Coles promises lowest prices on life insurance
Retail giant, Coles, is expanding its financial services offering to include life insurance, with MetLife underwriting the venture.
The retailer announced it would provide cover from as little as $1 a week, with a “price beat” guarantee, and discounts offered to members of its flybuys loyalty program.
Coles’ move into the life insurance sector came less than 24 hours after Suncorp Life announced a $350 million write-down, after revising its claims and lapse assumptions in its life insurance business as part of its financial results for the year ended 30 June, 2014.
While the existing players in the sector have been experiencing tough times recently,
Coles finance director, Rob Scott, said offering life insurance was a natural progression for the company following the launch of its home and car insurance products since 2010.
“Coles realises how important your life, your health and your family are and we want to help everyday Australians protect what is dear to them,” he said. “It’s important for them to know Coles now offers protection, with a price beat guarantee, that is simple, easy to understand and easy to apply for.”
“Through our home and car insurance offerings, Coles has already helped thousands of families save hundreds of dollars each year, and we think life insurance should be no different.
“This now means that when flybuys members combine Coles Credit Card and Insurance products - with the addition of Coles Life Insurance - they have the opportunity to save over $900 a year.”
With data from the Australian Bureau of Statistics estimating that the lives of working Australians could be underinsured by up to $800 billion, MetLife Australia chief distribution officer, Mike Goodall, said the industry should be doing more to encourage consumers to invest in life insurance.
“As an industry, something we are working hard to convey to Australians is the fact that life insurance is something that doesn’t have to be complicated and time consuming, however you also don’t want to get it wrong,” he said,
“The new Coles Life Insurance cover shows, individuals can be covered for as little as $1.00 per week and the application process is so simple.”
AUTHOR
Staff Writer
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
