Life Insurance Comparison

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.

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Name	Product	Maximum Cover	Maximum Entry Age	Minimum Cover	Terminal Illness Benefit
NobleOak Life Insurance Finder Award		$15,000,000	69	$50,000	$3,000,000	Get Quote View details	Compare	loading Fetching your data...
Medibank Life Insurance		$2,500,000	70	$100,000	$2,500,000	You could win a $2000 Gift card when you get a Life Insurance quote by 30 August. Winner drawn fortnightly. Plus, Medibank health members save 10% every year. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
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™ .	Get Quote View details	Compare	loading Fetching your data...
ahm Life Insurance		$1,500,000	65	$100,000	$1,500,000	ahm Health members can save 10% off premiums.	Get Quote View details	Compare	loading Fetching your data...
Zurich Ezicover Life Insurance		$1,500,000	69	$50,000	$1,500,000	Get your first month free. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
Guardian Life Insurance		$1,500,000	64	$100,000	$1,500,000	Get Quote View details	Compare	loading Fetching your data...

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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.

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What is life insurance?

Life insurance can be a confusing topic for many so don't worry if you don't quite get it. Basically, 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:

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.

• Male (Non-smoker)
• Female (Non-smoker)

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:

Life insurance

Also known as term life insurance or death cover, life insurance pays out a lump sum of money when you pass away. This money goes to the people you nominate on your policy.

Trauma cover

This is insurance for critical and terminal illnesses. If you're diagnosed with a critical illness, such as cancer, you will receive a lump sum so you can pay for medical and rehabilitation costs.

Total and permanent disability (TPD)

Often included with life insurance, this provides you with a lump sum for permanent loss of work due to serious illness or injury.

Income protection

This provides you with up to 85% of your work income if you are unable to work due to injury or illness. Like most incomes, it's usually paid in regular monthly instalments.

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:

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.

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.

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.

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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:

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.

First Name

Last Name

Phone

Email

State ACT NSW NT QLD SA TAS VIC WA

Age

Sex

Male

Female

Do you smoke?

Yes

No

Level of Protection Unsure None $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000

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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Why use Finder to compare?

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.

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.

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

• Can I insure my children?

  Child cover policies are available for any healthy child over the age of 2. The maximum you can insure your children for is $200,000. This would cover things like medical expenses and allow parents to take time off work should their child become seriously unwell.

• Should I buy direct or use an adviser?

  Both buying direct and using an insurance broker or adviser have their pros and cons.

  Benefits of buying direct:

  • You can get cover online or over the phone quickly with no additional tests.

  Benefits of buying with a broker:

  • They may be able to find policies that you couldn't find by yourself.
  • They can compare more options and assess for extras.
  • They are able to liaise with the insurers, negotiate deals and find bargains.
  • They can offer a wealth of advice and information, and answer any questions you have.

• Do I have life insurance already?

  You might already have a life insurance policy through either of the following:

  • Superannuation life insurance. Life insurance inside superannuation usually includes life insurance.
  • Your employer's default fund. Employer superannuation funds are legally required to include life insurance. If you are using your employer's default fund, you almost certainly have a life insurance policy.
  • Other types of group cover from your employer. Even if you are not enrolled in your employer's superannuation fund, your employer may already provide you some form of group cover.

• Do I need a medical or blood test when applying for life insurance?

  Some life insurance companies require you to undergo medical or blood tests before you can sign up for cover. Generally, however, most insurers will only require medical or blood tests at application if you are over a certain age or you have a pre-existing condition that needs to be assessed further. Additional evidence may be required in the event of a claim.

  If you are in good health and do not have any pre-existing conditions then the most suitable policy for you is probably one which requires testing. If you are in poor health or have pre-existing conditions then you will probably not benefit from a policy which requires testing.

• Can I get cover if I have a medical condition?

  It depends on the condition and the treatment. Every insurer has different conditions for pre-existing conditions so it is best to check the PDS before taking out cover. If the insurer decides that your pre-existing medical condition presents too great a risk for them, they will generally exclude it from cover. For example, if you are applying for cover and have a history of back problems, your insurer may exclude all claims related to back conditions from your policy.

• What if my condition is not covered?

  There are generally two options available to you:

  • It might be worth speaking with an insurance consultant to see if there are any other companies out there that are willing to provide you with cover. Assessment criteria vary between insurers so it's always worth looking around if you have struggled to get cover due to a medical condition.
  • You may also be able to have your current insurer review your condition when it comes time to renew your policy to see if the exclusion can be lifted if your situation has changed.

• Should I review my life insurance?

  It's a good idea to review your insurance regularly. This is particularly true if you have recently made any big changes in your life. Some examples of times when you might want to review your insurance could be:

  • The start of a new relationship
  • Marriage
  • Birth of child
  • Buying a house
  • When you take on new finanical commintments such as debts
  • An increase in income levels
  • Repayment of debts
  • Changes to the beneficiary

• Can I cancel my policy?

  Yes. Most policies offer a 30-day cooling-off period whereby premiums paid during this period will be refunded. No premiums will be refunded if you cancel your policy after the cooling-off period.

• Am I covered overseas?

  Yes. Most policies provide cover 24 hours a day anywhere in the world. Countries that have been advised against travel are generally not covered.

• If I pass away, how is the claim paid?

  In the event of your death, your life insurer or super fund trustee will pay out the nominated death benefit to one or more of your financial dependents or to your estate. A "binding nomination" can ensure the benefit from the cover in your super is paid to the beneficiary of your choice. You should make sure your estate has the necessary documentation so that they can claim on your behalf (see below).

• Who can be nominated with a binding nomination?

  A binding nomination can be taken out on:

  • Your current spouse
  • Youe child of any age
  • People that are financially dependent on you at the time of your death

  The benefit payment can also be distributed among the different beneficiaries, provided that you give the details of the share that you wish to be given to each beneficiary.

• What does a beneficiary need to provide to claim a benefit from a deceased policyholder?

  Generally, the beneficiary will need to provide:

  • A completed claim form
  • The original policy document and policy schedule
  • A copy of the deceased's birth certificate
  • A certified copy of the deceased's will
  • Probate or letters of administration

• How many people can you nominate to receive a benefit under your policy?

  Most policies allow you to nominate up to five (5) beneficiaries under your policy.

• Do you have to keep paying premiums if you make a claim for injury or illness?

  If you claim for injury or illness on a life cover policy, your benefit will be reduced by the amount paid and your premiums adjusted accordingly.

• What happens if you miss a life insurance payment?

  If your premiums are becoming too expensive or if you're going through financial hardship, there are options to freeze your premiums for a short period of time. You should contact your insurer to discuss your options. If you don't reach out to your insurer and your premiums go into arrears, you run the risk of your policy being cancelled.

*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 June 2020.
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