Insurance

How special event increases can help you keep your insurance in line with life’s big changes

2 MIN READ November 12, 2024
Life’s biggest milestones – getting married, buying a home, having children, or landing a promotion, are moments to celebrate.

 

But they also bring new financial responsibilities. To keep your insurance aligned with these changes, many personal insurance policies offer Special Event Increases.  This feature lets you adjust your cover to meet new needs, often without additional health checks. Here’s a closer look at how they work, when to use them, and what to consider if you’re thinking about a cover increase after a significant life event.

What are special event increases?

Special Event Increases are available on many life, trauma, and income protection policies, allowing you to increase your cover after major life events. They help ensure your policy remains sufficient as your responsibilities grow. For instance, if you buy a new home, a special event increase lets you adjust your cover to reflect the increase in your mortgage without reapplying or undergoing additional medical assessments. 

When can you use special event increases?

Here are some of the most common qualifying events for a Special Event Increase:

  • Getting married or entering a civil union
  • Having or adopting a child
  • Buying a new home or increasing your mortgage
  • Getting a major pay rise or promotion
  • Starting or expanding your business

The qualifying events can vary by insurer, so check with your adviser to confirm what’s covered in your policy.

The benefits of special event increases 

Special Event Increases offer valuable flexibility, with benefits like:

  • No additional health checks: Most insurers allow adjustments without health reassessments, so any changes in health won’t affect the increase.
  • Immediate cover adjustment: You can quickly align your insurance with new responsibilities, without the delay of applications and the underwriting process.

What you should consider 

A few things to keep in mind:

  • Limits on frequency and amount: Policies often limit how many times you can use a Special Event Increase or cap the percentage you can add.
  • Timing for requests: Many insurers require requests within a certain period (e.g., 90 days) of the life event, so act quickly to qualify.

Ready to align your cover with life’s changes?

Special event increases offer an easy way to keep your insurance aligned with your life. If you’ve recently experienced a significant event or are planning for one, reach out to your Haven Financial Adviser. We’ll help you explore your options and ensure you’re well-covered for life’s important moments.


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