What Are My Obligations To Notify My Insurer If I Change Or Lose My Job?


If you are a current holder of any insurance policy, then it’s safe to say you enjoy the peace of mind of being covered against the unexpected. The hard part is done. You have done your research, provided your information, and taken on a commitment to provide protection against injury & illness resulting in disablement. Your communication with your insurer should not be ‘set & forget’ though. So, if, for example, your employment status changes you need to act. 


“Policy holders are obliged to notify their insurer about any change to their occupation from what was originally declared.”


Not all changes warrant a shift in premiums, however, they need to clearly communicate changes of your employment to your insurer are in your best interest. This is to safeguard against any interpretations in the disclosure agreement that could nullify the policy and leave you uncovered. The good news is there are reputable insurers, like Aspect Underwriting, that work with you in a swift and easy way to make the necessary changes in order to maintain your coverage. 


Declaring a change in employment to your insurer is in your best interest if you would still like to have income protection cover. Credit: Unsplash


Changes To Employment

If a change to the declared employment status carries a greater risk of injury or illness, additional premiums are likely to ensue. The most crucial thing to note here is without notifying your insurer and receiving approval, a claim could be denied in the event of an injury or illness that occurs within the new occupation. 



 Any fraud, misstatement, or concealment relating to any matter affecting your policy or connected with making a claim under it will give the insurance provider the right, under the insurance contract, to reduce or refuse payment of any claim or to cancel or avoid a policy. Aspect Underwriting offers a broad range of cover, with additional extras available to generate the most tailored policy possible. They are backed by Lloyd’s and uphold the highest ethics possible. It is imperative to declare truthful details to ensure a successful claim.


The Takeaway 

None of these requirements are designed to deter prospective clients from taking out a policy or cause confusion at the point of claim. The unfortunate truth is it can be easy to forget to inform your insurer. Aspect Underwriting has a streamlined and user-friendly system that makes updating information a breeze. They offer full transparency and disclosure. Even if you have received a promotion within the same organisation, there is a potential for a myriad of new risks associated with the role that needs to be declared, even if it doesn’t seem that way. The good news is these changes are seldom and Aspect Underwriting has a system in place to make updates as stress-free and quick as possible to ensure the continuation of your comprehensive protection. 

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.