Special Events Clauses – Should you review your Insurance cover?

by | Mar 8, 2023 | Insurance


Over the past years, most of us have gone through massive life changes. The Covid-19 pandemic impacted our lives for years and now we are coming out of a tumultuous summer of intense historic weather events. Whether our personal lives were affected by these events or not, our financial situation might be different, our job or employment role may have changed, and we may be facing both new challenges and opportunities. This could mean that now is a great time to review your insurance cover, what you have, what you need and if there could be better options out there for your new life circumstances.

If you have current insurance, there may be clauses in your policy (life, critical illness, permanent disablement, medical insurance, income protection etc.) that allow you to make changes quickly and easily, without any additional medical tests or screenings. These clauses can be triggered if you have experienced certain special events in the last 12 months. These events include:

  • Having a child (by birth or legal adoption) or become responsible for the care of a family member.
  • Getting married.
  • Getting divorced.
  • Supporting a dependent child through a first course of full time tertiary education.
  • Commencement of secondary school education for the first time by your child (if you are the life assured of your policy).
  • Taking out or increasing a home loan, residential investment, vacation home or bare block of zoned land as residential.
  • Becoming responsible for the full time care or payment for long term care of a close relative.
  • Annual salary increase.
  • Death of a spouse or de facto partner.
  • You take out a new home loan or increasing an existing one.
  • You gain a significant salary increase of 10% or more.
  • Your spouse or partner passes away.
  • You get married or finalise a divorce.
  • You undergo significant changes to your personal financial situation.

Even if you don’t meet these particular specifics, the Spratt Financial team can help you make the needed changes quickly and efficiently with no hassle. We can also conduct a free, no obligation review to find out if you’re still getting the best deal possible and hopefully save you some money on your insurance cover.

We take the time regularly to review policies and make sure they still fit your unique needs and lifestyle, but we encourage you to contact us anytime something changes in your life and you want to ensure your cover still fits as it should. All aspects of our insurance service are completely free to you and we are always happy to help.

If you’ve gone through life changes that might necessitate some changes to your cover or you just want to see what’s right for your current circumstances, we’re here to help. Email us at enquiry@sprattfinancial.co.nz, fill out our online contact form below or call us any time at 09 307 8200.

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