Changing life events...changing cover

 

As certain events happen throughout your life, they can have an impact on your financial commitments. This makes it the ideal time to reconsider your insurance needs as well.

 

Things in life rarely stay the same. For example, if you marry or have a child, you may want peace of mind that the new additions to your family will have some financial security if you’re unable to work because of injury or illness.

Or if you buy a house, an insurance benefit may help reduce some outstanding debt if something happens to you.

Or 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 quite so high.

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

 

Increasing insurance cover upon certain life events

Because we know that life events are often the times when people need to change their insurance cover, 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 you experience any of the following life events without having to provide additional medical evidence (although proof of the life event is required):

  1.  Marriage or divorce
  2.  Birth or legal adoption of a child
  3.  Mortgage for the purpose of purchasing your primary residence
  4.  Child’s first day of primary or secondary school
  5.  Death of your 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 the Reference Guide: Insurance cover and 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)

    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)