Life Insurance Finder – Compare Australian Brands

If you've gotten married, bought your dream house or started a family, now's the time to protect them. Life insurance can give you peace of mind, knowing that they're cared for if you were to die or become terminally ill.

Compare Australian life insurance brands

Tip: If you want to compare policies side-by-side, simply click the 'Compare' tickbox that's just underneath the green buttons!

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
$1,000,000
64
$100,000
No
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™.
$1,500,000
65
$3,000
No
80
Protect what matters with a new Virgin Life Insurance policy. If eligible, you can earn 25,000 Velocity Points. Ends 02 September 2019. Min $80/month, min. 6 month policy to earn Points.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, Medibank health insurance members can save 10% off premiums.
$1,000,000
60
$100,000
Yes
99
Get life cover up to $1 million.
$2,000,000
74
$100,000
Yes
99
Join Qantas Life Insurance and earn up to 100,000 Qantas points. T&CS apply including minimum premium and policy hold periods apply to earn points.
$15,000,000
69
$50,000
Yes
99
Get a quote for up to $15 million in life insurance cover. Plus, get two months free when you combine life insurance with another type of cover. T’s and C’s apply. Ends 29 August 2019.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
$1,500,000
69
$50,000
Yes
99
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
$1,000,000
65
$100,000
No
80
Receive one month's premiums off every year if you pay annually upfront. T’s and C’s apply.
$2,000,000
59
$50,000
Yes
99
Get flexible life insurance up to the sum of $2,000,000.
$1,500,000
64
$100,000
No
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

Compare up to 4 providers

Picture not described: maurice-thach-author-box-1.png Image: Getty

This comparison was reviewed and published by Maurice Thach

Hi there! I'm the life insurance publisher for Finder. I've been writing about insurance for almost 4 years and I've completed the following qualifications under the Australian Securities and Investments Commission (ASIC) Regulatory Guide 146:

  • Tier 1 Life Insurance Certification
  • Tier 2 General Insurance Certification

You can be confident that I understand how life insurance works. If you need some help, check out the guide below:

Most readers are interested in...

Latest updates

February 2019: A word on life insurance in Australia

Life insurance sold directly through an insurer was in the news last year for 'poorer claims outcomes'. These situations however, don't represent all life insurance policies and are avoidable in most circumstances. When you buy a policy here's what you should know:

1. Exclusions

2. Cost of premiums

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What is life insurance?

Life insurance can help your family manage during difficult times like serious illness, injury or death. Here's how it works:

What does life insurance cover?

There are a few types of life insurance, which provide benefits in different circumstances:

Types of life insurance: 2019 guide

What expenses can life insurance take care of?

Handling every day living expenses

Paying off a mortgage or buying a house

Taking care of your debts


Raising children

Video guide: Life insurance in 2 minutes

Note: If you want multiple situations covered make sure you let your insurer or an adviser know during the application process so you can get the right cover included.

How can you get life insurance in Australia?

First things first, it's important to understand the different ways that you can obtain life insurance in Australia.

This is the type of blanket policy that may automatically come with your superannuation fund.

Pros
Cons
  • It sometimes covers pre-existing health issues if it's a plan that your employer provides.
  • Policy changes are often out of your control, meaning you might wake up one day with less cover.
  • You may not be able to increase your cover if you have any pre-existing health conditions or ailments that the insurer doesn't cover.
  • Your premiums may increase as you get older with the amount of cover staying the same, or your premiums may stay the same while your cover decreases.

Compare group life insurance

    This is insurance without the middleman. It's usually sold to you online, via the TV, with your credit card account or with your personal loan.
Pros
Cons
  • It can be a good option for those in good health.
  • It can be an issue if you have a pre-existing health condition. A lot of insurers medically underwrite at claim time.
  • If you're happy to do it yourself, you don't need to deal with an adviser.
  • Sometimes the death cover is not tax deductible.
  • Some providers, such as NobleOak, offer fully medically underwritten cover.

Compare direct life insurance

    • This type provides the largest and most comprehensive safety net. You need to receive financial advice from a financial adviser to obtain this type of policy.
Pros
Cons
  • Fully medically underwritten. The insurer will check your medical history, then agree to issue the policy.
  • 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.
  • It's quick if you need to claim.
  • Because it's the most comprehensive, it's usually more expensive than direct or group insurance.
  • 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, in the better.
  • Can be funded by your superannuation to ensure maximum tax effectiveness.

Compare retail life insurance

What type do you need?

Consider your life stage and personal circumstances. You can use our graph below to get an idea of what types of cover makes sense for you.

Picture not described: Life-stages-Graph.jpg Image: GettyLife Insurance States Graph

Find the right coverage

Answer two quick questions to work out the type of cover you need.

