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Thursday, 17 January 2013 01:04

Life Insurance Premiums on the rise - good time to review

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Consumers can expect double digit percentage increases in their Life Insurance and Income Protection premiums over the next few years.

Insurance company TAL recently said in a statement to the media that the last few years has seen a much higher incidence of claims which has put severe pressure on insurance company profitability.  This can be seen in the charts below which were sourced from actuaries Rice Warner.

Insurance Premiums likely to rise

It was also revealed recently that the Media Super fund had increased insurance premiums by 45%.

Life Insurance and Income Protection is a highly competitive industry and we recommend that given the likelihood of premium increases, consumers would be well advised to seek help from an insurance specialist (offered by GEM Capital).  An insurance specialist can access insurance policies from many different insurance companies to obtain the best possible outcome for each individual.

This material has been provided for general information purposes and must not be construed as investment advice. This material has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances prior to making any investment decisions and should read the relevant Product Disclosure Statement.

 

Read 990 times Last modified on Thursday, 17 January 2013 01:04
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