Does this situation sound familiar? You purchased a life insurance policy several years ago to protect you and your family in case the worst happened, but as you've got a bit older, those life premiums seem to be creeping up and you're not entirely sure you're getting good value.
It's a common scenario for the over 50s in Australia: juggling the need to protect their family and income with a need to balance the household budget.
But life insurance isn't just a set and forget purchase. It can pay to review your policy regularly and compare it with other options to see if you can slash your premiums without compromising on your cover.
Why switching can save you money
There's a number of reasons why your premiums can keep creeping up.
Even if the cost of your cover doesn't automatically increase as you get older you could still find you're paying too much every month.
Insurers increase their rates from time to time and this can seriously add up.
Your policy also may not reflect where your needs today compared to when you first took out life cover.
Your finances and health may have changed, while getting older sadly means we're a bit more susceptible to conditions like heart disease, diabetes and cancer.
But switching life cover doesn't automatically equal high premiums.
It's why it's worth comparing cover. You can easily see if there's a cheaper policy available that is more reflective of your needs and offers the same level of protection.
When you should review your policy
How has your life changed since you took out life insurance? Perhaps you've paid off your mortgage. Maybe your children have moved out and are financially independent.
In both these situations, your current policy may be costing you more than you need to pay.
But there's other situations where you may be underinsured. Maybe your partner has lost their job or you have higher debts.
That doesn't mean you should pay top dollar for new cover. But it does mean it's an opportunity to review and compare what policies are available.
It's why it can pay to compare and switch with Compare Club. Our trained specialists can review your options and find you affordable cover from our panel of 9 insurers.
Not reviewed your policy recently? Get started today.
Things You Should Know
Compare Club Australia Pty Ltd (authorised representative number is 1279036) trading as Compare Club and Advizer Pty Ltd ABN 83 168 993 333 (authorised representative number is 459414) trading as Compare Club Life Insurance and Life Insurance Comparison are authorised representatives of Alternative Media Pty Limited (AFSL 486326). Our advice is general in nature which means it does not take into consideration your personal needs, objectives or circumstances. We will not consider whether the product and its features are appropriate for you. Therefore it is important that you consider whether products are appropriate for your objectives, needs and circumstances. You should also consider the relevant Product Disclosure Statement (“PDS”). Compare Club compares selected products from a panel of trusted insurers. We do not compare all products in the market. For more information about our services, including how we are paid, please read our Financial Services Guide.
