Want to increase your life or income protection insurance cover without going through hassles of the medical process again ?
Some policies arranged by insurance advisers like Experien Insurance Services offer a built in feature that is sometimes referred to as a “Future Increase Benefit”. Other names may also be used.
If offered, this Benefit may give you specified options to allow you to increase your cover after certain specific events, without having to supply further medical evidence.
Examples of events that may be offered :
- You or your partner give birth to a child
- A dependent child of yours starts secondary school
- You get divorced
- You take out a mortgage on your principal place of residence
- You receive a salary package increase of 15% or more
Limits and timeframes apply and you should always read the Product Disclosure Statement issued by an insurer to see if this feature applies and, if so, what the terms are.
All information in our posts are general information and you should not act on it, or rely on it, without obtaining personal advice.
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857
