Forum Discussion
Changing insurance within Super - will it trigger a total review?
I'm purchasing a property to live in and, as it's the first time I've had a mortgage without a partner, I've been looking into income protection insurance. As it looks like I can't get it due to having had breast cancer (5 years ago), I decided to investigate the insurance that automatically got set up with my Super (12 years ago).
I was also advised when I set up my Will to increase the Death/TPD cover on my super insurance so my mortgage can get paid off with super+insurance.
However, I'm now stressed to change anything within that super insurance as I'm unsure if it will be considered a new application. All the documentation refers to "applying" for an increase in cover and answering medical questions. My biggest fear is that I'll try to increase my cover and end up with them cancelling my insurance entirely.
Has anyone been through this or similar and can advise what the outcome was?
1 Reply
Hi there, this sounds like a situation that many people would find stressful, especially when you've worked hard to put plans in place for your future and want to make sure you're protected.
While everyone's circumstances are different, questions about whether an increase is treated as a new application, and whether existing cover could be affected are common.
It might be worth speaking directly with your super fund's insurance team or a financial adviser who has experience supporting people after a cancer diagnosis, as they may be able to explain exactly how changes to cover are assessed under your policy. Wishing you all the best with the property purchase and your insurance decisions. 🏡
