Get the Finder app 🥳

Track your credit score


What types of Life Insurance are there?

There are 6 main types of life insurance in Australia.


Fact checked

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

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 Cover Terminal Illness Benefit
Real Family Life Cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
NobleOak Life Insurance
First month free for NobleOak Life Insurance. T&Cs apply.
ahm Life Insurance
ahm Health members can save 10% off premiums.
Guardian Life Insurance
Zurich Ezicover Life Insurance
Get your first month free. T&Cs apply.
Medibank Life Insurance
Medibank health members save 10% every year. T&Cs apply.

Compare up to 4 providers

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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.
Go to site