Lifecompare
Financial Services - Gordon, NSW, AU
Lifecompare Employees
Lifecompare Senior Management
Lifecompare Details
Life insurance premiums vary a lot. In Australia, between policies, for the same level of cover, this difference can be over 250%. Lifecompare recently put a $ number on this problem. Consumers may be paying over $ 500 million more each year than they need to.Consumers need awareness of these higher insurance premiums, especially where a bank product has been sold. Lifecompare checks all major retail life insurers when undertaking comparison reports. No hidden incentives or bonuses are earned by steering new business to a particular insurer. This means cover is chosen on the merits of the policy only.The insights above came about over many years of routinely comparing all retail life insurers for clients. There was a pattern. Very seldom were the insurers with aligned advisers the lowest cost option. As the majority of retail life insurance is arranged through these groups, Lifecompare set out to put a percentage on the average additional premiums charged. Lifecompare averaged over a million quotes. Based on this, it seems that the Big Bank Insurers premiums average over 20% higher than the lowest quote per case.Where appropriate, Lifecompare will use one of the aligned or bank insurers for customers. However, our experience is that this is the exception, rather than the rule. For the banks and aligned advisers, it seems the reverse happens.
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