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Transcript - Understanding Insurance premiums

Understanding Insurance Premiums

Insurance covers the risk of unexpected events, so that you and your family have financial options. To cover this risk, we charge a regular premium.

So how are premiums calculated?

The amount of premium you pay depends on the cover you choose, your gender, occupation, health, lifestyle, smoking status, medical conditions and age.

Why do premiums change?

Premiums often increase over time. That’s because the older you get, the more likely you are to make a claim and the more likely you are to claim, the more your insurer needs to charge in premium. For example, a 50-year old is two times more likely to make a claim than a 41-year old, when it comes to most life and living covers.

How can I manage my premiums?

If you ever struggle to pay your premiums, there are ways to reduce them without cancelling your policy altogether.

For example, if your insurance needs and priorities have changed, you could reduce the amount of cover you have, remove some benefits or increase your claim wait period. If you are worried about affordability, talk to us to find out what the options are for your policy.

We’re committed to providing our customers with comprehensive insurance solutions and superior customer service.

ANZ Insurance – helping you protect what matters most, no matter what.