Life Insurance Finder – Compare Australian Brands

Compare Australian life insurance brands

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™. Take out cover today and you could get a bonus $100 Gift Card.
$15,000,000
69
$0
Yes
99
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs.
$1,500,000
65
$3,000
No
80
Flexible cover options to suit your budget. New eligible customers can receive 25,000 Velocity Points. Ends 31 Aug 2018. Min monthly premium and T&Cs apply.
$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.
$1,500,000
64
$100,000
No
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

.
$1,500,000
69
$0
Yes
99
A simple life insurance product that can offer up to $1,500,000 in a lump sum payment on death or diagnosis of terminal illness.
$2,000,000
59
$50,000
Yes
99
Get flexible life insurance up to the sum of $2,000,000.

Compare up to 4 providers

Getting the right life insurance

Use the drop down below to find out more.

Most people think life insurance covers your loved ones if you die - and it's true.

What people don't always realise, is that many policies also offer cover to protect your income, safeguard financially you if you can't ever work again or even pay you out after a major illness e.g. cancer.

For a policy with a lump sum of $500,000 you could pay this much per month:

Use the calculator in the next tab to estimate how much you need insured.

*Prices are an estimate based on a 35 year old non-smoking male office worker. Quotes last checked on April 2018 and are subject to change. The actual cost is different for everyone as it's affected by factors like sum insured, medical conditions and lifestyle factors.

Answer three questions to see the coverage we recommend*.

How much life insurance do you need?

Answer three questions to see the coverage we recommend.

1) How much debt do you owe?
Include mortgages, credit cards, car loans, student loans and other debt.

$

2) How much do your loved ones need each month?
Start with how much you take home monthly, adding rent, food and necessities.

$

3) How many months will your loved ones need the income?
Indicate how long you think your loved ones need before they can sustain themselves in your absence

months

Your recommended coverage:

$50,000

*Our recommendation is simply an estimate. It's a good idea to speak to an adviser

Guides to help you make an informed decision

Latest life insurance news

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What is life insurance?

Life insurance is a safety tool for anyone who depends on you. If you die or become really ill unexpectedly, life insurance provides money to help replace your income, make mortgage payments and even pay for the cost of your child's education.

Video: Life Insurance in 2 minutes

What types of life insurance exist?

Find out what situations are covered by each type.

Type Situations it generally covers Maximum amount of cover you can get
umbrellaLife insurance
  • You pass away unexpectedly. A benefit will go to your loved ones in the event of your death. You become terminally ill.
  • You're diagnosed with a terminal illness where you're expected to live less than 12 months.
One brand (NobleOak) has a maximum amount of $15 million.

TPD insurance

  • You can never work again e.g. you lose a limb. You can add what's known as 'TPD cover' to your policy. This covers you if a total and permanent disability leaves you unable to work.
Usually up to $2 million.

Trauma insurance

  • You suffer a major illness e.g cancer. You can add what's known as 'Trauma cover' to your policy. This covers you if you go through a major illness.
Usually up to $2 million.
Income protection
  • Your income against illness or injury. You'll receive a benefit for a period of time to replace some of your income e.g. 3 months.
Usually up to 75% of your monthly income and up to $60,000 per month.
trauma
Personal accident
  • Insuring your income but only against injury. You'll receive a benefit for a period of time to replace some of your income. Some policies also offer lump sum payments.
Usually up to 75% of your monthly income and up to $60,000 per month.
Funeral Insurance
  • Insurance just to cover your funeral. If you can't get life insurance, then you might consider funeral insurance to simply cover funeral and immediate costs when you pass away.
Usually up to $15,000.

Types of life insurance: 2018 guide

This payment can be used to achieve financial goals such as:

Handling every day living expenses

Paying off a mortgage or buying a house

Taking care of your debts


Raising children

Is life insurance worth it?

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

Comparison Average cost
Average costing life insurance policy

As little as $23.48 per month

Average cost of raising a child

$297,000

Average home loan size

$371,700

Average credit card debt

$3,130

Cost of life insurance vs common expenses

The monthly premium for a $500,000 policy is around $23 for a 30 year old. Meanwhile, the cost of movie tickets for two people in Sydney can cost around $39.

