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We've helped more than 150,000 Australians. Compare life insurance and live your best life while you're covered for the worst.

Name Product Optional TPD Cover Optional Trauma Cover Maximum Cover
Finder AwardBonus
$25,000
$3 million
(maximum cover)
No set limit
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
$15,000
$1.5 million
(maximum cover)
$2.5 million
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
Finder Award
$15,000
$5 million
(maximum cover)
$25 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Bonus
$15,000
$5 million
(maximum cover)
$25 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
$15,000
$1 million
(maximum cover)
$1.5 million
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
Bonus
$10,000
$1 million
(maximum cover)
$1 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
Bonus
$10,000
$0.25 million
(maximum cover)
$1.5 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Bonus
$10,000
$1.5 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Bonus
$15,000
$1.5 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
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Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.

What is life insurance?

Life insurance pays a lump sum of money when you die or become terminally ill.

You can select how much you want to receive. Options typically range from $100,000 to $25 million.

The money is paid out to the people you nominate as the beneficiaries when you take out a policy. This means, if you die, your loved ones will still be able to afford mortgage payments, ongoing bills and other living expenses.

How much does life insurance cost?

A $500,000 life insurance policy costs an average of $35 per month for non-smoking 30- and 40-year-olds, according to our 2023 Finder Awards research.

To get this price, we gathered 40 quotes from 13 brands including TAL, NobleOak and Zurich for 30- and 40-year-olds (20 males and 20 females) applying for a life insurance policy. The payout selected was $500,000. They had no pre-existing conditions and did not smoke.

Actual quotes will vary depending on your personal circumstances. The cost of life insurance depends on your age, health, occupation and the benefit amount you select – for example, a $500,000 policy will cost less than a $1 million life insurance policy.

Other types of life insurance

TPD insurance

Total and permanent disability (TPD)

TPD covers you if you get severely injured or sick. For example, if you become blind or paralysed after a car accident and become permanently disabled.
Typical cover range: $50,000 to $5 million.

Trauma insurance

Trauma insurance

Trauma cover, sometimes called critical illness cover, is a policy add-on that pays a lump sum if you're diagnosed with a major medical condition, such as cancer or a heart attack.
Typical cover range: $500,000 to $2 million.

Income protection

Income protection

Income protection insurance pays a monthly benefit if you're unable to work due to illness or injury. Usually, it will only pay up to 70% or 75% of your typical wage for a period of 2 or 5 years.

Alex Holderness

I've never really thought about my life insurance, but after having a baby and buying a house in the same year I felt now was the time I needed to take out cover. Having a policy that would cover my mortgage payments is one less thing I now need to worry about.
— Alex Holderness, Finder's head of publishing, parent and homeowner

Learn more about life insurance

Our life insurance guides can help you compare and understand what cover option is right for you.

Life Insurance Box 1

What is life insurance?
Discover the ins and outs of life insurance, from how it works to why it's so important for many families.

Expert tips on comparing life insurance

Speak to a life insurance broker

Why you can trust Finder's life insurance experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
expert adviceYou save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
independentYou can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

Frequently asked questions

Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.

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