New competitor in Australian Life Insurance market
Coles has joined their competitor Woolworths (WOW ASX) in the life insurance market. The Coles product rolled out in June is backed by Wesfarmers (WES ASX) Insurance and Metlife (MET NYSE).
They are offering Life Insurance with stepped or level premiums, discount for flybuy members and the chance to earn extra flybuys at Coles.
To apply for Coles Life Insurance you must be an Australian Citizen, New Zealand Citizen or permanent resident and residing in Australia, and aged between 18 and 55
The supermarket giant has offered to beat any direct insurer, but has not made the same offer to the broker offered products.
Woolworths Life Insurance is issued by the insurer, Swiss Re Life & Health Australia Limited.
Policies from both brands are offered with benefits of up to $1.5 million
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