It’s that time of year when I’m checking the figures I’ve been paying for various things such as car insurance, power prices, telephone and internet costs. This article is about life insurance.
I listen to 1116 (4BC) when I’m driving around during the day. I’ve heard a lot of life insurance ads being aired through the FiftyUp Club for NobleOak. So I thought I’d check them out for myself and see how much I could save.
I’ve been with MLC forever (I’m now 62) and have just been paying their renewal when it came through. Noble Oak promotes its 22% lifetime discount, which sounds like a great deal. So I thought that Noble Oak would be cheaper and it would be worthwhile changing.
And another company that consistently markets on Foxtel is Real Life Insurance. I thought they’d be worth a call too. I’ve also dealt with Insurance Champions on other matters, so I put them on the list. They’re a broker and quoted TAL for me.
All four were given the same details about my age, health, etc and I thought they’d be pretty comparable price-wise. Boy did I get a surprise!
Here are the quotes I received.
MLC $4169 (Quoted $2084 half-yearly)
NobleOak $11,772 (Quoted $980 monthly)
REAL Life Insurance $4,328 (Quoted $361 monthly*)
TAL $2,851 (Quoted $238 monthly)
Can you believe that? NobleOak is over twice as expensive as MLC and over three times more expensive than TAL. Real Life Insurance quoted $361 per month but then wouldn’t cover me because I have Type 2 diabetes
I’m just wondering who’s screwing the pooch here?
On their website FiftyUp Club says
“The FiftyUp Club may earn a commission, paid by the provider, for a member who takes up a special FiftyUp Club offer. The FiftyUp Club may share these commissions with our media partners, which help us to harness the buying power of the Over-50s to achieve results”.
I don’t have a problem with commissions being paid to a company for services offered, but I do have a concern when the company receiving the commission isn’t providing the best outcome for the segment they’re working with. And this segment is the most vulnerable demographic – over 50’s.
So my strongest advice to you is to do yourself a favour and compare what you’re paying for your life insurance with your current provider, and don’t get sucked in by the television or radio ads that you may see or hear. Nothing beats price like competition.
If you’d like me to introduce you to my contact at Insurance Champions, give me a call on 0418 748 498
And if you’re in the market for a new car, that’s an area that I can really assist you to save.
Website: Car Business
Email: [email protected]
Phone: 0418 748 498
Office: 2/265 Oxley Avenue (Corner Duffield Rd.) Margate Qld 4019