What types of Life Insurance are there?

There are 6 main types of life insurance in Australia.

Last updated:

Life insurance is there for you in life emergencies. Because there's more than one way in which your life can change unexpectedly, insurers offer specific policies for various different scenarios and needs. We've broken a few of the main ones down for you below.

Compare the 6 main types of life insurance in Australia

TypePayment type:Main purposeEntry age (Next birthday)
Life cover (Death cover)Lump-sumPays out to loved ones in the event of your death18 - 79
Income ProtectionOngoing monthly benefit of up to 85% of regular incomeKeep up with your expenses if you are forced to take some time out of work due to accident, illness or major trauma18 - 64
Trauma coverLump-sumPays out if you're diagnosed with specific illness e.g. stroke so that you can focus on your recovery18 - 64
TPD coverLump-sumPayment to clear debts, cover medical costs if you become permanently disabled18 - 64
Funeral InsuranceLump-sumCover the cost of your funeral (up to $30,000)18 - 79
Accidental injury or deathLump-sum or income protectionProvides cover in the event of accidental injury /death (no sickness cover)18 - 64

Calculate how much life cover you may need

Calculate your life cover

Get life insurance quotes from direct brands

Name Product Maximum Cover Maximum Entry Age Minimum Sum Insured Expiry Age
NobleOak Life Insurance
$15,000,000
69
$50,000
99
Get your first month free. T&C’s apply. Offer ends 27 February 2020.
AAMI Life Insurance
$1,000,000
60
$100,000
99
Medibank Life Insurance
$1,500,000
65
$100,000
No expiry age as long as premiums are paid
10% discount for Medibank health members.
Real Family Life Cover
$1,000,000
64
$100,000
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Guardian Life Insurance
$1,500,000
64
$100,000
No expiry age as long as premiums are paid

Compare up to 4 providers

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site