What types of Life Insurance are there?

There are 6 main types of life insurance in Australia.

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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
Get your first month free. T&C’s apply. Offer ends 27 February 2020.
AAMI Life Insurance
Medibank Life Insurance
No expiry age as long as premiums are paid
10% discount for Medibank health members.
Real Family Life Cover
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
No expiry age as long as premiums are paid

Compare up to 4 providers

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