As significant events happen throughout your life, they can have an impact on your financial commitments. It's an ideal time to reconsider your insurance needs as well.

Things in life can change, and when that happens it's natural to protect what matters to you. For example, if you marry or have a child, you may want peace of mind that the new additions to your family may have some financial security if you’re unable to work because of injury or illness, or in the event of your death.

If you no longer have a mortgage or your children are now independent and out of your home, your financial commitments may no longer be the same.

At times like these, it makes sense to re-evaluate your level of insurance cover to make sure it’s still appropriate for your needs.

Increasing insurance cover under our life events option

Life events may be the times when people need to change their insurance cover, so one of the features of cover in Accumulate Plus is our life events cover option.

Under this option, you can apply to increase any existing Death and TPD or Death-only cover when any of the following life events occur, without having to provide additional medical evidence to the insurer (although proof of the life event is required):

  1. Marriage or divorce
  2. Start of a de facto relationship
  3. Birth or legal adoption of a child
  4. Mortgage for purchasing your primary residence
  5. Child’s first day of primary or secondary school
  6. Death of a spouse or de facto spouse.

Note: You cannot increase Salary Continuance cover under the life events option.

Looking for more information?

Find out more about the life events option in our Reference Guide: Insurance cover (Death & TPD) or read more about how changes during your life might impact on your super.

 

Other useful resources

    The facts of life

    In this short video, we provide some statistics about 'the facts of life' for Australians and how important the right level of insurance coverage can be. (Source: Commonwealth Bank Group Super and CommInsure)

    Insurance: inside or outside super?

    There are definite benefits to holding insurance within your super, but when considering your circumstances it's wise to also look at outcomes of insurance coverage both inside and outside super. (Source: CommBank)

    Scott Pape's protect your finances money challenge

    In this short video and feature, 'Barefoot Investor' Scott Pape outlines some quick challenges to help you understand what cover you might need. (Source: ASIC MoneySmart)