John Symond

Aussie Home Loans is moving into the risk insurance space, introducing a range of insurance products with affordable premium rates.

The insurance cover can be taken up without a medical exam or blood test. Life insurance is available for $380 per year. Aussie is running an aggressive campaign to market the products. They will be underwritten by Hanover Life.

Aussie chairman John Symond said the low level of life insurance was alarming given the uncertain nature of the economy.

The introduction of Aussie’s insurance products comes on the back of research commissioned by Aussie showing 70 per cent of Australians believe their families would face financial ruin if the respondent died. Only 40 per cent of Australians carry life or disability cover, while almost 50 per cent of Australians think life insurance is too expensive. Twenty-seven per cent of Australians believed life insurance was unnecessary.