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Life Insurance Comparison Australia
Life insurance is there for us in the tough times. Compare 10+ Australian life insurance brands to help find some peace of mind.
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Life insurance comparison Australia
Life insurance pays a lump sum to you or your loved ones if you suffer a serious medical condition or die. It can help pay off the mortgage, cover your kids' school fees, or pay off outstanding debts.
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. Try comparing the core features first - then get your personalised quote. Want to apply online? Check the policy type column for direct online application options.
If you're after more personalised quotes, follow the link below. You can get instant quotes and compare cover side-by-side. This gives you a better understanding of the cover that's on offer and how much it might cost you.
Compare life insurance with an advisor
An advisor will be able to give you advice which is specific to your situation and find a policy that is tailored to your needs. Their service is completely free and they're paid out of the insurer's pocket, not yours.
An adviser can help you find cover from trusted life insurance brands.
- Get competitive quotes from multiple brands
- Lower rate of declined claims (according to ASIC)
- Save time and effort
What is life insurance?
Generally speaking, life insurance is a policy which pays your family a lump sum when you die. In some cases, it'll also pay out if you're diagnosed with a terminal illness which can help with any end of life care you may need.
With life insurance, you get to choose the size of the lump sum you'd like your loved ones to receive. The more cover you have, the higher your premiums will be, so make sure you're getting the right amount of cover for your needs. A financial advisor can help you figure this out.
Although you get the freedom to choose the lump sum, some insurance providers have set limits for the amount you can take out. For example, you may have to choose a lump sum of between $50,000 and $1.5 million. However, there are insurance companies which don't set upper or lower limits to payouts, so you could pick a payout of $10,000 or $10 million if you liked. You may be asked to justify the level of cover though.
While this type of policy is generally referred to as life insurance, you may also see it referred to as death cover, term life or whole life insurance. That's because there are other types of life insurance which pay out when you're sick or injured, instead of when you die. We'll go into these further down the page.
The important thing to know is that, whichever type of life insurance you choose, it will act as a financial safety net for you and your family. It means, if the worst happens, your loved ones will still be able to afford the mortgage and pay off any debts. Getting through an illness, or grieving a loved one, is hard enough without money worries on top.
What's in this guide?
Is life insurance right for me?
There's an easy way to figure out whether life insurance is right for you.
If you answer YES to any of these questions, you should seriously consider life insurance:
- Are you the main breadwinner for your family?
- Would your family struggle to survive financially without your income?
- Do you have financial obligations, such as a mortgage, rental agreement or car loan?
- Do you have significant household debts?
If you answer NO to any of these questions, you should seriously consider life insurance:
- Do you have significant cash savings that could last many years?
- Do you have income streams that would continue after your death?
- Do you have any high value assets, such as a second home?
- Could your family comfortably survive on your partner's income?
Did you know? Savings are scarce. A Finder survey revealed the average Aussie has just $28,186 in cash savings.
What types of life insurance are there?
Life insurance is often used as an umbrella term to describe lots of different types of insurance. You can either buy a standalone policy or bundle several policies together to create cover which is perfectly tailored to you and your family.
Life insurance / death
Pays a lump sum when you die. In some cases, it may also pay out if you are diagnosed with a terminal illness.
Trauma
Pays a lump sum if you are diagnosed with a specific medical condition, such as meningitis or cancer.
TPD
Short for total and permanent disability. Pays a lump sum if you are rendered totally and permanently disabled due to injury or illness. In some cases, it will pay a smaller lump sum if you are partially disabled.
Income protection
Pays a monthly benefit if you are unable to work due to illness or injury. Usually, it will only pay up to 75% or 85% of your typical wage.
Personal accident
Pays a lump sum benefit if you are injured or killed. Does not provide cover for illnesses.
Funeral
Pays a lump sum to your family when you die, which they can use to cover the cost of your funeral.
Which types of life insurance are right for me?
It's possible you'll want more than one type of life insurance, so you can have peace of mind that you'll be covered in lots of different situations.
If you're unsure which type, or types, are right for you, start by focussing on your motivation for buying life insurance.
Remember, you can mix and match different types of life insurance to create cover which is perfect for you and your family.
For example, combining death cover with income protection would mean you're protected if an injury or illness stops you from working, and your family will also be protected if you die.
How do I buy life insurance in Australia?
There are 3 ways to get life insurance in Australia, they are known as direct, retail and super. Each option has its own pros and cons. Check them out below to figure out which way might be best for you.
| What it means | Pros | Cons | |
|---|---|---|---|
| Direct | Do the research yourself and speak to an insurer directly | ✅ Quick approval process ✅ Might not require a medical |
❌ You have to do the research yourself ❌ Typically has more exclusions |
| Retail | Get advice from a broker who then finds the best cover for you | ✅ Get expert guidance from a broker ✅ More comprehensive cover |
❌ Longer approval process ❌ May require a medical |
| Super | Get it through your super fund | ✅ Guaranteed acceptance ✅ Very convenient |
❌ Premiums eat into your super balance and affect your retirement ❌ Typically far more restrictive cover |
Who offers life insurance in Australia?
