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What makes us different?
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.
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.
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.
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
What types of life insurance can I compare here?
How do I actually compare cover?
It's actually pretty straightforward. Just follow this process:
1. Understand your needs
Consider how much and what type of cover you'll need.
Use our calculator to get an estimate of how much cover you need.
*Prices are an estimate based on a 35 year old non-smoking male office worker. Quotes last checked on December 2017 and are subject to change. Your ability to increase your cover in the future is only possible after significant life events as defined in the policy.
Benefits and features
Life insurance policies
TPD insurance policies
Trauma insurance policies
Income protection insurance policies
Death or terminal illness
Total and permanent disabilities
Serious illnesses or injuries as specified on the policy
Illnesses or injuries that prevent you from working
Minimum age to apply
Maximum age to apply
Amount of cover
Some policies have no limit (subject to underwriting)
Up to $5 million
Up to $200,000
Up to 85% of your monthly income (to a specified limit)
No waiting period
At least 30 days from when you start your cover before you can make a claim
There may be a waiting period after you make a claim
At least 14 days from when you start your cover before you can make a claim
*Information displayed in the table above is a rough guide of what is offered by different types of policies in Australia. For a better idea of what's offered check the PDS (Product disclosure statement) of a specific policy.
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 suites me?
The process of finding the right cover involves asking yourself a few simple questions:
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.
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.
Some insurers will offer what is known as “Guaranteed Insurability” which lets you increase your cover without having to take another medical exam.
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.
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.
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.
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.
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.
I've already got life insurance in my Superannuation, is it enough?
Most superannuation funds will provide members with a default level of cover which can be increased, decreased or cancelled altogether. If your employer is making super contributions through a default super fund, you most likely have a default level of cover for you. The cover provided in your super may be sufficient for your situation but you need to weigh up the benefits and drawbacks of this option and whether you require an additional level of protection;
Benefits of funding through super
Generally cheaper as cover is purchased in bulk by super fund.
You'll have to of lived in Australia for a period of 6 months and are intending to apply for permanent residency
Your Visa permits you to stay in Australia for a period of at least 2 - 4 years
I'm over 70 years of age? Yes. Most insurers provide cover to applicants up to age 75 (age next birthday) and some offer cover for customers up to age 79 (age next birthday). Most brands will reduce the level of cover that older applicants can apply for.
I have a pre-existing condition? It will depend on the nature of the condition and any treatment you are undergoing and the insurer themselves. The insurer will either exclude the condition from cover, request you submit more details about the condition or automatically accept it.
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 a consultant to give yourself the best chance of finding an insurer willing to offer competitive cover for your occupation.
Don’t want to overpay but don’t want to be under protected?
Here are some tips to get quality cover that won’t send you broke;
Buy young and lock in a competitive rate.Taking out cover when you are younger means you can lock in a more competitive rate as oppose to when you're older and more prone to pre-existing conditions. Cover is guaranteed renewable so you don’t have to worry about being knocked back further down the track.
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 or your employers superannuation fund. Find out how much is included and if extra cover is necessary.
Take the time to shop around. Comparing policies with a consultant from a range of insurers gives you a greater chance of finding the right cover at a competitive rate.
Consider salary continuance insurance. Salary continuance maybe more suitable if you are younger and don't have as many financial dependants.
Actuary. A professional who compiles and assists pricing policies for life insurance companies, helping assess the level of risk involved with a variety of probabilities and statistics.
Assessor (or “loss adjustor”). An insurance professional who works for insurance companies and investigates claims to determine their validity—or lack thereof.
APRA (Australian Prudential Regulatory Authority). The chief regulatory body overseeing Australia’s industry of financial services, which includes superannuation funds, insurance companies, and banks.
ASIC (Australian Securities and Investments Commission). Overseeing Australia’s largely corporate bodies, this is the regulatory organization focused on markets, businesses, and financial services. The ASIC also enforces regulations and laws in these sectors—including, specifically, the Insurance Contracts Act of 1984.
Accidental Death Cover. This form of life insurance only pays benefits if the person insured has a cause of death that comes because of an accident.
