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
In 2025, Australians lodged a record 111,373 complaints with the financial watchdog, marking a 14% increase from the previous year. This surge underscores growing consumer dissatisfaction and challenges within the financial services sector. - read more
Australian homeowners have experienced a significant surge in home insurance premiums, with an average increase of 51% over the past five years. This substantial rise has placed a considerable financial burden on many households, particularly those in regions prone to natural disasters. - read more
When life throws unexpected health challenges your way, having a solid plan to protect your income is crucial. Income protection insurance is designed to provide financial support if you're unable to work due to illness or injury, allowing you to focus on recovery without the added stress of financial burden. - read more
Income protection insurance is a type of coverage that provides you with a financial safety net in case you are unable to work due to illness or injury. It typically pays up to 75% of your regular salary, helping you to continue meeting your financial obligations during difficult times. - read more
Income protection is an integral part of maintaining your financial security, especially in the event that unforeseen illnesses or injuries prevent you from working. Enabling you to receive a percentage of your regular income, this type of insurance provides a safety net, ensuring that you can continue to cover your living expenses and financial obligations whilst recovering. - read more
Shareholder agreements lay the cornerstone for stable business relationships and continuity in Australia. Acting as a contract among business owners, these agreements set forth the expectations, rights, and obligations of all parties involved. They are particularly vital in delineating clear paths for dispute resolution, succession planning, and the transfer of ownership shares under varied circumstances, including the untimely death or departure of a shareholder. - read more
Professional indemnity insurance is a specialised form of coverage designed to protect professionals against claims of negligence or misconduct. It offers financial protection for professionals accused of breaching their professional duties, ensuring their legal costs are covered. - read more
In today's rapidly changing health insurance landscape in Australia, keeping track of costs and coverage can be daunting. Many Australians find themselves grappling with high premiums that seem to increase year after year. - read more
Start Here !
All quotes are provided free and without obligation. We respect your privacy.
Knowledgebase
Policyholder: The individual or entity who owns the insurance policy.
