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The Insider’s Advantage

The Insider’s Advantage


Unlike your car insurance, most life insurers offer what’s known as ‘guaranteed renewable’ policies – meaning that each year your policy is renewed, the insurer must continue to cover you under the same terms and conditions.

So regardless of whether your health has declined or you’ve taken up new activities, they cannot revoke your cover or change what you’re covered for.

For example, if you’re diagnosed with diabetes or even choose to start base jumping two years after you take out your policy, you’re guaranteed to have the same cover, for the same price. In fact, you don’t even have to tell your insurer about these changes.

An added benefit of this is that when most insurers make improvements to policy terms that benefit you, they will automatically include them in your existing policy – at no extra cost.

There’s more…

If your occupation becomes riskier, you don’t have to tell your insurer. But if you do, they generally won’t increase premiums, insure you for less, or change your benefits. However, if your occupation becomes less risky, make sure you tell your insurer as your premiums could be reduced.

The movement here is completely in your favour.

And more…

Look into future insurability, where you can increase your cover without any medicals when major life events occur (e.g. you get married or take on a larger mortgage).

The bottom line is, once an insurer takes you on, they take on the risk. So no matter how your behaviours change, you’re guaranteed the terms of your policy from the day you took it out. And, in some instances, you can improve your benefits, or reduce your premium, without additional risks or costs.

 

If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30 minute strategy session.
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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.

 

Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523
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