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If you’ve opened your insurance renewal notice lately and felt your jaw drop, you’re not alone. Premiums across the industry have risen sharply, and for many people, it’s left them wondering whether their cover is still affordable, or even worth it. The short .....
If you’ve opened your insurance renewal notice lately and felt your jaw drop, you’re not alone. Premiums across the industry have risen sharply, and for many people, it’s left them wondering whether their cover is still affordable, or even worth it.
The short answer? Yes, the rises are real. But no, it doesn’t mean you’re powerless.
Here’s what’s driving the changes, where clients are being hit hardest, and what smart steps you can take to make sure your cover remains both effective and sustainable.
There are two big forces at play:
These aren’t superficial tweaks, they’re structural issues, and they’ve reshaped the entire market.
Without question, Income Protection has seen the steepest increases. This is the cover most affected by high claims, mental health trends, and regulatory intervention. Many clients are experiencing sticker shock when they see their updated premiums.
The biggest misconception I see
A common one is:
“I’ve got insurance through my super fund, it’s the same thing, but cheaper.”
Unfortunately, it’s not that simple. Group policies through super often have more limited definitions, lower flexibility, and fewer built-in protections. They can be appropriate in some cases, but they’re not interchangeable with comprehensive retail cover — and the difference matters most at claim time.
When a client says, “My premiums are too high, help!”
There’s always something we can do. I start by revisiting your actual needs and looking at whether your cover still aligns with your goals, life stage, and financial plan.
From there, we can pull the right levers:
Often, it’s not about cutting cover, it’s about re-engineering it to work smarter for you.
Recently, a client came to me facing a significant premium increase. Rather than slashing the cover, we:
The result? A meaningful reduction in cost and improved tax efficiency without compromising the quality of protection.
A few to avoid:
These decisions should never be made without advice.
That’s the real question.
A good adviser will help you understand what you truly need, structure your cover in a tax-effective way, and ensure it remains sustainable for your budget. My goal is always the same: protection that gives you peace of mind without financial strain.
I expect insurers will continue reshaping Income Protection and TPD products, with more emphasis on rehabilitation and returning to work. These changes won’t necessarily make policies cheaper, but they will improve sustainability, which is essential for long-term claims security.
If you’re uncertain about your cover, or where your real financial risks lie, book a consultation with an adviser experienced in life insurance and claims advocacy.
The right policy ensures that if something unexpected happens:
the right amount of money goes to the right hands, at the right time.
And that’s what insurance is all about.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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