Avoid Being Overcharged on Your Life Insurance Premiums

New Life Insurance Direct Research Enables Older Australians to Save Big on Their Life Insurance

Monday, December 12, 2016

over 40 with life insurance

New research by Life Insurance Direct reveals that 40 to 50-year-olds might be paying more for their life insurance. “We have done extensive research on more than 3,000 quotes from 32 brands and found that certain big brands are consistently overcharging older Australians on their life insurance premiums”, said Russell Cain, CEO of lifeinsurancedirect.com.au.

Certain life insurance products for people aged over 40 provided poor value and had hugely inflated premiums. Life Insurance Direct research discovered that a 45-year-old male seeking $500,000 life insurance could pay premiums ranging anywhere from $41.00 to $132.43 per month, amounting to a difference of over $1000 annually.

“There are many misconceptions about which brands deliver value when it comes to life insurance,” said Mr. Cain. “We speak to people all the time who have no idea they are being overcharged on their premiums, or where to find good value.”

While price is not the only factor when considering life insurance, it is important. Whatever a person’s age, they need to ensure their cover provides features and benefits that support their current needs.

Mr. Cain urges older Australians to do their research and shop around before they make a decision. People have saved thousands of dollars a year using Life Insurance Direct.

Lifeinsurancedirect.com.au provides simple, fast and informative life insurance comparisons you can trust. To help older Australians find the most affordable and best value for money insurance policies even faster.

This is how it works:

Step 1Select your age below
Step 2Once you answer a few questions, you will have the opportunity to compare quotes from up to 11 of Australia’s largest insurers online.

Life Insurance Direct launched the Life Insurance Direct Quote Index, in 2015 and in 2016 enhanced it to include premium data for policies sourced through 8 major Super funds, as well as more Direct and Retail policy brands.

Thousands of quotes have been entered into the Quote Index, to allow you to compare premiums offered by the different brands directly. To use the Life Insurance Direct Quote Index and view a graph, visit the Life Insurance Direct Quote Index.

Life Insurance Direct Australia is one of Australia’s leading life insurance comparison websites. Although lifeinsurancedirect.com.au does not cover every insurer and every insurance product, it includes the top 10 life insurance companies in Australia and offers clients free comparison reports, education, and assistance.

Here’s how to access the exclusive research:

Select your gender and level of life insurance cover you want to research. This data then produces a graph from across 32 Brands which shows pricing for each of the various options.

Using an example of a 45-year-old male wanting $500,000 of life insurance, Life Insurance Direct found that annual premiums could vary by as much as $91.43 per month.

Life Insurance Direct make it easy to access their exclusive research online and makes it easy for you to get quotes from Australia’s biggest life insurance companies.

Author: Russell Cain
Published: December 12, 2016
  • Life Insurance for New Parents and Young Families

    When starting a family, the importance of life insurance grows significantly. Find out how new parents can protect their young family’s financial future.

  • Save with Insurance Policy Discounts

    Find the best life insurance discounts to help you save money on your premiums. Take advantage of the great life insurance deals and promotions now available.

  • Life Insurance for Selfie Deaths

    More than 259 people have died as a result of taking a selfie, the majority from falling and drowning. Find out if your life insurance will pay a benefit.

  • AIA Vitality

    Revolutionary AIA Vitality health and wellness program can give you discounts of up to 20% on your premiums, cash vouchers, and up to 50% off flights!

Ask an Expert?

Share This