Compare life insurance

Life Insurance Finder makes it easy to compare Australian brands so you can protect what's most important to you.

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Life insurance can give the people around you financial security. If you've gotten married, bought your dream house or started a family, now's the time to protect them.

You can get affordable life cover for less than $17* per month.

Get quotes from Australian life insurance brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Cooling-off
(days)
Expiry Age Short Description
$1,000,000
60
$100,000
30
99
Get life cover up to $1 million.
$15,000,000
69
$50,000
30
99
Get two months free when you combine life insurance with another type of cover. T&C’s apply. Ends 20 December 2019.
$1,000,000
64
$100,000
30
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
30
80
Choice of cover options and flexible premiums to suit your budget. No lock-in contracts and fast application.
$1,500,000
65
$100,000
30
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
65
$100,000
30
No expiry age as long as premiums are paid
Get a quote & you could win a $1,000 eftops Gift Card. Offer ends 19 January 2020. T&C's apply.
$1,000,000
65
$100,000
30
80
Receive one month's premiums off every year if you pay annually upfront. T&C’s apply.
$1,500,000
69
$50,000
30
99
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
$2,000,000
74
$100,000
30
100
Get life cover up to $2 million.
$1,500,000
65
$100,000
30
99
Take out a policy and get a $100 bonus gift after holding cover for 2 months. T&C's apply. Ends 31 March 2020.
$1,500,000
64
$100,000
30
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

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

  • Get competitive quotes from up to 10 policies
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  • Save time and effort

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What is life insurance?

Life insurance is an agreement between you and your insurer, in which you pay them a monthly or annual premium in exchange for financial protection in the form of a lump sum payment from $25,000 to $2.5 million. This lump sum payment can help your family manage during difficult times, from serious illness and injury to death.

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

How does life insurance work?

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

What are the different types of life insurance?

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

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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.

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:

Pros Cons
  • 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.

Pros Cons
  • 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.

Pros Cons
  • 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.

Key features you should check when comparing 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.

Where to find the best life insurance

When it comes to finding the best life insurance, everyone's needs are slightly different. Regardless, follow these tips and you'll be well on your way:

Star Don'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.

Star Compare! 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.

Star Read 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.

Who offers life insurance 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.

Brand Upfront medical assessment? Do you need an adviser to purchase this cover? Are level premiums offered?
TAL Yes, online Yes Yes
AAMI Yes, online No No
NRMA Yes, online No No
Allianz Yes, online No No
Insureme Now Yes, online No No
GIO Yes, online No No
Suncorp Yes, online No No
NAB Yes, online No No
Bendigo Yes, online No No
NobleOak Yes, over the phone No No
ANZ Yes, online No Yes
HBF Yes, online No No
Zurich Yes, online No No
Guardian Yes, over the phone No No
Insuranceline Yes, online No No
Medibank Yes, over the phone No No
NIB Yes, online No No
Qantas Yes, oOnline No Yes
Real Yes, over the phone No No
AHM Yes, over the phone No No

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.
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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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