Many of us have insurance policies, but not many of us know just how much we can get out of the policies we already have. What many people do not know is that there may be clauses in your policy that allow you to react to changes in your life to become better protected than you are. Having to make changes to your cover or getting new insurance entirely can be an onerous procedure. It can be more than a bit of a chore having to fill out application forms and go and have blood and medical tests.
Even so, there are times when making changes to your insurance is necessary and extremely beneficial. For instance, to cover an increase in borrowing for your business, doing renovations, taking out a home loan or covering a new addition to your family. Changes can be necessary sometimes, but the hoops you have to jump through to make them can often deter people from making them. But if you didn’t have to go through all the forms, paperwork and medical screenings, it could be a lot more tolerable.
|Excessive forms and screenings do not have to be an obstacle to changing your life cover.|
The good news is that in your current life policy there very well could be built in guarantees that allow you to increase your cover by certain amounts, without having to supply current medical information, in the event of specified events such as:
· Having a child (by birth or legal adoption).
· Becoming married or entering into a civil union.
· Becoming divorced or the dissolution of a civil union.
· Financially supporting a dependent child through a first course of full-time tertiary education.
· Taking out or increasing a home loan.
· Becoming responsible for the full-time care or payment for long-term care of a close relative;
· The death of a spouse or partner.
· Significant salary increase of 10% or more, at least $20,000.
If you have gone through any of these changes recently, then updating your insurance coverage might be an easy task, as well as a necessary one. Take a close look at your policy wordings or give us a call any time, and we can have a look at your existing policies and give you a summary of what you can do to get the most out of your insurance.