John Symond, the Aussie Home Loans founder who transformed the home loans market in the 1990s, has set his sights on shaking up another sector and this time, it's direct insurance.

Symond, renowned for his Aussie brand of mortgage services, said he wanted to tackle Australia's $30 billion insurance industry with a new range of direct life insurance products.

"We all place a high value on insuring our car or our house, yet we are complacent when it comes to insuring our most important asset - ourselves," he said.

Symond is also entering the insurance market at a time when insurance revenues are at record peaks, contrasting with the home loan market which have hit lows compared to previous years.

Under the Aussie Life Plan, a 35-year-old female non-smoker can get $500,000 life insurance for $380 per year. Options such as recovery insurance are also made available to consumers.

Allianz Australia Insurance spokesperson, Nicholas Scofield, said the firm welcomed competition in the direct life insurance market.

"While Allianz would welcome some serious competition in the direct life insurance market, I still don't think we have seen any yet," he said.

In contrast to Aussie's example, Allianz's standard quote for $500,000 in life insurance for a healthy, non-smoking 35-year-old woman is $291.72. Scofield said this can be brought down to $251.43 depending on the customer's answers to various underwriting questions.

According to a media statement by Aussie, the products will be made available to the public in agreement with The Hollard Group and underwritten by Hannover Life.

Cover can be obtained over the phone without the need for a medical examination or a blood test. Along with life cover, Aussie intends to also offer funeral and accident insurance.