Automatic indexation. In insurance policies that hold this feature, benefits and premiums increase each year to compensate for increases in the CPI (consumer price index) as well as inflation statistics.
Agreed value policy. A policy of income protection—the benefit is paid out based on the salary of the holder at the time of application, not the claim. This is separate from an indemnity value policy, wherein benefits are paid based on the income present when the claim is filed.
Benefit. A payment—either in ongoing payments or through a lump sum—that yields from a claim on life insurance. These benefits are generally agreed upon at the outset of the purchase of insurance.
Benefit period. This is the length of time in which an insurer will pay out the benefit of income protection if you’re unable to work and generate income for yourself. The maximum is usually five years, but these benefits can vary from agreement to agreement.
Beneficiary. The person(s) denominated on a life insurance policy who will receive the benefits as outlined in said policy upon the death of the insured. This individual (or individuals) is usually a partner or close member of the family.
Broker. In contrast to a stock broker, an insurance broker seeks to guide insurance holders to finding the right policy for them—in exchange for a broker’s fee.
Claim. A request made by the beneficiary or holder of an insurance policy requesting monetary compensation for a legitimate loss covered by the terms of the policy. There are also uncovered claims, which can result in an insurance company rejecting these claims.
Capital. Refers to financial assets an insurance company has to possess in order to cover liabilities like claims—this can refer to premiums, shares, and investments.
Cooling-off period. This refers to the length of time in which a policy holder may cancel their insurance policy due to changing their mind—this period is usually 30 days after the commencement of the policy itself, but may vary.
Duty of disclosure. The responsibility of the insurance holder to provide accurate, truthful information when applying. The risk factor—and ultimate cost of the premium—is largely determined by this application, which means that inaccurate disclosures can give an insurer the right to legally refuse to pay a claim.
Disability. In the world of insurance, this term refers to the inability of an individual to perform their work duties thanks to an illness or injury. “Total” disability means no work is able to performed at all, while “partial disability” means that you can still perform work, albeit in a diminished capacity.
Exclusions. Exceptions to an insurer’s responsibility to pay out a benefit—for example, extremely hazardous activities that result in injury or suicides may exclude the beneficiaries from being able to receive money on a claim.
Expiry date. The date in which a life insurance policy “runs out”—e.g., the policy has expired.
Financial Ombudsman Service (FOS). An independent, non-biased service (usually free) that handles mediation between insurance and insurance holder disputes, helping to reach appropriate settlements.
Financial planner. A wealth adviser—licensed by the government—capable of rendering advice related to financial planning. Those who receive large “lump sum” style benefit payouts from an insurance company often retain the services of a financial planner to ensure proper strategizing.
Guaranteed future insurability. A characteristic of insurance policies wherein you (the holder) can increase the insured sum without underwriting or health checkups, usually denominated for specific events such as marriage, birth of a child, or the increase in a mortgage.
Grace period. This refers to the timeline in which an insurance provider will maintain your coverage even if you haven’t paid the premium in a timely manner. If the holder of the insurance still pays within the grace period, coverage will be retained. But the grace period expires after a predetermined amount of time—usually up to 28 days.
Home duties. A category of income protection insurance, which helps protect those who take care of a home full-time. (For more information see: Occupation category).
Income protection insurance. Insurance coverage that can replace some 75% of a holder’s income—also known as “salary continuance insurance”—in the event of an injury or illness.
Interim cover. Temporary insurance coverage which extends during the waiting period while the insurance policy is underwritten by the insurance company. For life insurance, this interim coverage tends to cover death due to accident alone. When the coverage is approved, other types of coverage may kick in.
Joint life insurance policy. This refers to life insurance coverage for more than one person—typically a couple—which then pays out on the first death of one of the insurance holders.
Key person insurance. A policy of life insurance in which a company may take out coverage on an employee against the negative consequences of their death on the operation of their business.
Level premium. This fixed premium—paid to the insurance company—is based upon the holder’s age when the policy started. These premiums will remain “level,” i.e., stable, relative to CPI increases. Stepped premiums increase as your age increases.
Lapse. Insurance “lapses” when you are incapable of making payment beyond the grace period, in which the coverage then is discontinued by the insurance company.
