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Special Events Increase Facility

Our life insurance policy gives you the flexibility to increase your cover as your circumstances change and you reach important milestones in your life.

The Special Events Increase Facility is an important policy benefit that allows you to increase the amount of cover under your life insurance policy, upon the occurrence of any one of a number of ‘special events’ in your life. Special events increases can be made without the need to provide any health information or to undergo any medical examinations or tests.

Qualifying Events

The events which qualify for a special events increase include the following:

  • Having a child (by birth or legal adoption);

  • Becoming married or entering into a civil union;

  • Becoming divorced or the dissolution of your civil union;

  • Financially supporting a dependent child through a first course of full-time tertiary education;

  • Taking out or increasing a home loan because you have purchased a new home, a new residential investment property, a vacation home, or a bare block of land zoned as residential;

  • Becoming responsible for the full-time care or payment for long term care of a close relative;

  • Receiving an annual salary increase of at least $20,000 per annum if the increase is equal to 10% or more of your annual salary immediately prior to the increase. This special event is not available to someone who is self-employed; or

  • Experiencing the death of a spouse or de facto partner.

Maximum Amounts and Other Conditions

The maximum increase in cover for each event cannot exceed the lower of:

  • 50% of your original Life Cover Benefit; or
  • $250,000.

The total of all increases is limited to the lower of:

  • 100% of your original Life Cover Benefit; or
  • $750,000.

If you apply for a special events increase on the basis that you have taken out a home loan or increased your home loan, the increase in cover cannot exceed the amount of the home loan or the increase in the home loan, respectively.

If you apply for a special events increase on the basis of an annual salary increase, the increase in cover cannot exceed five times the annual salary increase.

An application for a special events increase must be made within 12 months of the special event occurring.

You cannot apply a special events increase if you are over the age of 55.

Only one special event increase can be made in any 12 month period.

Any increase in your cover which occurs as a result of a special events increase will attract an additional premium at the same rate as your underlying cover.

Special events increases are subject to further terms and conditions as detailed in the Benefit Appendix of the Policy Wording.

Request an Increase

If you would like to request a special event increase to your life insurance policy, please contact us.