Don’t cancel your insurance to compensate for other expenses
It’s important to remember the real value of insurance and to consider the potential impacts of not having it. If you have had your insurance in place for a long time and haven’t needed to make a claim, it’s easy to lose sight why you took out your insurance in the first place. But you never know when that day may come, and when it does it pays to be protected.
- If an accident or illness meant I was unable to work, do I have enough savings to pay for day-to-day expenses – power, food, mortgage repayments etc?
- If I was to die would my family have enough money to support themselves for a period of time?
- If I needed medical treatment, could would I be prepared to join the public hospital waiting list or could I afford to pay for private treatment?
These are just a few things to consider. If you alter or cancel your insurance policy now and then reapply at a later stage (with your current or another insurance provider), any medical conditions you have developed may be considered a pre-existing condition and excluded from your cover.
You have options if premiums are becoming difficult to manage
There are a number of ways you can alter your current cover types to reduce the cost. For example, you can:
- Reduce the amount of cover
- Increase a waiting period
- Remove additional benefits
- Reduce a payment period
- Increase you excess on your health insurance
- In times of financial hardship there are some instances when you are able to suspend your cover for a period of time. Talk to us to find out what options are available to you.
Healthy people pay less in premiums
Smokers pay a higher premium, so if you’ve been a non-smoker for 12 months or more you can ask us to lower your premiums. Likewise, ask for a review of any loadings that apply to your policy (for example, perhaps you’ve lost those extra kilos that have been weighing you down (physically and financially)). If you’re not on the path to healthier living yet, this is an added incentive to make a New Year’s resolution for the sake of your health and your wallet.
If you have any questions or would like a review of your current insurance please contact Mike on 0800 226 765