subject: 4 Important Issues in Renewing Your Life Insurance Policy [print this page] 4 Important Issues in Renewing Your Life Insurance Policy
Life insurance
After all the heavy decisions and intricate calculations that went into taking out a life insurance policy, renewing one seems like the most natural thing in the world! However, there are still some important issues that can come up around renewal time. Here we look at 4 of those issues, and what you need to know about them.
Did you receive a renewal notice?
If your life insurance company doesn't send you a renewal notice, ensure you contact them to confirm all is still okay.
Did you pay your renewal on time?
If you don't pay your renewal on time, some companies will require that you be re-assessed for a new policy. Therefore make sure you pay your premiums on the due date.
Has your situation changed since you took out the policy?
Policies in Australia are generally guaranteed renewable , therefore you will not need to inform your life company if there are any changes in your health, if this is not the case make sure you notify your life company of any changes in your health.
Do you need more or less life insurance?
Have you recently taken out a mortgage, upgraded your home, had another child, or has your spouse lost their job or suffered a major health event? In any of these cases, renewal time is a good time to ask about increasing the value of your policy.
On the other hand, if you have recently sold a property, gone back to renting, had a child move out of home, or your spouse has gotten a new job or a promotion, you could decrease your life insurance policy to reflect this.
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