Why the Life Events Benefit Matters for Parents
As a parent, your home is your whānau’s foundation. Whether you’re renovating to accommodate a growing family or refinancing to ease financial pressure, an increased mortgage means your Life Cover should keep pace to protect your loved ones.
The Life Events Benefit, available with Chubb Life policies, offers the flexibility to adjust your coverage for significant life changes like a mortgage increase, ensuring your whānau’s security without the hassle of medical checks.
How the Life Events Benefit Works
The Life Events Benefit lets you increase your Life Cover sum insured when you increase your residential mortgage, subject to clear policy terms:
- No Health Reassessment: You can boost your cover by up to the mortgage increase amount (or $250,000, whichever is less), as long as total increases stay within 75% of the original underwritten sum insured.
- Simple Process: Apply within 180 days of the mortgage increase, providing evidence like mortgage documents. You must be under 60 with no active claims.
- Premium Clarity: Premiums may rise with the increased sum insured, but if your policy is part of a pre-paid scheme (e.g., via FLNZ), you may not face additional costs – your broker can confirm with Chubb Life.
Imagine You: Picture yourself, a 50-year-old parent of two in Auckland, with a $250,000 Life Cover policy through Chubb Life. You decide to renovate your home for your growing teens, increasing your mortgage by $100,000. Within 180 days, you provide mortgage documents to IFO POMA. Because you’re under 60 and have no claims, Chubb Life approves a $100,000 increase, raising your cover to $350,000—no health checks needed. Your whānau’s home is secure, and with FLNZ’s scheme, you confirm no extra premiums apply, keeping your budget intact.
Why Choose the Life Events Benefit with IFO POMA?
- Flexibility for Life’s Changes: Adjust your Life Cover to match major milestones like home renovations or refinancing, ensuring your whānau’s future is protected.
- Stress-Free Process: No medical reassessments simplify the process, saving you time and worry.
- Affordable Security: Pre-paid schemes like FLNZ may mean no added premiums, making increased coverage budget-friendly.
- Empathetic Guidance: Our brokers listen to your needs, guiding you with clarity and care to ensure your policy fits your whānau’s unique circumstances.
Protect Your Whānau’s Future Today
Your home and your whānau are worth protecting. With the Life Events Benefit and IFO Peace of Mind Advice, you can adapt your Life Cover to life’s changes with confidence. Contact our brokers for a free, no-pressure chat or quote to see if this benefit is right for you.
Click here to connect with our Insurance advisers: https://peaceofmindadvice.co.nz/contact-us/