Multi-policy discount. A discount offered by insurers to encourage purchasing multiple policies with the same company. This discount is usually found in the premiums paid every month.
No claim period. This is the timeframe after a policy begins in which the insurance company will not pay out benefits yet—for example, a critical illness coverage often doesn’t kick in until a 90-day period has passed.
No claim bonus. An insurance discount provided by the insurer when a claim has not been made over the course of time—usually several years—which ends up in a reduced premium cost.
Non-disclosure. Without disclosing the proper, relevant information to an insurer (non-disclosure), which can result in a claim then being denied and a policy cancelled.
Occupation category. The method of organization an insurer uses to gauge the level of risk inherent in one’s occupation—for example, a “white collar” job may be perceived to be of lower risk than outdoor, high-risk jobs.
Pre-existing condition. An existing illness or underlying medical condition that the insurance holder either knew about or had been treated for prior to applying for the proper insurance—without the declaration of this condition, it may not be covered by a policy unless explicitly listed in automatically covered conditions.
Product disclosure statement (PDS). The terms and conditions of an insurance policy—companies are required by law to provide this to you before beginning the coverage. It is vital that every insurance holder reads these thoroughly to understand the terms and conditions of their coverage.
Premium loading. Extra costs incurred by the holder of an insurance policy—you, in this case—if an insurance company deems you to be high-risk due to smoking, being overweight, or having a high-risk occupation.
Premium waiver. An option present in some insurance policies where premiums are no longer required after a claim—this is usually a feature present in trauma insurance coverage.
Qualifying event. An occasion or specific occurrence explicitly covered by your policy—these are also known as “insured events.”
Renewal. Engaging an insurance policy again—usually on the anniversary of first coverage—that extends the coverage for a new period. This is usually an ideal time for holders to review coverage and see if it continues to meet their needs.
Risk. The potential of an insurer that they will lose money after engaging with you because of legitimate claims. The higher the risk of insuring you, the more they’re “exposed,” which means they’ll have to raise premiums as a result.
Sum insured. The total amount of coverage—or maximum amount of potential payment—that a policy holds in the event of full legitimate claims.
Stepped premium. An insurance premium that is recalculated based on age of the holder—this happens every anniversary of the policy start date, with the premium “stepping up” as the holder advances in age.
Smoker. For the purposes of assessing insurance risk, companies define smokers as someone who has used a tobacco product of any kind within the last year—non-smokers are defined as those who have not used a tobacco product within the previous period of 12 months.
Term life insurance. Often used interchangeably with “life insurance” these days, as it pays beneficiaries of the insurance a lump sump if you (the holder) dies or is formally diagnosed with a terminal disease.
Total and permanent disability (TPD) insurance. Insurance that pays out benefits if you are permanently and totally disabled, unable to work in the future.
Trauma insurance (also known as “critical illness insurance”). Coverage provided by an insurance company for specifically defined trauma events including cancer, heart attack, or stroke—though it’s important to know the specifics of each coverage policy.
Terminal illness. A condition, diagnosed by a licensed medical professional, wherein the prognosis for life is less than 12 months—the term is used to define specific illnesses as it relates to insurance and is no guarantee of prognosis accuracy.
Underwriting. An insurance company’s process for assessing a potential policy risk based on various factors involved with the individual to hold the insurance, such as age, health, and lifestyle including occupation. This helps determine the premium at which the holder will be charged.
Underinsurance. Also known as “undercoverage,” wherein a policy holder (you) does not have the insurance necessary to cover the losses—for instance, not having enough money in funeral coverage to handle the advance costs of a funeral.
Void. Invalidity of an insurance policy. A policy is rendered void if a holder breaches the duty of disclosure.
Waiting period. The timeline in which a holder must wait—as outlined in the insurance policy—before the benefit will be paid out by the insurance company.
X-ray/lab. Diagnostic lab services or X-Ray services performed in support of basic health coverage. These can include blood work and urinalysis, and X-Ray services tend to include skeletal X-rays, MRIs, CT scans, and ultrasounds.
You and your. A frequent term in insurance policies referring to the holders of said policy.
Zurich. Brand of life insurance available in Australia.