Life insurance is a popular product in Australia, so you have heaps of providers to choose from.
Check out the list of Aussie providers below. We've rated them based on the features each brand offers and again on their pricing. You might find some of the lower scoring brands for features have the better pricing, so weigh up your options carefully!
⭐️ Features are rated out of 3 stars. The more features offered the higher the star rating.
*In some instances we weren't able to get pricing data, this is generally because this cover is taken out through an advisor or broker
| Insurer | Feature rating | Additional features | Find out more |
|---|---|---|---|
| Medibank | ⭐️⭐️⭐️ |
|
Get a quote |
| NobleOak | ⭐️⭐️⭐️ |
|
Get a quote |
| AAMI | ⭐️⭐️ |
|
Learn more |
| AHM | ⭐️⭐️ |
|
Get a quote |
| Guardian | ⭐️⭐️ |
|
Get a quote |
| HBF | ⭐️⭐️ |
|
Learn more |
| Insure Me Now | ⭐️⭐️ |
|
Learn more |
| Kogan | ⭐️⭐️ |
|
Learn more |
| NRMA | ⭐️⭐️ |
|
Learn more |
| Qantas | ⭐️⭐️ |
|
Learn more |
| Real | ⭐️⭐️ |
|
Get a quote |
| Suncorp | ⭐️⭐️ |
|
Get a quote |
| TAL | ⭐️⭐️ |
|
Learn more |
| Zurich | ⭐️⭐️ |
|
Learn more |
| Allianz | ⭐️ |
|
Learn more |
| ANZ | ⭐️ |
|
Learn more |
| Bendigo | ⭐️ |
|
Learn more |
| Comminsure | ⭐️ |
|
Learn more |
| Insuranceline | ⭐️ |
|
Learn more |
| NAB | ⭐️ |
|
Learn more |
| NIB | ⭐️ |
|
Learn more |
| RAC | ⭐️ |
|
|
| RACQ | ⭐️ |
|
Learn more |
| Virgin | ⭐️ |
|
Learn more |
Methodology - How did we make this decision?
As part of our research for the 2020 Finder Awards, we looked at 20 insurance policies and the features they offered. The features were weighted and given a score out of 10, which we then converted into a star score out of 3.
The features were weighted as follows:
- Fully Underwritten Score: 20%
- Max Sum Insured Score: 15%
- Guaranteed Renewability Score:5%
- Expiry Age Score: 15%
- Counselling Benefit Score: 5%
- Premium Cover Suspension Score: 5%
- Interim Accident Cover Score: 10%
- TPD, Trauma, Child cover options Score: 10%
- Funeral Advancement Benefit Score: 5%
- Max Entry Age Score: 10%
What to check before you buy life insurance
So you're already well on your way to buying life insurance - but there are a few things you should always check before signing on the dotted line.
📌 What's covered and what's excluded
📌 How much cover you currently have through your super
📌 What personal information you'll need to give the insurer
📌 How your premiums may change over time
📌 What the waiting periods are
📌 How you make a claim
📌 How the claims process works
📌 Customer reviews for the insurer
Did you know? Finder surveyed 5,050 Aussies and found 19% already had income protection insurance while a further 13% plan on getting it.
What affects the cost of life insurance?
Lots of different factors influence the cost of life insurance. That's why it's so important to get a personalised quote before deciding whether it's right for you or not.
| Factor | Impact |
|---|---|
| Age | Younger people will pay less for life insurance |
| Biological sex | In general, women pay less for life insurance but more for income protection |
| Profession | People with riskier jobs will pay more for life insurance |
| Smoking | Non-smokers will enjoy cheaper life insurance premiums |
| Overall health | People without pre-existing medical conditions may pay less |
| Cover amount | The higher the potential benefit, the higher the monthly premiums |
Finder Award Winner 2020: Noble Oak Life Insurance
Fully underwritten with Trauma and TPD options. NobleOak offer up to $15 million maximum cover level.How much life insurance should I get?
That's a tough question. You have to take lots of different factors into consideration when deciding how much life insurance you should get, including:
- How much in cash savings you have
- If you have passive income streams
- What financial obligations you have
- How many people are dependent on you
- Your typical income and outgoings
- How much is in your super fund
- What other assets you have
- You level of household debt
- How much help is available to you
- How old you are
We know, it's a lot. So we created a calculator to help you figure it out. However, you should only use this as a starting point. If you want expert advice, you should speak to an advisor.
Did you know? In a Finder survey of over 10,500 people, 27% reported that they already struggle to pay their rent or mortgage.
When is the right time to buy life insurance?
