The Right to Insurance Cover: Shopping Around for Life Insurance Deals

The life insurance market has become increasingly competitive, with new entrants such as the RACV's financial services arm and NRMA Insurance offering cheaper life insurance options. Consumers who take the time to review their life insurance needs can benefit from lower rates and additional features. Knowing how much life insurance is needed is crucial, and consumers can use the information provided in life insurance brochures or consult with a life insurance agent to determine their requirements.

Key Takeaways:

• Consumers should review their life insurance needs at least once a year to ensure they are not over-insured or under-insured.
• New entrants in the life insurance market, such as RACV and NRMA Insurance, offer cheaper life insurance options.
• Buying through an agent can cost more than buying over the counter, and consumers should shop around to get the best deal.
• Non-smokers and females tend to pay lower premiums than smokers and males.
• Certain age categories, such as young males driving hotted-up cars, pay higher premiums.
• Disability insurance policies can be bought separately or added to life insurance policies, and consumers should shop around for the best product with the most features.
• Reviewing life insurance needs can provide various benefits, including lower rates and additional features.
• Consumers should consider their occupation, age, sex, and smoking habits when choosing a life insurance policy.

Statistics:

• A 40-year-old male non-smoker pays substantially less for life insurance than a smoker of the same age.
• A 30-year-old female non-smoker pays $180 per year for life insurance, while a male non-smoker of the same age pays $195 per year.
• At age 50, a male non-smoker pays $480 per year for life insurance, while a female non-smoker pays $300 per year.
• Buying disability insurance through a life offices can provide benefits of up to 75% of income.
• Existing policy holders can choose to pay reduced premiums or take additional coverage with MLC Life's Select term life insurance.
• GIO Australia is reviewing its rates to be competitive in the market, but not necessarily cheaper.

Sources:

• "RACV's financial services arm" (exact source not specified in the original text)
• NRMA Insurance (exact source not specified in the original text)
• National Mutual (exact source not specified in the original text)
• GIO Australia (exact source not specified in the original text)
• MLC Life (exact source not specified in the original text)