Still need help? Check out these answers to common questions
Whether you need it
A. You may not want to pass on outstanding mortgage debt, personal debt or final expenses i.e funeral costs to your family and friends. What about income protection or TPD? If you suffer a serious injury and can’t work for a few months or ever again, what would you do then?
A. Most people are not fortunate enough to have adequate funds invested in a high-interest account that would be enough to cover their outstanding debts and give their family support for the future. With some life and disability claims reaching up to $2 million … it’s a fair wad of cash to just have sitting around!
A. Not exactly. Health insurance covers medical expenses that are associated with sickness and injury but does not provide support for bills, debts or loss of income if you can’t work for an extended period or ever again. Life insurance covers the gap between the expenses covered by health insurance and additional costs of ongoing treatment, rehabilitation and loss of income.
Receiving a life insurance quote
A. You receive a quote for cover by entering your details in the form above. A certified insurance consultant will then call you to discuss different policy options and provide you with a preliminary quote based on these details.
A. Life Insurance and Income Protection are not straightforward types of insurance and the cover that is available to you and what you will pay for it is greatly impacted by your own personal characteristics. Based on your Gender, Smoking Status, Age, Type of Protection, Occupation, Income and Level of Protection required a consultant can provide you with a preliminary quote for cover.
This preliminary quote can then change based on a number of factors including;
Any pre-existing medical conditions that you may have.
Nature of activities carried out in your occupation.
The policy you choose.
Style of premium you choose.
The policy fee charged
Stamp duty that is charged
A. The insurance consultants that finder.com.au work with have access to major life insurance brands in Australia and may have access to smaller specialist insurance groups as well. You can view the main panel of insurance brands that you can receive a quote for here.
Applying for cover
A. Australian and New Zealand Citizens, and Australian permanent residents (those residing in Australia at time of application). Age restrictions vary between brands and cover selected.
A. An insurance consultant can help you review your current policy to help you decide whether you can benefit switching to another option or increasing/decreasing the level of cover in your current policy.
A. Insurers class anyone that has smoked tobacco or any other substance in the last 12 months as a smoker.
A. No, generally they will be required to take out a separate policy.
A. Most insurers will only require medical or blood tests at application if the insured has a pre-existing condition that needs to be assessed further. Additional evidence may be required in the event of a claim.
A. It depends on the condition and 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 to great a risk for them, they will generally exclude it from cover. As an 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.
A. 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 is not the same for all 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.
A. Generally all deaths are covered except for suicide within the first 13 months of the policy. Accident only life cover will only provide cover for death that is the result of an accident. Some policies may exclude death related to pre-existing medical conditions for a set number of years from the start date of the policy.
A. Most policies will not pay a benefit for claims arising from;
Intentional self-inflicted injury or self harm.
Acquiring HIV, AIDS, Hepatitis B or Hepatitis C unless if through performing duties of the your occupation.
Disablement caused during engagement in armed forces of any country.
Claims related to pregnancy, uncomplicated childbirth or miscarriage.
Claims caused by your engagement in unlawful acts.
Claims from aviation activity unless you are a fare paying passenger on a scheduled flight.
A. Yes. You can apply to increase or decrease your cover at any stage to meet your needs. It’s worth noting that you will be required to undertake another round of assessments with your insurer.
A. Yes. Most policies offer 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.
A. No. Life insurance is not an investment product and is designed to pay a benefit for death, terminal illness, injury or illness.
A. Yes. Most policies provide cover 24 hours a day anywhere in the world. Countries that have been advised against travel are generally not covered.
Making a claim
A. In the event of your death, your life insurance brand 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).
A. If you have life insurance through your superannuation and are concerned about who will receive the benefit payment, you can make what is known as a binding death benefit nomination. A binding nomination allows you to nominate exactly who will receive what in the event of your death, essentially making your Estate Planning more certain.
A. A binding nomination can be taken out on;
Your current spouse.
Child of any age.
People that are financially dependent on you at the time of your death.
The benefit payment can be distributed among the different beneficiaries provided you give details of the share you wish to be given to each beneficiary.
A. Generally, the beneficiary will need to provide:
A completed claim form.
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.
A. 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.
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. Picture: Shutterstock
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
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