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Evaluating your life insurance cover

Evaluating your life insurance cover

Life insurance acts as a shield, offering financial security throughout life's stages. Knowing when and why to assess your cover is crucial whether you're just starting out or enjoying retirement. Join us as we explore the importance of evaluating life insurance and how to determine the right amount of cover for your needs.

After securing your life insurance, you can have peace of mind, knowing you’re protected. At Pinnacle Life, we’re proud to have paid 96.2% of claims since 1998.

If you’re just getting started

When you’re just getting started and thinking about life insurance, your main question should be about how much cover you need.. This is a personal calculation specific to you, as it should consider your income, expenses, debts and affordability. If you’re not sure how much cover you need, we can help by providing you with online individual financial advice. Just enter in a few details like your income, expenses and bills and we’ll provide you with a statement of advice. This will provide you with three different options for cover depending on if you want to protect the minimum, just the basics, or have enough insurance to maintain your current lifestyle.

You can decrease your Life Insurance anytime, but you must apply for any increase. This means providing updated health and lifestyle information.

So, when should you evaluate your life insurance?

With Life Insurance, a few key moments are recognised as big milestones in people's life - and we appreciate that this can impact how you view your life insurance. These are usually big changes such as

  • Getting married
  • Entering a civil union
  • Becoming parent(s)
  • Taking out or increasing a mortgage
  • Getting a divorce

Usually, these changes significantly impact your finances - whether it’s joining them, splitting them, increasing the amount of debt or having a new-born to spend all your money on. How you change your life insurance to fit will differ based on your situation. In our experience, often these life events result in more cover to support your loved ones should the worst happen. Pinnacle Life can help you during these big changes with our special events benefit* by increasing your life cover up to $250,000 ($100,000 for Critical Illness) or 50% of the amount you originally applied for.*

* There are some limits to who can apply, so please check with us or check our website.

You’ve had your cover for a while - what should you look out for?

If you’ve had your cover for a while, it’s possible that your financial position has changed. You could be in take-off mode growing a family, a business, your career or wealth. Or you could be emptying your nest, making your final repayments on your mortgage, preparing for retirement and in a financially steady position. Life Insurance isn’t a one-size-fits-all solution, it’s a dynamic tool that evolves with your life. Regular evaluations ensure that your cover stays aligned with your life and allows you to stay on-top of special event increases that are available to you. If you’d like online digital advice on how much cover you should have, click here. If you’d like to discuss your options you can talk to the team on 0800 22 22 23.

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Life Insurance

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