Life Insurance Review Saves $2,000

Written on the 24 May 2011 by G. Dean McKinnon

Most income protection policies automatically increase the amount insured each year, to help you keep pace with inflation in the event of a claim. The insurer usually sends you notification of the increase to the amount insured and the premium, but unless you (or your adviser) review the policy, all of the other details remain the same.

We recently reviewed a client's income protection policy and as part of the review process we discovered the client had changed her occupation since the original policy was taken out. The occupation rating has a significant impact on income protection premiums, so we contacted the insurer to determine if we could obtain a premium reduction.

Within two days we were able to successfully negotiate a $2,003.35 premium reduction on the existing policy with no other changes to the cover, and the client only had to confirm her health had not changed since she took out the policy.

It pays to regularly review your life insurances and ensure your policy reflects your current circumstances.

Contact us if you would like to take advantage of our free life insurance review service.

Author:G. Dean McKinnon
McKinnon Financial Planning Pty Ltd ABN 74 155 233 784 Australian Financial Services Licence 417488 | McKinnon Financial Services Pty Ltd ABN 82 056 817 648 Australian Credit Licence 392173 | General Advice Warning: Information contained in the pages of this website is of a general nature only and has not taken into account your particular circumstances. You should consider whether any strategies and or investments mentioned in this website are suitable for you and seek personal advice from a licenced investment adviser before making any investment decision.
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