Case study: How insurance saved a teenagers life


How do I actually compare cover?

It's actually pretty straightforward. Just follow this process:

1. Find out what cover you need

Consider how much cover you need and what type of cover you'll need.

Life insurance calculators

2. Compare prices and benefits

Use our quote engine to get an online comparison of:

Price

Features

Benefits

Age limits and more

3. Apply online or with an adviser

How much help do you need?

I want someone to walk me through

I can do this myself


Why use finder to get life insurance?

So we've got a comparison service, but why should you go with us?

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We're not owned by any insurers or banks

Unlike some other comparison services, we are independently owned. 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. It's all online.

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More than just comparison

We believe in giving you detailed information so you aren’t just blindly comparing on price. Empower your life insurance choice with the know-how of an expert.

Here's what one of our users was able to save

testimmonial

I saved $82 (per month) on my life insurance

I jumped on finder to compare mine and my partner’s life insurance policies. Dropped in my details and within a few minutes got a call from an insurance consultant - to my surprise he quoted the same cover we currently have but saved us a combined total of $82 per month in premiums...That’s seriously impressive for 5 minutes of my time! Plus I was told we’ll get a 20% rebate on our first years premiums!

Aaron S. Bowral, NSW

In a year? That's almost $1000 in savings for Aaron

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By understanding how life insurance actually works, you’ll find more suitable cover than most other customers out there. We believe in giving you the know-how to get yourself the best policy available

How do I find cover that suits me?

The process of finding the right cover involves asking yourself a few simple questions:

    Guide: Right time to buy life insurance

    How do I avoid overpaying for insurance?

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

    • Buy young and lock in a competitive rate. As opposed to when you're older when an insurer will consider you a greater risk.
    • Find out how much cover you actually need. Take the time to assess what needs to be covered in the event your death/serious injury.
    • Find out what cover you already have. You may already have some cover from your superannuation fund. Find out if extra cover is necessary.
    • Take the time to shop around. Comparing policies from a range of insurers gives you a greater chance of an affordable quote.
    • Consider salary continuance insurance. Salary continuance maybe more suitable if you don't have any financial dependants.
    • Keep an eye out for special offers. Many insurers have special offers so you can get extra value. This may include free cover for the first year, access to health rewards programs and premium discounts.
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    Should I buy cover with an adviser or straight from the insurer?

    Both options have benefits to consider so it really comes down to your own personal preference. As a general guide:

    • You may prefer to take out cover with an adviser if you want a more customised package to fit your personal circumstances e.g. more than one cover type, funded by super for instance.
      • You may prefer to take out cover directly with an insurer if you are looking for convenience and don't need too much customisation e.g. if you are healthy and are only looking to cover your family if you die

      Learn more

      Cover with advice | Cover without advice

      Is life insurance inside superannuation enough?

      Most superannuation funds have a default amount of cover that's standardised for its members. This means in some cases the amount and type of cover you have may be too much or not enough for you. For instance if you are younger with no dependants you might not need death cover.

      The amount of cover can usually increased, decreased or cancelled altogether. Check with your superfund to find out how much cover you have and what you're paying for.

      Life insurance inside super vs standalone cover

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      Am I eligible for cover if...

      Not an Australian resident?
      There are a number of insurers willing to provide cover. Typically:

      • If you have lived in Australia for 6 months and are intending to apply for permanent residency
      • Your Visa permits you to stay in Australia for at least 2 - 4 years

      I'm over 70 years of age?
      Most insurers provide cover to applicants up to age 75 (age next birthday). Most brands will reduce the level of cover that older applicants can apply for.

      I work in a high-risk job?
      You will probably be required to pay a higher premium for cover than an office worker. It’s worth discussing your occupation with an adviser to give yourself the best chance of finding a willing insurer to cover you.

      I have a pre-existing condition?
      It depends on the nature of the condition and any treatment you are undergoing and the insurer themselves. The insurer will usually either exclude the condition, ask for more details or accept it.

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      Still need help? Check out these answers to common 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

      *Average costs

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

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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.

        • finder 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
        August 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

        • finder 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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