Over 1 million Australians consider switching life insurers
Price of cover the number one reason why people are looking to switch.
Not happy with your life insurance? Well, you might not be alone. In the 12 months to June 2018, over one million Aussies considered switching their risk or life insurer, with 242,000 people pulling the trigger and switching their life insurance, according to the latest research from Roy Morgan.
The research found that in addition to the 242,000 policies that switched during this period there were a further 766,000 policies where the policyholder approached another company but ultimately renewed their policy with their current insurer. This brings total policies with the potential to change to 1,008,000 or roughly 10.8% of the total risk and life insurance market.
It may come as no surprise that the cost of cover made up two of the top three reasons people were looking around, with 42.8% citing better rice/premium as their number one reason for looking. This was followed by always shop around (26.8%) and renewal price higher than last year (9.0%).
Those aged between 35 to 49 made up a large chunk of those looking around for better cover, with 425,000 or 42.2% of the total. Roy Morgan industry communications director Norman Morris had some ideas on why.
“This group is also likely to be coping with young families and other cost pressures including mortgages and as a result may not always be interested in taking out risk and life insurance despite the fact that often they have the greatest need," Morris said.
If you're looking to switch insurers it's best to make sure you've compared your options. Use the finder quote tool to compare life, income protection, trauma and total permanent disability cover and see if you can find a better deal today.
Compare cover at a glance
- Why are Australians changing how they pay for funerals?
- Coronavirus insurance: What life insurance may (and may not) cover you for
- Cost of death: The most expensive capital cities to hold a funeral revealed
- COVID saw Aussies spend $2 billion more on booze in 2020
- All grown up: Millennials lead the pack in life insurance