Priceline Insurance

Beauty Products, Pharmacy……Priceline Insurance?

In a recent move, Priceline has partnered with AIA Insurance to offer life insurance to existing and new customers.

Branded ‘Priceline Protects’, Priceline Insurance is offering life insurance and trauma insurance (labeled ‘serious illness’ insurance in their product disclosure statement), though these policies do seem to be lacking in coverage.

Priceline first originated as a major chemist and retail chain, with booming success over the past few years with outlets found all over Australia.

AIA Insurance is a major insurer offering a wide range of life insurance products. They have been operating in Australia for the past 30 years, and were originally known as AIG.

Priceline’s move into life insurance may seem odd by some, however their clientele are mainly women; and the new life insurance products are marketed as ‘insurance made by women for women’. With this in mind, it does sound like a strategy with potential for a very specific target market, however only time will tell.

Priceline Insurance

The sum insured for Priceline Protects life insurance is capped at $750,000 with coverage until age 75, and the sum insured for trauma insurance is capped at $250,000 with coverage until age 59.

Both products are a stepped style premium, meaning that the cost gradually increases as you age. The application process does not involve any medicals.

Insurance for women

It’s important for you to understand what is, and what isn’t covered, and this new product is no exception. The information you need can be found in the PDS, however if you are unsure you should speak to a financial adviser.

Some things to look for when comparing policies:

• Determine how much cover you need, and whether the insurer can cater to the amount you need
• Understand what is covered under the policy, and any built-in benefits or optional benefits which can be purchased at an additional cost
• For trauma insurance, it is important to have a wide range of critical illnesses and conditions. A good trauma insurance policy will typically define around 35 to 40 critical illnesses that are covered.
• Read the definitions outlined in the trauma insurance policy as this can vary greatly between insurers. Ensure that the definitions for cancer, stroke, heart attack and heart surgery adequately meets your needs.
• Read and understand what is not covered by the policy.

If you would like to compare the new Priceline Insurance policies for price or comprehensiveness of coverage please contact us as we specialise in insurance for women.

Related Links: Insurance For Women