Decline in Life and Income Protection Insurance Premiums Benefits Australians
Decline in Life and Income Protection Insurance Premiums Benefits Australians
0
Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options.
According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024.
Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively.
These reductions are attributed to various factors, including increased competition among insurers, improved operational efficiencies, and a focus on providing value to policyholders amidst economic challenges. For consumers, this trend presents an opportunity to secure essential insurance coverage at more affordable rates, enhancing financial security during unforeseen circumstances.
It's important for individuals to review their current insurance policies and consider whether the recent premium reductions offer a chance to enhance or adjust their coverage. Consulting with financial advisers can provide personalised insights into how these changes may impact individual circumstances and help in making informed decisions about insurance needs.
Overall, the decline in premiums reflects a positive shift in the Australian insurance market, aiming to make life and income protection insurance more accessible and affordable for a broader segment of the population.
Published:Saturday, 28th Feb 2026 Source: Paige Estritori
AIA Australia has announced significant updates to its Priority Protection life insurance suite, effective from 9 November 2025. These enhancements are designed to simplify discounts, improve policy clarity, and support premium affordability for policyholders. - read more
Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options. According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024. Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively. - read more
Club Marine, Australia's leading boat insurance provider, has expanded its offerings to include land-based insurance coverage for race boats. This initiative is designed to support participants in the Australian Offshore Superboat Championship (AOPC) by providing protection for their vessels while on land. - read more
Pantaenius Australia, a specialist in marine insurance, has introduced a 90-day lift cover policy designed to provide boat owners with third-party liability insurance while their vessels are out of the water for maintenance or survey purposes. - read more
If you have an income protection insurance plan already - or are thinking about buying one, then you need to be aware that these policies require regular maintenance and careful scrutiny to ensure that they adequately meet your needs. Unfortunately, many people purchase income protection insurance policies only to find out about their shortcomings at claim time. - read more
When it comes to life insurance, a pre-existing condition refers to any medical condition or illness that you have been diagnosed with before applying for a life insurance policy. - read more
Insurance is a crucial aspect of financial planning, offering protection against unexpected events that can have significant financial impacts. Among the various insurance options available, two prominent types are Income Protection Insurance and Life Insurance. - read more
Income protection insurance is a financial safety net for individuals who are unable to work due to illness or injury. It ensures that you receive a percentage of your income during times when you cannot earn a salary, helping you maintain your lifestyle as you recover. This type of insurance offers peace of mind by providing financial support when it is needed most, allowing you to focus on recovery rather than financial pressures. - read more
Start Here !
Apply now for your free Insurance assessment and price comparisons!
All quotes are provided free and without obligation. We respect your
privacy.
Knowledgebase
Claim: A formal request made by the policyholder to the insurance company for payment of a loss covered by the insurance policy.
