27 APRIL 2009 - A new online distributor of life insurance was launched in New Zealand today.

Lifebroker.co.nz compares premiums between seven major New Zealand life insurers including AIG, Asteron, Fidelity Life, Tower, AMP, AXA, and Sovereign.

Lifebroker.co.nz CEO, Chris Eade, said the online service allows consumers to compare life insurance products to find the cheapest available, including life, income, disablement and trauma insurance products.

"Once consumers have found an insurance product they can buy the insurance online, including going through the entire underwriting process," Mr Eade said.

"Online insurance services mean consumers don't have to see a financial adviser to buy insurance, which can be inconvenient, costly and may not provide the cheapest insurance available.

"It makes it easier to shop around, saving consumers from calling up individual insurers to get quotes.

"Lifebroker.co.nz is targeting a fast-growing group of consumers who prefer to shop online.

"Online distributors of life insurance are having a major impact on life insurance markets around the world, making life insurance more accessible and increasing sales of insurance," Mr Eade said.

Lifebroker has been providing insurance online in Australia since 2003 and in the United Kingdom since 2008 and is now one of the largest sellers of life insurance in Australia.