How I Saved a Geelong Couple $800/Month on Life Insurance—And Why Reviews Matter

Life insurance is meant to protect your family, not drain your bank account. But for one Geelong client aged 60, their premiums had ballooned from $5,000 a year to a staggering $15,000 over the past seven years—without a single review. That’s $1,250 a month for cover they no longer fully needed. After discussing their current needs and reviewing their insurance premiums I was able to reduce their insurance costs by $800/month—saving them $9,600 a year—while keeping their core protection intact. Here’s how I did it, and why Geelong families like yours might be overpaying too.

The Problem: Quality Advice, Left to Drift

Seven years ago, this client got solid insurance advice which suited them at that time. Back then, $5,000 a year bought them a comprehensive policy with life cover, TPD (total and permanent disability), Income Protection and trauma benefits. It made sense: they were in their early 50s, raising kids, paying a mortgage, and building a business. But life moves on. Kids grow up, homes get paid off and needs shift.

Without a review process in place, their premiums had tripled to $15,000 a year. Why? Insurers increase premiums as you age, during a period where insurance industry reforms led to increasing cost pressures. When, banks exited the advice business post-Royal Commission, many clients were essentially “orphaned”— left without an adviser, and no reviews, just escalating bills.

My Approach: Right-Sizing Cover for Today

As a Geelong-based risk insurance specialist, I see this all the time—families 40+ stuck with outdated policies, paying $10K–$15K/year for benefits past their prime. My job? Cut the fat, keep the essentials, and save you money. For this client, I dug into their policy and lifestyle:

• Life Cover: Still critical—$500,000 stayed to protect their spouse.

• TPD: At 60, with no mortgage and a healthy nest egg, $1M TPD was overkill. We dropped it to $250,000—affordable peace of mind, without creating a premium sinkhole.

• Trauma: Again at 60 with no mortgage and a healthy nest egg, 350K Trauma was too much, we discussed what the average medical costs are for a serious illness and reduced cover to 100k each.

• Income Protection: Accumulated leave entitlements and investment income now covered most risks, so this was able to be removed.

Result? Premiums fell from $1,250/month to $450/month—a $800/month saving, or $9,600/year. They kept what mattered, ditched what didn’t, and freed up cash to invest for their retirement.

Are You Overpaying in Geelong?

This isn’t rare. Geelong’s cost of living is climbing—rents up 5% in 2024 alone—and families can’t afford to overpay for insurance they don’t need. If your policy’s:

• From a bank that’s pulled out of advice (think Westpac, CBA).

• Over 5–7 years old with no review.

• Costing $10K–$15K a year and climbing.

  
  

  …you’re likely in the same boat. I’ve seen premiums double or triple for clients aged 40–60 and over, especially those insured a decade ago when banks pushed big policies.

Without an adviser, you’re stuck—until now.

Why I’m Geelong’s Risk Insurance Fixer

I specialize in reviewing these orphaned policies—finding savings for families like yours without cutting corners. Last week, I saved another client in their late 50s $8,000 a year, trimming a $24K policy to fit their life today. My approach is simple:

1. Free 30-minute review—bring your $10K+ policies.

2. Tailored cuts—keep what protects, remove excessive waste to suit your goals.

3. Seamless switch—I handle the paperwork; you save the cash.

   
   

Ready to Save Thousands?

If your premiums are creeping up don’t wait. A quick review could save you $5K–$10K a /year—money better spent on your family or and future. As a risk insurance specialist based right here in Geelong, I’m here to help you right-size your cover and stop the overpayment trap.

Book a Free Review Today (#)—drop me your details or book a time here

https://calendly.com/andrew-152, and let’s cut those costs together.

RPS Advisory Group is a Corporate Authorised Representative of Lifespan Financial Planning AFSL No. 229892

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