What is a guaranteed insurance increase option with life insurance or income protection insurance policies ?
If offered, this feature may allow you to increase your Income Protection Insurance and/or Life Insurance Sum Insured by a specified amount, without further evidence of your health or insurability.
The insurer’s policy terms will specify if and when this might be allowed, and by how much. And the reference name may differ from insurer to insurer
For example, an increase in life cover might be allowed based on events such as Marriage or Birth of a Child. And an increase in Income Protection coverage might be allowed if there is an increase in your salary package.
Many terms will apply, such as needing to apply for the increase within a certain timeframe and by a certain age. These terms will be found in the Product Disclosure Statement.
The feature will not be offered by all insurers or all types of policies.
Contact us to find out more and to get personal advice based on your own circumstances, needs and objectives. This is general information only.
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. See our website for our Financial Services Guide. Always read the Product Disclosure Statement issued by an Insurer before considering insurance.
