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Review Your Personal Insurance

People currently feeling financial pressure should consider reviewing their personal insurance to reduce costs, said Australia’s leading online life insurance broker.

“Many people may not realise they’re paying too much for their personal insurance”.

“A simple review could save hundreds of dollars a year without compromising the level of cover.

There are three ways people can reduce the premiums they pay for life, income, trauma, or total and permanent disablement insurance. Firstly, make sure you provide a detailed medical history when you purchase your personal insurance.

“A complete medical history makes it easier for the insurer to assess your level of risk, which for most people is low. Short application forms, while convenient, make it more difficult for the insurer to assess your risk. This means the insurer is more likely to protect itself by charging a higher premium.

“Secondly, if you have a pre-existing medical condition like diabetes, depression or obesity, shop around for the best rates.

“Some insurance companies are more accommodating of some pre-existing conditions.

“For example, some insurers may provide standard rates for those with a high Body Mass Index, whereas others may charge 2 to 3 times standard rates.

“Thirdly, shop around the major insurance providers based on your current sex and age.

“Many insurers significantly reduce premiums to actively target people of a particular sex and age.

“For example, Income Protection premiums for a 40 year old male can vary by as much as $600 a year across the 13 largest insurance companies.”