"If you do what you're meant to as an AFA now and go and say [to a client] you should be paying $600 a month and my commission is $14,000 to do this, they're going to be skeptical."

He also said more transparency around disclosure may make people query the varied amounts of commission brokers can make.

"You're doing the same job to insure a farmer for $3 million as you are doing a family man for $500,000 so why should you be taking six times the commission for the same time?"

Morgan has established his ‘no-advice' online insurance provider to offer significantly reduced premiums by slashing commission rates by 50%.

He is able to offer such significant reductions by placing the onus on the client to analyse their own needs and identify the amount of life cover they need for their own circumstances.

"I'm sending people to the Retirement Commissioner's website, saying you do your own needs analysis and I will discount your premiums for life no matter which company you choose. Premiums over 20 years will go up every year based on age, that's thousands of dollars of premiums. That's a lot of money."

Morgan also said offering cheaper insurance may overcome one of the main hurdles around the country's level of underinsurance.

"After you take away the typical household mortgage, insurance is one of the biggest drains on a family and an individuals income. But by using this website, they can now take advantage of some real savings," he said.

"This means the savings made on insurance premiums can be spent on retirement plans like KiwiSaver, reducing debt, paying off the mortgage or investing in your child's education."

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