Coles has quietly stopped selling life insurance
Wednesday 05 April 2017
After less than three years Coles has withdrawn from the life insurance market, having pulled its policies off the shelf earlier this year.
The supermarket giant entered the life insurance market in 2014, following earlier moves into car and home insurance, initially offering coverage from just $1 a week. It was described by Rob Scott, Coles Finance Director at the time, as “a natural progression for the company.”
According to smh.com.au, current Coles Managing Director John Durkan is “not a fan of financial services in a retail environment” and is looking to steer away from financial offerings under the Coles brand.
Existing life insurance customers with Coles were moved across to underwriter MetLife on January 1, one of the world's largest insurers.
"As part of a regular review of our product portfolio, Coles ceased distributing life insurance products on 1 January,” a Coles spokesperson told smh.com.au.
"MetLife, which has backed Coles Life Insurance policies since their launch, has provided these customers with continuation of cover and no changes have been made to the product as a result of Coles exiting life insurance. The process for customer queries and claims is also unchanged."
Supermarket rival Woolworths continues to sell life insurance among a range of other financial products, and is just one of the insurers you’ll be able to compare on the Mozo life insurance hub if you’re looking for a policy of your own.