Life Insurance Companies
In Australia there are a number of life insurance companies offering cover to individuals and businesses.
Many of the life insurance companies are household names, such as AMP and MLC, and a number of them have histories that can be traced back over 100 years in Australia.
There are also a number of life insurance companies that are less well known in Australia. Some of these include overseas based insurers that have moved into the Australian market due to our strong economy.
Over the last few decades there are has been a lot of consolidation amongst life insurance companies. Mercantile Mutual, originally established way back in 1878, became part of the global ING Group in 1987, then in 2009 was acquired by ANZ and rebranded OnePath.
Another group with a long history was Colonial Mutual, founded 1873. In 2000 Colonial Mutual was acquired by the Commonwealth Bank and its life insurance company was rebranded as Comminsure.
Mergers and acquisitions have been a common theme amongst Australian life insurance companies, and many of today’s best known insurance brands are now part of much larger financial institutions. MLC is part of the NAB, Asteron is part of Suncorp, and AXA is now part of AMP.
When deciding between life insurance companies, it is important to take an in-depth look at exactly what their life insurance policy covers. Just because the company has a well known brand doesn’t necessarily mean that their insurance policy is right for your unique needs and objectives.
Also offered by most Australian life insurance companies are other forms of insurance, not just term life insurance. Many will also offer income protection insurance, trauma insurance and TPD insurance. Combining these covers with a single life insurance company can provide you with great discounts.
The products offered by life insurance companies are distributed in a number of ways. In the past life insurance was distributed by insurance agents who were tied to the life insurance company, however a lot has changed since then.
With the introduction of financial services regulations, insurance agents made way for a new breed of professionals known as financial advisers and financial planners. No longer known as agents and free to recommend policies from any provider, the life insurance companies offer them commissions in exchange for recommending their products.
The method of obtaining life insurance via financial advisers has worked well for both consumers and the life insurance companies over many years, but with the ever increasing popularity and acceptance of the internet, things are changing.
Today, many Australians are researching and applying for life insurance online. This method is very convenient for consumers, as they are able to do their research online in their own time, without having to deal with any salespeople along the way.
Websites have allowed consumers to find and compare policies online from a whole range of life insurance companies. Consumers can compare premiums, as well as the features and benefits offered by each life insurance policy.
Regardless of whether you find your next life insurance policy via a financial adviser or through an online service, you can be assured that the life insurance companies will have a cover to suit you.
