The Special Events Increase Benefit: Make the most of insurance’s golden egg!
In recent months, several of my existing clients have needed to increase their insurance covers following some major life events: purchase of a first home, birth of a baby, or sale of their existing home and purchase of a larger property or purchase of a residential investment property. These increases in insurance were able to be put in place, without the need to complete a full application and without the need for further medical assessment by the insurer.
Not all special events benefit are created equal
This was achieved through taking advantage of the Special Events Increase Benefit in their existing insurance policies. Most insurers include this benefit in their policies, although it may be given a different name by individual insurers. There are several insurers in the market whose special events increase benefit is compellingly superior to those offered by other insurers.
What is a special events increase benefit?
The “Special Events Increase Benefit” is in recognition of the fact that there are a number of life events that can trigger the need to increase your insurance covers. This benefit allows your covers to be increased, within designated limits, without further health assessment for the following life events (which may vary between insurers):
- taking out or increasing a mortgage, purchasing a new home, residential investment property, vacation home or a bare block of land zoned residential.
- marriage or civil union;
- divorce or legal separation;
- death or terminal illness of spouse or partner;
- every 5th policy anniversary;
- becoming a full-time carer for an independent relative;
- birth or adoption of a child;
- a dependent child starting full-time tertiary study;
- an increase in annual salary.
Provided one has experienced a qualifying special life event, one’s covers can be increased, within limits, as of right. No large application form-filling, no further medical assessment. This is a huge benefit particularly for those with an aversion to form-filling or who have developed a medical condition in the interim.
A simple, convenient and efficient way to increase your insurance covers
The Special Events Increase Benefit is a great way to increase your insurance covers, if required, without any hassle! If you are not sure how to take advantage of this great benefit, feel free to contact us. It’s what we do!