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