Australian consumers lying to their insurers
Survey finds 1.3 million Australians have committed insurance fraud.
Roughly 7% of Australians have been untruthful when filling out an application for insurance, a recent finder.com.au study has found.
Gen Y were the main offenders with 17% saying that they had lied on an insurance application.
At the other end of the spectrum, only 1% of baby boomers said they had been dishonest.
Lying to your insurer is a dangerous game. Putting aside the illegality of lying on an insurance application, you're putting yourself at risk come claim time.
Say for example you're filling out a life insurance application and when asked if you smoke you check the box for "no" even though you're choking down two packets a day, if your insurer finds out that you lied on your application, they're under no obligation to pay out your claim. This is because you've breached your duty of disclosure.
So, while you may have saved yourself some money on your premiums, it was all for naught.
If you're in the market for a life insurance policy, why not compare your options and find a policy that's right for you?
Compare your life insurance options online today
- Money Hack: How to save 50% on your Virgin Active membership
- No, that test you did on Ancestry.com won’t affect your life insurance premiums
- Kogan adds pet and life insurance to its ever-growing product suite
- Local cemetery takes on Sydney’s burial plot shortage
- TAL SpotChecker highlights importance of raising awareness for early detection