Coles launches life insurance starting from $1.00 a week
<<Update 5 April 2017>> After less than three years Coles has withdrawn from the life insurance market. Full details here.
Supermarket giant Coles has today expanded its financial services beyond car and home insurance to offer life insurance to Aussie consumers, starting at as little as $1.00 a week.
Underwritten by MetLife, Coles Life insurance will offer a Price Beat Guarantee on comparable premiums from a Direct Life Insurer’s price with cover for up to $1 million (minimum of $50,000) and a funeral advance payment of $10,000.
Coles said consumers overestimate the cost of life insurance by almost double, as over 50% of Australians don’t have life insurance because they believe it is too expensive. Mozo advises Aussie consumers to be money smart and compare life insurance policies to ensure they’re getting the most competitive product for their situation.
Coles finance director Rob Scott said offering life insurance was a natural progression for the company. “We know that changes to life circumstances are a big driver in consumers making the decision to take out life insurance. 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.”
Flyby members will receive a 20% discount and you can earn extra flybuys points. “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,” said Scott.
MetLife’s distribution officer Mike Goodall said there is a clear disconnect between consumers recognising potential financial stress, and then acting to protect against it with 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,” said Goodall.
To get the right life insurance, start comparing policies online.