Competition increasing in risk space

A new website has been launched that aims to help consumers compare life insurance policies in an “unbiased, non-threatening” environment, according to the creators of the service.

Infochoice, a website that enables consumers to compare various financial products, has now launched a risk comparator so consumers can compare insurance policies from groups including CommInsure, Aviva, AMP, AXA and ING.

The Infochoice Life Comparisons website provides consumers with information to compare the offerings and policy pricing from the leading life insurance companies and receive a quote in less than a minute, a statement from Infochoice said.

The site also offers “competitive online prices” and a 20 per cent rebate on each applicant’s first year premium.

Infochoice chief executive Shaun Cornelius said the website was designed “to eliminate the stumbling blocks which have prevented Australians from getting the cover they need”.

Such stumbling blocks included a lack of understanding, the perceived cost of taking out life insurance and invasive evaluation procedures, Cornelius said.

Another barrier was the “wish to avoid pushy salespeople”, according to Cornelius, who said the Infochoice website represented an “unbiased, non-threatening” environment.

Cornelius said it remains a “frightening truth” that more than half of Australian families are “less than a year away from financial ruin were they to lose their primary income earner”.