Live, laugh, life insurance

Compare life insurance and live your best life while you're covered for the worst.

Name Finder Score Maximum Cover Funeral Benefit Optional TPD Cover Optional Trauma Cover
Medibank Life Insurance image
Finder Award
Best Rated Brand
Finder score
Maximum Cover
$2.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 10 December 2024. T&Cs apply.
ahm Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Get QuoteView details
Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.

⭐ Current offer:Get 10% off your first year of ahm life insurance when you apply by 10 Dec 2024. T&Cs apply.
Zurich Ezicover Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Get QuoteView details
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.
AAMI Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Get QuoteView details
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 an AAMI Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Suncorp Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Get QuoteView details
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 Suncorp Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Real Family Life Cover image
Finder score
Maximum Cover
$1 million
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Get QuoteView details
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.
OnePath Life Insurance image
Finder score
Maximum Cover
No set limit
Funeral Benefit
$25,000
Optional TPD Cover
$5 million
(maximum cover)
Optional Trauma Cover
Enquire nowView details
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How much does life insurance cost?

The average cost of a life insurance policy is $1,258 annually, according to Finder research of 11 providers.

The cost of your life insurance premium will depend on the following:

    • Your age
    • Your health and any pre-existing conditions
    • Your lifestyle choices, for example, if you're a smoker or if you exercise regularly
    • The level of cover you choose
    • How many optional extras you do or don't add on

The cost of life insurance is highly dependent on personal factors so your own annual premium is likely to be different to our average cost. This information should be used as a guide only.

How much are Australians spending on life insurance?

Every month, we ask a bunch of Aussies what they're paying for their life insurance. Here's what their bill looked like in November 2024.

$160

Price based on 130+ responses about their monthly premium in November 2024.

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's headshot

"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."

Finder's head of publishing, parent and homeowner

FAQs

What is the Finder Score?

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other.

We have assessed over 30 products and assign each product a score between 1-10 based on 13 features, including price.

Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.

To be eligible for a Finder Score, providers must provide us with quotes. We use the average price across 12 personas. The personas we collect quotes and use for the purpose of Finder Score are:

    The Finder Score methodology is designed by our insights team and reviewed by our editorial team. We review the products objectively. Commercial partnerships do not affect the score.

    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.

    Jason Loewenthal's headshot
    Karen Eley's headshot
    To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal and reviewed by Karen Eley, a member of Finder's Editorial Review Board.
    Gary Ross Hunter's headshot
    Editor, Insurance

    Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

    Gary Ross's expertise
    Gary Ross has written 647 Finder guides across topics including:
    • Health, home, life, car, pet and travel insurance
    • Managing the cost of living
    James Martin's headshot
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    Editor

    James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

    James's expertise
    James has written 207 Finder guides across topics including:
    • Car, home, life, health, travel and pet insurance
    • Managing the cost of living
    • Money-saving tips

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