Monthly premium increase over 60%
As a 63 year old, annual premium increases are expected, although as a long time customer (over 10 years) it is hoped that this may count for something. In November 2017 my life insurance needs were renegotiated to a more acceptable premium level, including joining AIAVitality (currently Gold status). In the 15 months since, the premium has increased by 61%. I have since spoken to 5 representatives (roughly 1 per weekl), all of which have provided firm undertakings to provide premium breakdowns and to revert with solutions to address the massive premium hikes. So far (after over a month), there has not been one response - no phone call, e-mail - nothing. It seems the issues facing the industry, such as the outcomes of the royal commission, were not shared with this company. "Honeymoon rates" are available on the internet fo this company it would appear as new client premiums are much cheaper than existing client premiums. Self insurance seems the only answer.