Generation C is paying too much for life insurance and could slash their monthly premiums by going online, says Ed Saul of Pinnacle Life.
Stuff.co.nz:
The C in that latest tag for a generation stands for ‘content’ which is an oblique way of referring to the online generation - youngsters who buy a large portion of their goods and services online.
But so far the choice of online life insurance has been limited, Saul says, and they are not being well-served by traditional insurers.
Last week Pinnacle Life launched online underwriting, where those wanting life insurance are asked 23 questions and, depending on their answers, can get immediate life cover of up to $500,000.
Because online is a cheap way of providing insurance, premiums can be up to a third cheaper than from traditional insurers. But Saul says the big insurers couldn’t sell insurance this way without upsetting their networks of insurance advisers. ‘Strategically it would be very difficult for them.’
Pinnacle Life also can’t be compared to buying insurance directly through retail stores like The Warehouse or online through the likes of AA Life. Those direct-style policies can be up to a third more expensive than ordinary life insurance because the providers ask so few questions of those taking out policies, meaning it’s harder to filter out bad risks. More.
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