As we get older, we tend to have more people depending on us. If you were to pass away, how would your closest get by without you? Life insurance isn't about stopping the unexpected from occurring — nobody can do that — but it can provide you with peace of mind. It can pay your beneficiaries (the people you nominate when you buy a policy) a large lump sum to pay off debts like a mortgage and car loan, as well as cover everyday living expenses.
Getting life insurance sooner rather than later also tends to be cheaper the younger and healthier you are. You can find out how much it's likely to cost you by getting a life insurance quote here.
For your family and loved ones
If you have loved ones depending on you financially, it's highly worth considering life insurance as it can act as an income replacement for your family when you die. It's especially important if you're the main breadwinner. You'll need to take into consideration everything that you currently pay for, from car and health insurance, to food expenses and tuition fees. You can select the amount of life insurance coverage you would like when you apply.
So that you can pay off debts
If you were to pass away, the last thing you would want is to burden your family with debt on top of the emotional stress. Life insurance payouts usually range from around $500,000 to $5 million which can take care of things like your mortgage, credit cards and car loans — not to forget everyday expenses. It can also pay for funeral and burial costs.
So that you can leave an inheritance
When you have life insurance quote, you can increase your cover so that you can pay off all your debts and more importantly create an inheritance for your kids. It's comforting to know that when you pass away, you're able to leave your loved ones with something behind. That's why life insurance is one of the best ways to set your kids and family up for the future; it allows them to continue improving the life you built for them.
Have you had any major life changes recently?
Had a baby
Bought a house
Made a large investment
Come into a large amount of money
Applying is straightforward
Comparing policies available in Australia is a great way to find out what kind of life insurance will best suit your needs and your family's. It might not be the most exciting task in the world, but weighing up your options will secure your financial future and provide peace of mind.
Get quotes and apply online
With the Finder life insurance tool, you can:
Get quotes immediately without giving your phone or email details.
See a side by side price comparison of Australian brands.
Find a customised policy through an insurance expert.
NobleOak Life Insurance: NobleOak's maximum payout for death or terminal illness is $25 million. Most providers offer cover limits of between $1 and 2.5 million. With NobleOak, you can add as much as $5 million in TPD cover – the most out of all 10 providers we analysed for the 2023 Finder Awards.
TAL Accelerated Protection: TAL's life insurance scored highly on price in the most recent Finder Awards. It was the second cheapest provider across 4 age groups – it also offers a comparatively strong policy. It pays $25,000 in funeral expenses and you have the option to add children's cover. It also offers flexibility by not setting a maximum benefit limit.
RAC Life Insurance: RAC life insurance is underwritten by NobleOak. This means it offers similar cover levels, high benefit limits (RAC goes up to $25 million) and quality add-ons. Our research team found NobleOak was more competitive than RAC on cost – by $75 per month on average (factoring in smokers and non-smokers).
James Martin is the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.