For Life, Income Protection, Funeral and Pet insurance, once you have your new cover in place, all you need to do is to contact your old insurer to cancel the policy you had with them and they will go through their individual process with you. There are a few things you need to note before you go ahead.
- Some insurers will charge you a fee for cancelling. However even with a cancellation fee you may still be able to save when you make the switch.
- Check the commencement date of the new policy and the cancellation date of your old policy are aligned as you do not want to be caught during a period where you are not covered by either policy.
- Some policies require a period of notice before the policy can be cancelled. Read the fine print on your current insurer's PDS to find out more.
- If you have paid an annual premium the insurer may only refund an amount that is proportionate to the premium that you paid for any unused term. Certain fees or duties may be deducted from the premium to be repaid. You should refer to the PDS for details.
- There are risks involved with switching which you should consider. For example, your new cover may not be identical in every respect, and if your health has deteriorated since you commenced your old policy this may affect how you are underwritten on your new policy.
For Health insurance switching health funds is easy. Simply choose the new health insurance policy you want to take out and apply for cover with Choosi. If you indicate that you're switching health funds, your new health fund will manage your transfer with the relevant authorisation. Any premiums you've overpaid will be refunded to you.