Understanding your insurance   Manage your insurance

Acenda life insurance is designed to be flexible. Cover can be adjusted for every stage of life, allowing continued protection for whatever matters most.

Is it time to review your policy?

When should cover be reviewed? The simple answer is whenever circumstances or priorities have changed.

Start by asking yourself these questions:

You may need to increase your cover if you:

Have taken on any debt?

Adjusting cover to reflect changes in your financial situation can help ensure adequate protection if something happens that makes it hard to earn an income.

 

Change in family responsibilities or commitments? 

As life progresses, financial needs will evolve. Checking that cover reflects changes such as expanding your family or taking on care for an older loved one will help to ensure adequate protection for everyone.

 

Changed careers or had earnings increase?

Income Protection is based on the income received when the policy was last reviewed. If work situations have changed, or are going to, reviewing the sum insured is always a good idea.

You may be able to decrease premiums or cover if you:

 Have improved health or stopped smoking? 

Improved health or lifestyle changes can result in lower premium loadings. Request a review to determine if this could apply.

 

 Reduced financial commitments?

As the kids become more independent and the family home is paid off, your insurance needs may change. Adjusting your insurance may help manage premiums while also ensuring adequate protection.

 

 Are transitioning to retirement?

Adjusting cover and occupation to match changes in earnings and living costs can help maintain lifestyle as you move into your golden years.


Tips for optimising cover and costs

Here are some ways that help to reduce premiums while staying protected:

Switch off inflation proofing

Also known as indexation, inflation proofing increases cover amounts to keep up with the rising costs of living. This results in increased premiums. Inflation proofing can be switched off in the Customer Portal.

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Premiums can sometimes be reduced by paying them annually or through super.

Review premium loadings on a policy

Specific risk factors, such as smoking status or a medical condition, can incur premium loadings (as shown on the Policy Schedule). If health circumstances have improved, a review can always be requested.

Remove extra-cost options

There may be optional extras on a policy that are no longer necessary – for example, an extra benefit option on Critical Illness Cover. Removing these could help to reduce premiums.

Extend waiting periods or reduce benefit periods

Increasing the waiting period or lowering the benefit payment period on Income Protection insurance will generally help lower premiums.

Lower cover amounts

Reducing the amount of cover can reduce premiums.

Needs can be assessed using the MoneySmart life insurance calculator. It is strongly recommended to discuss personal needs and circumstances with a financial adviser before making any decision on the options above.

Making changes to insurance cover can impact the ability to claim and the amount that can claimed (the sum insured). If additional cover is needed in the future, underwriting may be required.

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We approach claims differently – putting you first.

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Check before you change

Life insurance can range from basic to bespoke. The more detailed your cover, the more features and benefits it will include, and the more expensive it will be.

Reviewing your cover is important. However, before taking out a new policy, it’s also important to consider what’s included in your current policy that won’t be included in a new policy. We always recommend speaking with a financial adviser to check if there are certain features and benefits to keep.

 

Not sure where to start?

We offer a range of options to ensure you can get the right advice.

Talk to your adviser

Your financial adviser can provide you with personalised advice to ensure any adjustments you make are suited to your needs. You can find your adviser’s details in the Customer Portal.

Contact us

While we’re not able to discuss your personal circumstances in the same way your adviser can, our Insurance Specialists are here to help. Feel free to reach out on 1300 450 316 for more information.

View policy online

Our customer portal is a simple and secure online resource that gives you quick and easy access to your policy details. You can review your policy, update your beneficiaries, and more.

This information does not take into account your personal objectives, financial situation and needs. Please consider the appropriateness of the information having regard to your personal circumstances. Please read the relevant Product Disclosure Statement (PDS), which is available at acenda.com.au or by contacting Acenda on 13 65 25 before making any decision.