Yes - it is possible to increase or decrease your coverage!
Decreasing coverage
Decreasing coverage is simple and can be done at anytime. You can reduce your insured sum to any amount but must at least maintain the minimum insured sum of €50,000. Changes will come into affect the first day of the following month and your monthly premium will be adjusted according to the insured sum you are reducing to.
Increasing coverage
When and how you can increase your coverage will depend on a few factors. In general, you may request to increase your coverage by €5,000 up to €25,000 per request. However, the maximum sum insured of €600,000 can not be exceeded.
Guaranteed Insurability Option
Below are some examples of when an individual can apply to increase coverage without a new risk assessment (full details can be found in the policy documents):
The insured person has a child.
The insured person acquires owner-occupied real estate.
The insured person's income increases at least 10% compared to the previous year.
The insured person marries or registers a partnership in accordance with the Civil Partnership Act.
*The guaranteed insurability option expires once an individual is older than age 50.
Increase of insurance without the occurrence of an event
In the first three years of coverage, an individual may also apply for a one-time increase of the insured sum without a new risk assessment if:
Between the request and the end of the contract term there are at least 5 years.
The individual has not yet reached age 40.
The insured sum is increased at least €5,000 and no more than €25,000.
The maximum insured sum of €400,000 is not exceeded.
All premiums have been paid.
Increase in insurance coverage in all other cases
If you do not meet the requirements above you may still apply to increase coverage (up to the maximum insured sum of €600,000) by participating in a new risk assessment.
If you have more questions, feel free to contact one of our experts!