“We understand our clients’ insurance cover needs,” said Glut Insurance Chief Executive Officer, Ted Dimon. “That’s why we created the insurance for insurance policy, a new product which provides customers with the option of insuring their existing insurances.”
Mr Dimon said it was in recognising the increasing costs of living that was one of the main reasons Glut Insurance created the new insurance policy for their clients.
“We knew we had to come up with something to help clients with the many costs pressures facing them,” he said.
Mother-of-two Freya Novick recently decided to buy insurance for her insurance after the bills became too expensive.
“I was very stressed, so I said we’ve got to get some help,” Ms Novick said. “When I contacted Glut Insurance they advised I take out the new insurance for insurance policy for my own peace of mind. They were so considerate of my financial situation.”
Many other policyholders haven’t been as fortunate.
“There’s people paying for as many as 95 insurance premiums,” said Executive Director of the Insurance Council of Australia, Michael Sanders. “Some of these people are desperate, but rather than receive sound financial advice when they contact their insurance company or bank they are sold even more insurance.”
Mary Johnson, a financial adviser from Sydney agreed. “We are seeing Australians go broke and tragically losing their cars and homes because they are paying for so much insurance,” she said. “People are literally dying from the stress of paying for insurance these days. Now as a result they’ve got take out death and funeral insurances as well.”