Life Insurance Finder – Compare Australian Brands

Q. What is life insurance? Life insurance provides a benefit payment if the person who is insured dies. This can be used to help you cover the mortgage, any debts and ongoing expenses.

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.
$1,500,000
65
$3,000
No
80
Protect what matters with a new eligible Virgin Life Insurance policy and you can earn up to 40,000 Velocity Points. Ends 31 October 2018. T&C’s apply.
$15,000,000
69
$0
Yes
99
Get a quote for up to $15 million in life insurance cover. Take out a policy before 28 September 2018 and get your first month free. T&C's apply
$2,000,000
74
$100,000
Yes
99
Join Qantas Life Protect and earn up to 200,000 Qantas points. 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

31 August 2018 update

A word on life insurance in Australia

Life insurance sold directly through an insurer has been in the news recently for 'poorer claims outcomes'. These situations however, don't represent all life insurance policies and are avoidable in most circumstances. When you buy a policy here's what you should know:

Maurice Thach

by Maurice Thach

Life Insurance Publisher for finder.com.au

Getting the right life insurance

September 2018 cost estimate: 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 September 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*.

Life insurance calculator: Find out how much cover you need.

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

Back to top

What is life insurance?

It’s in the name. Life insurance offers financial protection against your life. However, life insurance has many components, which provide benefits in different circumstances:

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

Video: Life Insurance in 2 minutes

What expenses does life insurance help to pay?

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.

Expense Average cost (Sydney)
Monthly life insurance premium ($500,000 of cover) $30
Internet 8 Mbps (1 month of connection) $58
Flat screen TV (40 inches) $668
Microwave (800/900 Watts) e.g. Bosch, Panasonic, LG, Sharp, or equivalent brands $200
Laundry detergent (3 l.) $10
Cleaning (hourly) $35
Pair of jeans e.g. Levis 501 or similar $112
A summer dress in a High Street Store e.g. Uniqlo, Zara, H&M $83
Pair of sport shoes e.g. Adidas, Nike, Puma, etc $156
Pair of leather shoes (Mens) $169
1 liter of petrol $1.43
Monthly ticket public transport $167
Taxi trip on a business day (normal rate) 8 km $22
Basic pub dinner out for two $53
2 movie tickets $39
Dinner for two at an Italian restaurant (includes appetisers, main course, wine and dessert) $113
1 cocktail drink at a downtown club $18
Coffee in the city $4.29
1 beer in neighbourhood pub (500ml) $8
1 min. of prepaid mobile phone chat $0.75
1 month of gym membership (business district) $97
1 package of cigarettes e.g. Marlboro $29

Data sourced from Expatistan.com and compares the cost of living in Sydney. Date last updated September 2018

Is life insurance really worth it?

Case study: How insurance saved a teenagers life


How do you actually compare cover?

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

1. Find out what cover you need

Consider type of cover you'll need and how much you'll need for each cover type. List out the types with a rough figure of how much you’ll need. For example:

Life insurance: $1,000,000

TPD: $250,000

Income protection: $6,000 per month

Funeral expenses: $10,000

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?

If you’re confused about the type or amount of cover you need don’t worry, an adviser can help.

Need some help

If you’re happy to apply online for cover, you can do so with a range of direct insurers.

Handle it yourself


Why use finder to get life insurance?

About our comparison service

independence-circle

Finder is independently owned

Unlike some other comparison services, finder is independently owned and operated (not owned by an insurer or bank). Our guides and articles are written in accordance with our strong editorial principles and guidelines. Any life insurers we partner with do not approve our content or editorial direction.

phone-calls-circle

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. Try it out.

information-knowledge-circle

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.

Life insurance brands in Australia

Back to top

How do I find cover that suits me?

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

What is the minimum and maximum cover amount?

Find out what you can actually be insured for and what you stand to receive in the event of a claim. Some insurers will allow for an unlimited amount of life cover to be taken out while others will cap it for certain occupations and age groups.

What is the maximum entry age and expiry age of the policy?

Consider age limits e.g. when you can no longer apply and when your policy will stop covering you.

If you are a senior looking for cover, age limits and when your policy will end can vary between insurers.

Can I increase my cover without having to take another medical check?

Some insurers will offer what is known as “Guaranteed Insurability” which lets you increase your cover without having to take another medical exam.

What are the policy features?

Look at the range of features provided automatically and those that can be purchased for an additional premium. It might be painful but actually taking the time to get an understanding of these and whether they actually apply to your situation is extremely valuable.

Can I combine the policy with other types of insurance?

Most insurers will let you combine your life cover with TPD and Trauma to ensure you have adequate protection for “living events”. Combining cover should result in a premium discount.

How is your occupation covered?

Conditions on the cover that is provided can vary between insurers based on your occupation. There may be insurers specialising in cover for your occupation i.e. if you are a high-risk worker.

How flexible is the policy?

Find out if there are any restrictions to adjusting your level of cover, who is covered on your policy and if you can remove certain features.

Considered speaking with a consultant?

An insurance consultant can help you assess your situation and find a policy to match your cover requirements. They can use their knowledge of the insurance industry to help you find discounts and insurers willing to work with your situation.

Guide: Right time to buy life insurance

How to keep the costs down when buying life cover

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.
  • Level premiums. Start off your policy at a higher rate but pay the same rate as you get older.
  • 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.
Back to top

Direct or through an adviser: Which is the right way for you to buy cover?

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

    What about group (super) life insurance?

    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

    Back to top

    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.

    Back to top

    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
    Icons made by Freepik,dDara,Pixel Buddha from www.flaticon.com

    *Average costs

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

    https://www.finder.com.au/australian-home-loan-statistics

    https://www.finder.com.au/credit-cards/credit-card-statistics

    Ask an Expert

    You are about to post a question on finder.com.au:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com.au is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

    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

    Ask a question
    Go to site