What is guaranteed renewability as it relates to life insurance for a doctor ? And is it important ?
Guaranteed Renewability is a policy feature offered in some insurance policies generally issued by life insurers regarding death cover, income protection insurance, trauma insurance and total and permanent disability insurance.
If an insurer offers such a feature it generally means that they guarantee to renew the insured’s cover each year until it expires, provided premiums are paid when due. And it generally also means they won’t cancel cover, place further restrictions on it or increase premiums because of changes to the insured person’s health, occupation or pastimes. Specifics may apply based on each individual
Each insurer will specify whether they have such a feature, and how it will work, in their product disclosure statement and the wording in that regard will differ from insurer to insurer.
Many doctors and dentists regard this as a very valuable feature and prefer policies that give this level of security compared to those that do not. However, not everyone knows whether their cover is guaranteed renewable or not.
This is general information. To find out more and how this may be relevant to your own needs, objectives and circumstances, contact Experien Insurance Services.
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. This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance. See our website for our Financial Services Guide.
