Life Insurance Comparison

Get a quick and easy life insurance comparison with Finder

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Life insurance pays a lump-sum benefit to a nominated beneficiary at the time of your death. It means that when you pass away, your loved ones don't have to worry about any expenses or debts you might be leaving behind.

Benefits are typically paid in a lump-sum payment ranging from $25,000 to $2.5 million. Many insurance brands will also payout this benefit if you are diagnosed with a terminal illness, which can go towards end of life care.

Compare life insurance and get quotes in Australia

We know price is important to you, but we can't include costs in the comparison table because quotes are tailored to everybody's specific circumstances. Instead, try comparing the core features first, so you know the policy will fit your needs. Then request a quote.

Tip: Pay particular attention to Maximum cover, which is the highest payout you can be covered for. Terminal Illness Benefit is also an important feature, and varies between policies.

Name Product Maximum Cover Maximum Entry Age Minimum Cover Terminal Illness Benefit
NobleOak Life Insurance
$15,000,000
69
$50,000
$3,000,000
Get 1 month free Life Insurance cover. Offer ends June 30, 2020. T&Cs apply.
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™ .
Medibank Life Insurance
$2,500,000
70
$100,000
$2,500,000
10% discount for Medibank health members.
Zurich Ezicover Life Insurance
$1,500,000
69
$50,000
$1,500,000
Get your first month free. 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
ANZ Life Insurance
$2,000,000
59
$50,000
$2,000,000
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Get a life insurance quote

Get a quote by using our quick and easy life insurance quote tool - it only takes 30 seconds. Fill in a couple of questions about yourself, select the level of cover you need and get live prices today. You can also speak to an advisor for help.

What is life insurance?

If something serious goes wrong, such as serious injury, illness or death, life insurance can help you and your family cope financially. Life insurance can also include cover such as income protection, total and permanent disability and trauma (sometimes known as critical illness). It's designed to kick in with a lump sum payment when you or your family need it the most.

How does life insurance work in Australia?

Generally, there are three different ways to purchase life insurance:

1. Go through an adviser. This kind of cover, known as retail cover, is usually recommended through a financial adviser. Your adviser will assess your current financial situation, compare options from a variety of insurers and determine the type of cover you need. The advantage of doing it this way is that you can get some expert advice and help working out what kind of cover you need as well as access to a wider range of different policies. The downside is that it often costs more.

2. Find your own policy. You can compare policies yourself, work out what kind of cover you want and determine which one is right for you. This gives you the advantage of being able to pick out almost any kind of cover and find exactly what you're looking for. Generally, it can get you cover equivalent to what you're able to find with an adviser but more cheaply. However, making sure you've found the right cover can be time-consuming, complicated and difficult.

3. Get it through superannuation. Superannuation life insurance is a special kind of life insurance that is often included in your superannuation automatically. Here, you pay your premiums through your superannuation contributions. The main advantage is that it can be cheap cover but you generally have limited options and it might not pay a big enough lump sum in the end to properly cover you.

If you pass away or become ill or injured and can no longer work, most life insurance policies will pay out a lump sum. This ensures that your family continues to enjoy the same financial standard of living as before. A lump sum payment can cover expenses including:

  • Loan repayments e.g. mortgage, rent and car payments
  • Everyday living expenses and bills
  • Funeral expenses
  • School fees and expenses for your children
  • Any other outstanding debts

Compare life insurance prices

To give you a benchmark of pricing, in December 2019, we researched 8 direct life insurance brands to compare quotes for a non-smoker with no medical conditions. You can see the results below to give you a rough estimate of how much you can expect to pay each week.

Age$200,000 coverage$500,000 coverage$1,000,000 coverage
25$4.95$10.36$18.75
35$4.79$10.10$18.18
40$6.03$12.95$23.36
50$15.23$33.51$58.52
60$49.57$106.78$195.38
Age$200,000 coverage$500,000 coverage$1,000,000 coverage
25$3.32$6.80$12.17
35$3.79$7.93$14.26
40$4.70$9.92$17.83
50$10.71$24.12$42.25
60$31.77$68.19$122.54

What are the different types of life insurance in Australia?

There are four main types of life insurance. Each type of cover provides protection for specific life-changing circumstances:

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Life insurance

Life insurance pays out a benefit to your loved ones if you die. This payment can be used to pay off the mortgage and for any ongoing expenses your family has.

What else can I find on this page?

How to buy life insurance

There are three common ways to buy life insurance: superannuation, retail or direct.

