Have you noticed your life insurance premiums creeping up? If you’re over 50, chances are your insurer is cashing in at your expense.
You can still protect you and your loved ones without overpaying for life cover. By comparing with Life Insurance Comparison you can see if there’s a better policy for you at a more affordable price.
Seeing your life premiums creep up is frustrating if you’ve done the responsible thing and taken out a life insurance policy.
It’s understandable that you want to protect your loved ones in the event you pass away or injury or illness means your income takes a financial hit that your family can’t afford.
But life insurance shouldn’t be a set-and-forget purchase — especially if you’re over 50. That’s because your life insurance premiums are frequently being hiked up.
Why do life premiums go up and what can I do about it?
Here’s why. If you’ve chosen to pay your policy using a level premium structure then certain costs will be fixed. For example, your premium costs aren’t linked to your age (this is different from a stepped payment structure, where your premiums will increase as you get older).
But this doesn’t mean your level premiums won’t go up. Insurers can – and do – put your monthly costs up, often in line with inflation.
If you’re on a level premium that means you’ll often be paying more for the same life insurance policy when you’re 60 than you were when you were 50. It also means you can save money by comparing.
And yes, you can switch from a stepped to a level premium and vice versa. Speak to one of our specialists about this.
Don’t get caught by the loyalty trap
While your loyalty may mean very little to your current life insurance provider, other insurers may be able to offer you a more affordable deal.
So why not shop around? You wouldn’t pay more for the same product when you can get it cheaper at the store next door. So why would you pay more for life insurance to a provider who is actually punishing your loyalty?
You wouldn’t. And neither would we. That’s why we’ve made comparing life insurance providers faster, easier and simpler than ever before.
Life Insurance Comparison specialises in finding affordable policies for over 50s. Our trained specialists listen to your situation and find appropriate cover from our panel of 10 trusted insurers. Start saving money and compare today.
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.com.au's online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers
If you’re over 50 and this whole topic has your head spinning, take a few minutes to read our specialist guide to over 50s life insurance. You can then compare or call us when you’re ready to switch.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.