About 242,000 customers switched life insurance providers in the year to June, with another 766,000 investigating other providers for a better deal, a study shows.

Researcher Roy Morgan says the results reflect a lack of brand loyalty.

The cost of premiums is the biggest driver, with 42.8% of policyholders seeking a cheaper offering. About 26% look for alternatives because they “always shop around”.

Respondents aged 35-49 are most likely to switch insurance providers, at 42.2% of the total moving, followed by those aged 50-64 at 35.7%.

About 28% of those who switched or considered doing so were earning $60,000-$90,000, with those earning $30,000-$59,000 making up 22%.

Roy Morgan director Norman Morris says life insurance is likely seen as a “grudge purchase” and is switched due to price.

The study’s findings stem from interviews with more than 50,000 people.