Superannuation

Around 50% of Australians hold insurance through their superannuation. That's because most super funds offer life insurance to their members. However, life insurance through your super has a few drawbacks:

ProsCons
  • It's usually cheaper as super funds purchase insurance policies in bulk.
  • It can provide you with adequate cover if you don't have a lot of money.
  • Some funds automatically accept you without a health check.
  • You only receive limited death cover. Super cover isn't tailored to your needs. For example, you might only receive a lump sum of $100,000 or $200,000 when you die. That means you risk being underinsured.
  • You probably won't get trauma cover through your super. This means that if you're seriously injured or ill, there's no safety net.
  • It can affect your pension. The cost of insurance premiums are deducted from your super balance, so you're effectively reducing your retirement funds.
  • Your income protection insurance is only tax deductible if you take out a policy outside of your super.

Retail

This is insurance without the middleman. It's usually sold to you online, via the TV, with your credit card account or with a personal loan.

ProsCons
  • It can be a good option for those in good health.
  • If you're happy to do it yourself, you don't need to deal with an adviser.
  • Some providers, such as NobleOak, offer fully medically underwritten cover.
  • It can be an issue if you have a pre-existing health condition. A lot of insurers medically underwrite at claim time.
  • Sometimes the death cover is not tax deductible.

Direct

This type of cover provides the largest and most comprehensive safety net. You need to receive financial advice from a financial adviser to obtain this type of policy.

ProsCons
  • It's fully medically underwritten. The insurer will check your medical history, then agree to issue the policy.
  • It's quick if you need to claim.
  • The policies are guaranteed to renew as long as you keep paying.
  • You're able to lock in the price at your age of application so the cost won't increase as you age – another reason why the earlier you get it, the better.
  • It can be funded by your superannuation to ensure maximum tax effectiveness.
  • The application process can take some time if you have any health issues, as the insurance company needs to contact your doctor and clarify information, as well as go back and forth with a financial adviser.
  • Because it's the most comprehensive, it's usually more expensive than direct or through your super.

Life insurance brands in Australia

Check out the table below to see some of the brands that offer life insurance in Australia and find out how to buy a policy and whether medical information is required.

BrandUpfront medical assessment?Do you need an adviser to purchase this cover?Are level premiums offered?
TALYes, onlineYesYes
AAMIYes, onlineNoNo
NRMAYes, onlineNoNo
AllianzYes, onlineNoNo
Insureme NowYes, onlineNoNo
GIOYes, onlineNoNo
SuncorpYes, onlineNoNo
NABYes, onlineNoNo
BendigoYes, onlineNoNo
NobleOakYes, over the phoneNoNo
ANZYes, onlineNoYes
HBFYes, onlineNoNo
ZurichYes, onlineNoNo
GuardianYes, over the phoneNoNo
InsurancelineYes, onlineNoNo
MedibankYes, over the phoneNoNo
NIBYes, onlineNoNo
QantasYes, OnlineNoYes
RealYes, over the phoneNoNo
AHMYes, over the phoneNoNo

What you should know when you get life insurance

Consider the following when comparing life insurance policies:

Check The lump sum. This is the amount you will be insured for. To calculate your lump sum, take stock of everything you pay for and would need to pay for in the future. These calculators may help.

Check Waiting periods. This is the amount of time that you need to wait before you can claim on your life insurance. The longer the waiting period, the lower the premium cost, but this can come with risk.

Check Premium type. There are stepped premiums or level premiums. Consider which is a better payment method for you now and in the future.

Check Future insurability. A Guaranteed Insurability Feature lets you stay covered when your personal situation inevitably changes as you grow older.

Check Expiry age. This is a tricky life insurance term worth looking out for. An expiry age is when a policy has an age limit, after which you can't make any more claims.

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How to get a life insurance quote without giving personal information

You don't need to divulge personal information to get a life insurance quote. You can use the Finder life insurance calculator to find out exactly how much life insurance you need so can shop around for the best deal. Factors that will be taken into account when calculating your life insurance quote include:

  • Your age
  • Your gender
  • Your health, including pre-existing medical conditions
  • Where you live
  • If you smoke
  • The policy that you choose
  • Your premium structure e.g. stepped or level premiums

How to get cheap life insurance

You can still get cheap life insurance without compromising on quality. The key is to know what to look for and to understand your personal needs. For example, you can avoid extras like trauma cover if you're just looking for basic life insurance.

Another essential tip: compare! Life insurance is a big commitment, so it's worth taking the time to find a policy that offers good value for your money. This means shopping around and reading the fine print. There's no point in getting a cheap policy if it can't adequately take care of your finances when the time comes.

