Latest article in Western Sydney Business ACCESS
In the April 2012 edition of ACCESS, Jim and Chris supplied an article on important features of life insurance policies - Future Insurability and Forward Underwriting. A copy of the article is attached for your review; please select 33_WSBA_april12_low.pdf.
Essentially future insurability is a benefit that allows the insured person to increase their sum insured on the occurrence of specific events (business & personal), without the need to meet additional medical underwriting requirements in the future. This benefit may be provided as a standard benefit in some policies. Specific personal life events include circumstances such as marriage, divorce, birth or adoption of a child, increasing a mortgage etc. Business events would include such things as increase in the value of the business, increase in a business loan, increase in the value of a key person to the business etc. Forward underwriting is a different benefit usually provided an option at extra cost. While they may look to be the same benefit, there is differences between the two, which are explained in our article.
Not all insurance policies provide these benefits, so we recommend that you quickly check your policies to see if these benefits are provided, and if not and you would like to know more about these benefits, please give our office a call on 02 9894 9155 (option 1), or email to taggart@taggartgroup.com.au.
