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24 Mar 2020

Thinking of replacing your insurance cover?

Are you considering replacing your cover? There may be many reasons for it, perhaps, your life has changed since you first took out your insurance or you are looking to trim back some costs and your insurance premiums have come to mind.

Whatever the reason, before you consider replacing your current policy, there are some key things to consider. And of course, don’t forget to talk to us: we can identify whether a substantial change is needed, and recommend different options to suit your circumstances.

Not all policies are equal

Just because a policy has the same ‘name’ (e.g. Income Protection), it doesn’t mean that you will be covered for what you are currently covered for.

Different policies have different add-ons or covered events, and what one policy covers, another may not. This can result in cheaper premiums, but for a lower level of cover. As we said, it’s important to talk to us first: we can help you fully compare the two policies, to make sure you don’t have gaps in your cover.

Has your health changed?

If you already have cover, any health conditions that have developed since you took it out will be covered. However, changing providers means you’ll have to go through the whole underwriting process again – and those same health conditions may no longer be covered.

Remember: even a seemingly innocent visit to the doctor may indicate a more serious health issue, so make sure you know exactly what tests and checks you have had, and what they mean. Please don’t hesitate to get in touch with us: we will talk you through non-disclosure risks and the potential impact of your health conditions.

Can you wait?

Some policies have a ‘wait period’ before they start paying benefits. While it may not seem a long time, it can have serious implications if you seek treatment for, or are diagnosed with, a covered condition before the wait period has finished.

Check with us before changing policies, to see if a wait period will apply or whether it can be waived, if you had a similar policy.

Replacing Insurance policies can be risky, and you could find you have no cover just when you need it the most. So please talk to us first. If costs are the reason, for example, there may be ways of reducing the premium without replacing the policy.

The information contained in this article is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.

Link Financial Group Ltd believes the information in this article is correct, and it has reasonable grounds for any opinion or recommendation contained in the article on the date of this publication. Nothing in this article is, or should be taken as, an offer, invitation or recommendation to buy, sell or retain a regulated financial product. Link Financial Group Ltd accepts no responsibility for any loss caused as a result of any person relying on
any information in this publication.

This publication is for the use of persons in New Zealand only..