Question 1 of 2

You're probably looking for...

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.

How much life insurance do you need?

Type How much you need
Life cover Depending on your situation, enough to pay off or buy a family home and at least five years' worth of income for your spouse and family.
TPD cover Depending on your age, enough to pay for a home, medical expenses and retirement.
Trauma cover Enough for medical expenses ($100k is recommended for trauma cover) and a year's worth of gross income if you earn over $100k.
Income protection cover 75% of your gross income and super. It's best to choose a benefit period of up to at least age 65, to cover you up to retirement. And remember, the longer the waiting period, the lower the premium cost, but most should choose a 30-day waiting period to be safe. Only consider a 90-day waiting period if you have substantial emergency savings.

Is life insurance worth it?

Simply compare the cost of a $500,000 policy vs the average costs of life that may need to be covered if you're not around.

Comparison Average cost
Average cost of a $500,000 life insurance policy

$28.56 per month

Average cost of raising a child in Australia

$297,000

Average home loan size in Australia

$371,700

Average credit card debt in Australia

$3,130

It's cheaper than a couple of movie tickets

The monthly premium for a $500,000 policy is around $28 for a 30 year old. Meanwhile, the cost of movie tickets for two people in Australia can cost around $39.


How do you actually compare cover life insurance?

Research1 shows more people prefer to compare online than with an adviser, so you're not alone on this journey.

It's also pretty straightforward to compare online. Just follow this process:

1. Find out what cover you need

Consider type of cover you'll need and how much you'll need. List out the types with a rough figure of how much you'll need. For example:

Life cover: $1,000,000, TPD: $250,000, Income protection: $6,000 per month.

2. Compare prices and benefits

Use our quote engine to get an online comparison of:

Price, Features, Benefits, Age limits and more.

Or quickly compare cover without price.

3. Apply online or with an adviser

How much help do you need?

Need some help choosing

Handle it yourself


Why use Finder to compare?

About our comparison service

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Finder is independently owned

Unlike some other comparison services, Life Insurance Finder™ is independently owned and operated. Our guides and articles are written in accordance with our strong editorial principles and guidelines. Any life insurers 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. Try it out.

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More than just comparison

We believe in giving you informative guides so you aren't just blindly comparing on price.

Empower your life insurance choice with knowledge that will help you even after purchase.

We're constantly reviewing Australian brands

A to Z listing of life insurance brands we review

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Premium types

This means that your premium payments go up each year as you get older. If you're not planning on holding your policy for a long time, stepped premiums are best for the short term.

Your premium is based on your age at the time of application and does not increase year-on-year. If you want to control your costs over time, level premiums are best. While they're usually more expensive than stepped premiums in the beginning, they're much cheaper than stepped premiums when you're older.

There are a few tricky life insurance terms worth knowing and expiry age is one of them. This is the term used when a policy has an age limit after which you can't make any more claims. This can range from ages 64 to 79 depending on the insurer.

It's worth knowing that the time of expiry is 12 months after the date listed, meaning you can still make a claim for any event up until that point. You can also still make a claim after this date if it's for something that happened before the expiry age.

Future insurability

A Guaranteed Insurability Feature is a good option to consider. This allows you to stay covered when your personal situation inevitably changes as you grow older, for example, when you get married or buy a house. Most policies allow you to increase or renew your level of cover once every 12 months without having to provide evidence of your health. It also keeps you safe if there are any changes to your health or financial situation.

Guide: Right time to buy life insurance

How to keep the costs down when buying life cover

Here are some tips to get quality cover that won’t send you broke;

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Am I eligible for cover if...

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Frequently asked questions

Whether you need it

Receiving a life insurance quote

Applying for cover

Policy exclusions

Your policy

Making a claim


Receive quotes for life insurance

Disclaimer: Please read our Terms and Conditions to understand the services we provide and how we will use the information we hold. The product information on this website is not intended to imply any recommendation or opinion about a financial product listed. Consider your personal circumstances and obtain professional advice before you commit to, or purchase, any particular product.

Pictures by Shutterstock and photo by Jenn Evelyn-Ann on Unsplash
Icons made by Freepik,dDara,Pixel Buddha from www.flaticon.com

1NobleOak Whitepaper: Life Insurance in Australia, Consumer Behaviour Transformation, January 2018.

*Average costs

https://www.finder.com.au/life-insurance-and-the-cost-of-raising-children

https://www.finder.com.au/australian-home-loan-statistics

https://www.finder.com.au/credit-cards/credit-card-statistics

3. Based on a 2018 NobleOak survey of 1034 Aussies. Note: life insurance brands offer income protection insurance as a product)

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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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