Insurance policies that are taken out over time often end up in the bottom draw and never get looked at. It’s only when something goes wrong that they are given attention and reviewed to see if a claim can be made.

However, these documents often have real gems tucked away in the small print. They have terms that may help you celebrate the good times as well as the bad times.

You may well ask, what are we talking about?  Let me explain…

Most life insurance policies will have Special Events Increase facilities. This means that prior to age 55, you can increase your cover without evidence of health.

The types of events covered are:

  • Having a child;
  • Becoming married or entering a civil union;
  • Financially supporting a dependent child through a first course of full-time tertiary education;
  • Taking out or increasing a home loan because you have purchased a new home, a new residential investment property, a vacation home, or a bare block of land zoned as residential;
  • Becoming responsible for the full-time care or payment for long-term care of a close relative;
  • A significant salary increase

You can also increase cover when the not-so-good events happens like:

  • Becoming divorced or the dissolution of the life-assured civil union;
  • The death of a spouse or partner

There are terms and conditions around when and how much cover can be obtained under these facilities, but in many cases such offerings can be life changing and can be supported with appropriate cover changes.

So, next time you see your policy in the bottom draw; grab it out, see what specials terms are hidden in the fine print. You never know what you may be able to make a claim on or change to make the policy better suited to your current needs. If you are not able to find your policy, give us a call or drop us an email, as we can always request a copy for you.  And of course, we would be more than happy to have a look through the fine print with you.

If you have a life changing event be in touch, we will be happy to assist you to get the covers you need. Reach us through our email: Grant@plus4.co.nz or Thur@plus4.nz