Get in touch with a life insurance advisor

By clicking 'Get quote' or 'enquiry' buttons, you are authorising us to provide your information to an insurer, adviser or broker who will call you to discuss your quote, options and available products, including other life insurance products.

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Do you smoke?

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

  • Get competitive quotes from up to 10 policies
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

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Where to find the best life insurance

When it comes to finding the best life insurance, everyone's needs are slightly different. Regardless, there are a few key things you can keep an eye out for and if you follow these tips you'll be well on your way:

StarDon't fall for a well-known brand. Just because you've seen their ads doesn't mean they're necessarily the best life insurer. Instead, look for policies that suit your specific circumstances. Do you have a lot of people depending on you? It might be best for you to purchase life insurance through a financial advisor. Are you young? Then be sure you opt for level premiums.

StarCompare! It might seem obvious but this is probably the most important part of buying life insurance. When you shop around, you'll build a clearer understanding of what is best for you. Don't rely on one website either (even Finder!) and use online tools to your advantage (like our life insurance calculator). It's not fun but by setting aside some time to fill in quotes and compare, you're more likely to find a better deal.

StarRead the PDS. Make sure you understand what you're covered for. Otherwise, you risk being underinsured and leaving things in a bit of a mess if something does go wrong. You won't have to do it often, so put the time in now and have peace of mind for the future.

Why use Finder to compare?

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Finder is independently owned.

Unlike some other comparison services, Life Insurance Finder is independently owned and operated. Any life insurers that we partner with do not approve our content or editorial direction.
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No phone calls unless you actually apply.

You won't need to enter your contact details to compare the prices and features of different policies online. The only call you'll get will be from an adviser once you've decided on the cover you want.
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More than just comparison.

We believe in providing you with informative guides so you aren't just blindly comparing policies based on price alone. Empower yourself and make your choice using knowledge that will help you even after you purchase.

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Frequently asked questions

*Based on quotes taken out through insurer websites and using our quote engine. AIA Priority Protection life cover for a female for $500,000 of life cover. Prices may vary based on your age. Last checked May 2019.
Picture: GettyImages, Icons made by Smashicons from www.flaticon.com

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7 Responses

  1. Default Gravatar
    tennaApril 8, 2018

    Basically, I am looking for a 300,000 life insurance policy that is ten a year term policy that is I can find one and one that I can afford (it may require me getting two policies but I would like to do one if I could).
    My issue is that I do not have a doctor that I have seen in the past 10 years or so. So, I don’t have any current or regular medical records to give to a life insurance company up front which is I understand what most of them want. I am willing to let them do a medical exam if they want one.

    Do you know of any companies that might offer this as an option for me under my circumstances?

    Thank you for your help and time.

    • Avatarfinder Customer Care
      JoshuaApril 8, 2018Staff

      Hi Tenna,

      Thanks for getting in touch with finder.

      While it is true that most insurers will look for your medical history, there are still companies who are willing to provide cover even if you don’t have the necessary documents.

      If you are looking to get life insurance cover in place quickly and are in good shape with no pre-existing medical conditions, you may be eligible for cover that requires very little if any medical underwriting. Many direct online insurers will now have a short questionnaire for applicants and if the entry level requirements are met, cover can generally be put in place without the need for further documentation.

      Please go to this page to compare no medical life insurance cover.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    ANNEAugust 5, 2017

    Hello
    I am 58 years old female and my husband is 67 years old. We are self-employed farmers. We are both non-smokers.We have no dependents. We have no superannuation or savings, shares or investments of any kind. We have about $100,000 in debt on our farm. Our home in also on the farm. I was thinking about taking out a joint policy with my husband. I’m not sure which company would insure us because of our age. I have no idea where to start.
    Thanks

    • Default Gravatar
      LiezlAugust 5, 2017

      Hi Anne,

      Thanks for reaching out.

      The insurance companies listed on this page (https://www.finder.com.au/life-insurance/senior-life-insurance) offer life insurance policy to seniors who are over 60 years old. You may fill-in your information on the form and receive quotes. Alternatively, you may get quotes directly from the brands listed on the table. Simply click the green “Get Quote” button.

      I hope this will help.

      Cheers,
      Liezl

  3. Default Gravatar
    RosemaryMarch 14, 2017

    Can i get life insurance if im unemployed

    • Avatarfinder Customer Care
      ZubairMarch 15, 2017Staff

      Hi Rose,

      Thank you for your question.

      You may be able to get life insurance if you’re unemployed but you might be declined coverage for the lack of ability to pay for the policy.

      Please make sure though to read the eligibility criteria, features and details of the policy, as well as the relevant Product Disclosure Statement PDS/T&C’s of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.

      All the best,
      Zubair

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