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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

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Get life insurance quotes from direct brands

Name Product Maximum Cover Maximum Entry Age Minimum Cover Terminal Illness Benefit
Real Family Life Cover
$1,000,000
64
$100,000
$1,000,000
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
NobleOak Life Insurance
$15,000,000
69
$50,000
$3,000,000
First month free for NobleOak Life Insurance. T&Cs apply.
ahm Life Insurance
$1,500,000
65
$100,000
$1,500,000
ahm Health members can save 10% off premiums.
Guardian Life Insurance
$1,500,000
64
$100,000
$1,500,000
Zurich Ezicover Life Insurance
$1,500,000
69
$50,000
$1,500,000
Get your first month free. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$100,000
$2,500,000
Medibank health members save 10% every year. T&Cs apply.
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