (CPI) (depending upon the terms of your policy). 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.
Please refer to your Policy Document and Policy Schedule for the full terms and conditions that apply to your cover.
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 an option that is no longer required 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.
Before making any decisions regarding your cover, we recommend that you seek appropriate advice from your financial adviser. If you have any questions or require further information, please contact our Customer Solutions team on 0800 808 267 to review your policy and to remove any options you might no longer need.
Common misconceptions (and what’s actually true)
Myth: I only needed life insurance when I was younger
Fact: If you have dependants or debt, 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 affordable, while still staying protected.
Myth: I don’t need life insurance in my 50s if I’m healthy.
Fact: At Resolution Life, 92% of life 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 your loved ones without a financial safety net.
- Potentially needing underwriting, including medical tests, if you reapply for cover later.
- Possibly facing exclusions or higher premiums (loadings) if your health has changed since you first applied.
- 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.
1 2024 Resolution Life Australasia claims statistics. Claims across life and terminal illness benefits in Australia and New Zealand, for policyholders aged 50 or older as a percentage of total life insurance claims.
Important information
Resolution Life Australasia Limited ABN 84 079 300 379, NZ Company No. 281363, AFSL No. 233671 (Resolution Life) is part of the Resolution Life Group. 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.
