We asked 20 life insurance providers to quote monthly premiums for a couple in their mid-30s and a couple in their mid-40s. For each couple, we asked for quotes based on $500,000 and $700,000 sum assured.

The premiums quoted are yearly stepped (see About life insurance for information about premium structures).

Our survey found premiums can vary by up to $270 per year depending on age and the sum assured. What’s more, different policies offer different levels of cover. So, which insurer should you pick?

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Some financial advisers selling life insurance could be putting quantity of sales before quality of advice, an investigation by the Financial Markets Authority (FMA) has found. And it’s consumers who’ll ultimately foot the bill.

In May 2015, the FMA compelled 12 insurers to hand over four years of life insurance data. The data showed advisers who were paid an upfront commission for selling life insurance were more likely to switch their clients to new policies after only a few years.

This practice allowed advisers to increase their income and receive bonuses, such as overseas trips. But it also increased industry expenses, which are likely to be passed on to consumers as higher premiums.

Worryingly, the FMA found the quality of a policy was only a minor consideration when advisers upsold clients. “This suggests that some advisers are acting in their own interest, rather than in consumers’ best interests,” the report stated.

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