In recent times Coles has entered the life cover insurance market. Accordingly we thought it might be worthwhile to compare some of the product features of their offering against one of the insurers, AIA, on Rate Detective’s panel.
The first difference that catches one’s eye is that Cole’s maximum insurable amount for any one individual is $1 million, where AIA has no maximum limit, although for amounts over 20 times annual income need some justification on financial grounds may be required. In many cases, 1 million of life insurance might not be enough. For example if:
The second noteworthy aspect is that the maximum age entry level for taking out Coles life cover is 55. So if you are over 55 and looking for life insurance, Coles at the current time do not have a product offering. Most retail insurance companies allow entry up to age 75 next birthday.
AIA offers 25K towards final funeral expenses and 20K if the insured person was a child. Coles offers 10K.
Both Coles and our selected comparison insurer AIA offer a similar 20% discount on premiums for policies between 500K and $1 million. AIA additionally offer a further 30% discount for holders of policies over $1 million.
I think overall there can be a tendency for consumers to gravitate towards brands they know well and trust. When this relates to a company’s core business, in the case of Coles, grocery retail this makes sense. This arm of their business and the resulting value offer has been established and demonstrated over a long period of time.
The potential danger for consumers is in presuming that this core value offer extends to all products on offer by a particular company, however diverse.
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