In a move designed to facilitate the management of in-force policies, Resolution Life Australia has introduced two new initiatives to give customers flexibility in altering their insurance cover.
The insurer, which predominantly operates a sinking-lid business model, has rolled out a cover adjustment tool in its My Resolution Life portal so clients can to change cover amounts.
While updated quotes are generated instantly, final changes are subject to written confirmation.
The feature is available for:
- Elevate Insurance
- Resolution Life Insurance
- Risk Protection Package
- Owner/Driver Income Protection
- Progressive Life Plan
Other product changes must still be requested via the existing cover change form.
In a further update, the firm has introduced a seven-business-day cooling-off period for customers who request to reduce their cover or cancel a policy.
Requests are processed immediately, but clients may reverse their decision within the cooling-off period by contacting the insurer directly and repaying any refunded premiums. The safeguard applies only to requests initiated by clients themselves, not those lodged by advisers.
The firm is encouraging clients to consult a financial adviser before making policy adjustments.