You can buy life insurance whenever you like but there are a few life stages which often prompt people to get cover. They include:
When you become financially independent
When you buy a house
When you start a family
When you have people who rely on your income
Why should I get life insurance?
Aside from the peace of mind life insurance can give you and your family, there are lots of concrete benefits that make life insurance a worthwhile investment:
Keep up with the rent or mortgage
Don't fall into debt if you're unable to work
Cover medical expenses if you prefer private healthcare
Pay for a nurse if you need home care
Afford everyday items, like groceries and utility bills
Make sure your family will be okay without your income
Did you know?Most people can get life insurance. In a Finder survey of 5,050 Aussies, only 2% had been refused cover by a life insurer.
Who can benefit from life insurance?
People from all different walks of life can benefit from life insurance, but not every policy is suited to every person. Take a look at the personas below to see how each one has created a life insurance package which suits their specific situation.
☑️ Toby, 30 Self-employed
☑️ Single dad
☑️ Keira, 45 Mortgage-holder
☑️ Married
☑️ Tracey, 55 Owns her home
☑️ Adult children
☑️ Mario, 65 Retired
☑️ Adult children
Did you know? Debt is a big issue. In a Finder survey of 1,000 Aussies, 29% said they felt negative about their amount of household debt.
Want to know more about life insurance?
Buying life insurance is a big decision, so we understand you want to take your time and get it right. Luckily, we've got heaps of guides that can help.
Need more information on life insurance? Start with the very basics with our beginner's guide to life insurance.
Have any lingering questions about insurance premiums? You can check our guide on the different payment structures you can have. Find out if stepped or level premiums are the way to go.
If you're wondering what the tax implications of life insurance are, check out our guide which explains when life insurance premiums are tax deductible and when payments are tax-free.
Of course, if there's anything we've missed, don't hesitate to give us a shout. Drop us a comment below and we'll do our best to clear things up for you.
When will life insurance pay out?
Life insurance is there to help when things get hard. Take a look at the situations below to see which type of policy would pay out
| Type | Death | Terminal illness | Permanent disability | Illness | Injury |
|---|---|---|---|---|---|
| Life insurance / death | ✅ | 🆅 | ❌ | ❌ | ❌ |
| Trauma | ❌ | ✅ | ✅ | Ⓛ | Ⓛ |
| TPD | ❌ | Ⓛ | ✅ | Ⓛ | Ⓛ |
| Income protection | 🆅 | ✅ | ✅ | ✅ | ✅ |
| Personal accident | 🆅 | ❌ | Ⓛ | ❌ | ✅ |
| Funeral | ✅ | 🆅 | ❌ | ❌ | ❌ |
✅ = Yes 🆅 = Varies between insurers Ⓛ = Limited conditions ❌ = No
Why use Finder to compare life insurance?
It's 100% free
You'll never be charged for clicking through to one of our partners. We get paid out of their pocket, not yours.
We're real people
We'll never give you the sales pitch and we'll avoid complicated jargon when we can. We want to help, not push a sale.
We make it easy
Searching through a lot of different policies can be hard. We let you compare policies side-by-side, taking the hard work out of it.
Some other guides you might find helpful
Looking for affordable life insurance? Or Maybe need some tips on how to save? Our guide on cheap life insurance can help you save on your premiums.
Are you trying to find the best life insurance for your needs? We looked at Australian life insurance providers to help make the decision easier.
If you're approaching retirement and wondering about life insurance for the first time, check out our life insurance for seniors page. It has tailored information for over 65's and advice on the things to pay particular attention to.
FAQs
How many life insurance policies can a person have?
There is no set limit to the amount of life insurance policies you can have. Many people mix and match policies to create cover which works better for them.
Can life insurance expire before you die?
Yes. Some life insurance policies will have an expiry age. However, the specific age varies between different insurers and types of life insurance. Always check the PDS.
What is a life insurance beneficiary?
A life insurance beneficiary is the person, or people, you choose to receive the financial benefit of your policy after you die.
I have a pre-existing condition. Can I still get life insurance?
Yes! If you have a pre-existing medical condition there are insurers who will still cover you. Although, they might ask you to pay slightly higher premiums or exclude that condition from your cover. It's really important to disclose any condition you have when you sign up to any life insurance, because not doing so could impact your ability to claim later.
What is child life insurance?
Child life insurance is a feature you can add to your own life insurance policy. It will pay out a financial benefit if your child dies or suffers a serious medical condition.
Can I withdraw money from my life insurance?
No. Life insurance will only pay out if you suffer a serious medical condition or if you die. In some cases, it will pay out if you are made redundant.
Can I cancel my life insurance?
Yes, Life insurance can be cancelled at any time. Keep in mind if you cancel your insurance and decide to take it out later, you will likely have a higher premium due to your age or any medical conditions that have come about in the meantime.
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Ask an Expert
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.
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
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
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
Can i get life insurance if im unemployed
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