Alex Homer
When looking around for life insurance, it can be easy for consumers to focus solely on cost, rather than the benefits of different policies, and they can lose out as a result.
Now, a new Lifebroker life insurance comparison tool is helping Australians make more informed decisions about their life insurance, offering complete transparency on policy features that really count.
“The simple fact is that all life insurance policies are not the same. To compare them on cost alone, without other features being taken into account, unrealistically lumps them all in one basket – which can lead to unpleasant surprises when you need to call on your policy,” said Alex Homer, General Manager of Lifebroker.
Mr Homer said the tool is unique in that it allows consumers to assess life insurance policies by criteria other than cost, providing more meaningful information on factors such as a company’s size, financial strength and claims experience, as well as the finer details of a product like number of conditions covered, sum insured levels and exclusions.
The experience also recognises that life insurance is a considered purchase, so the tool allows users to play with their cover options and save their progress to be able to re-visit a comparison later.
“While cost remains an important consideration, Lifebroker research shows that cost is no longer the number one reason for not having life insurance[1]. This represents a change from similar research over recent years and, I would hope, is an example of consumers’ increasing understanding of the benefits of life insurance, beyond cost.”
“Further, we know that a significant number of our customers want to make a comparison on the detailed features and benefits of life insurance policies rather than solely on price. Our answer has been to develop this tool,” he said.
ince launching the tool, Lifebroker has seen some encouraging trends. While 44% of users opted for a simple price comparison, 37% have chosen a detailed comparison of the features and benefits. The remaining 19% have switched between the simple and detailed options.
Lifebroker research also found that 41% of people say they sleep better when they have life insurance[2]. And 17% of those surveyed said that, to sleep better at night, they try to resolve their worries – including by addressing concerns about financial security.[3]
“Accurate and meaningful comparison of life insurance will help people make the right decisions about a crucial aspect of their financial wellbeing, minimising worry and hopefully helping them to sleep soundly at night.” Mr Homer concluded.
Visit lifebroker.com.au for further details.
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[1] Page 6 TAL Galaxy Poll
[2] Page 7
[3] Page 6 galaxy poll
