Compare $100,000 life insurance policies

Affordable life insurance coverage from as little as $5 a month.

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If you already have savings put away for after you've gone, a life insurance policy through super or plenty in the retirement fund, a $100,000 life insurance policy may be a big enough payout for you. Policies are also very affordable and generally only costs a few dollars a month.

Can I get a $100,000 life insurance policy?

Yes. It's possible to get a $100,000 life insurance policy, and it could be ideal if you're simply looking for a life insurance policy to supplement your savings.

Generally, the minimum amount you can be insured for is around $100,000. However, some insurers won't go that low, so you may have to shop around a little. Others will have a minimum premium amount so you might need to add on extras so that you meet their minimum amount. For example, so that your payout is $100,000, you may need to bundle your death benefit with total and permanent disability or trauma cover.

What is the cost of a $100,000 life insurance policy?

The cost of a $100,000 life insurance policy generally ranges from around $5 to $15 a month. Factors that affect the price of your premium include:

  • Your age
  • Your gender
  • Your health
  • Your lifestyle
  • Your occupation
  • Your hobbies
  • The length of your policy

The younger and healthier you are, the better your chances are of paying less. Women and those working in low risk jobs also tend to pay lower premiums.

Cost of a $100,000 life insurance policy

Keep in mind

These quotes do not take into account your own personal circumstances and prices may vary.

Average cost of a $100,000 life insurance policy by age

AgeMenWomen
30$10.31$8.28
40$12.30$9.90
50$28.61$21.93
60$100.08$64.79
70$427.02$239.42

Cost of a $100,000 life insurance policy for men in Australia

Brand3040506070
ahm logo$11.84$14.08$28.34$83.22Max. age is 65 years old
Hbf Logo$10.71$13.24$30.29$106.89Max. age is 69 years old
Picture not described$12.46$14.82$29.84$87.60$310.62
Picture not described$5.44$6.44$17.46$66.40Max. age is 69 years old
Picture not describedtal life insurance$8.22$10.27$30.12$118.70$443.49

Cost of a $100,000 life insurance policy for women in Australia

Brand3040506070
ahm logo$9.92$11.76$21.46$54.48Max. age is 65 years old
Hbf Logo$8.27$10.49$21.72$65.41Max. age is 69 years old
Picture not described$10.44$12.38$22.60$57.34141.02
Picture not described$3.58$4.58$13.02$43.50Max. age is 69 years old
Picture not describedtal life insurance$5.75$7.82$22.07$77.97$263.79

*Quotes are based on a non-smoker living in NSW. Prices were last checked March 2021.

Pros and cons of a $100,000 life insurance policy

To figure out if $100,000 is the right amount of coverage for you, check out the pros and cons.

Pros

  • Cheap premiums. With a relatively small cover amount, your premiums are likely to be small.
  • Good for low-income earners. If you only work occasionally or part-time and don't earn much, $100,000 could be the perfect amount for you.
  • You have other savings. It could be particularly helpful if you already have money put away for when you die, or you have life insurance through super – which usually only pays out around $100,000 to $200,000 – and want extra to cover all your expenses.

Cons

  • It might not be enough. Will $100,000 be enough to cover all your debts and leave something for your loved ones?
  • Alternative investments. Since $100,000 isn't much, you may want to look at investing in something that can create a bigger return.

Get quotes for $100,000 life insurance policies

Name Product Fully Underwritten? Maximum Cover Maximum Entry Age Terminal Illness Benefit Apply
NobleOak Life Insurance
$15,000,000
69
$3,000,000
Get your two months free when you buy NobleOak Life Insurance policy. Offer ends 30 June 2021. T&C's apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
ahm Health members can save 10% off premiums.
Real Family Life Cover
No
$1,000,000
64
$1,000,000
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Zurich Ezicover Life Insurance
No
$1,500,000
69
$1,500,000
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
Guardian Life Insurance
No
$1,500,000
64
$1,500,000
Cover up to $1.5 million with Guardian Life Insurance.
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Compare up to 4 providers

Do I need a medical for a $100,000 life insurance policy?

No. It's possible to get life insurance without a medical. Usually, one of the main caveats to no medical life insurance is that it doesn't pay out much. But since you're only looking for a $100,000 policy, it shouldn't be an issue.

Keep in mind though that no medical life insurance is aimed at people who are in good health, so you'll generally have to meet some minimum requirements through a questionnaire to be eligible. The main difference is that you won't have to do a medical exam.

The questionnaire you'll need to fill in will ask you details about your BMI, whether you smoke or not and how much alcohol you drink. You will also be asked if you have any pre-existing medical conditions.

Bottom line

For as little as $5 a month, you could get a $100,000 life insurance policy. If this is enough to pay off your debts and leave some money behind for your loved ones then you can begin comparing providers here.

Frequently asked questions

Is $100,000 enough life insurance?

It's generally recommended that you purchase life insurance coverage that's 5 to 10 times your annual salary to cover all your expenses. In most cases, you're likely to earn more than $20,000 a year so you probably want more. If you already have savings though and want to supplement it, $100,000 may be enough.

Who gets my life insurance payout?

The person/persons you list as your beneficiaries will receive the payout. You can list your beneficiaries when you take out a policy.

Can I have more than one life insurance policy?

Yes. You may already have life insurance through super and are looking to supplement that with a standalone policy. Similarly, you can also take out TPD or trauma cover which can pay you if you become disabled and need to stop work or suffer a critical illness.

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