Do I need a medical exam to get life insurance?

Not always. Many direct life insurance policies especially for lower cover amounts or younger applicants do not require a medical exam. You might only need to answer some health and lifestyle questions. For higher cover amounts or if you are older or have certain health conditions insurers may ask for medical tests a GP report or a blood test to assess your risk.

What is a waiting period in life insurance?

A waiting period is a set length of time after your policy starts during which certain events or conditions are not covered. For example, many policies have a waiting period for death by suicide usually 12 or 13 months. Claims related to illnesses or injuries that arise during this period may also be excluded or limited depending on your policy terms.

Are life insurance premiums tax deductible?

No, personal life insurance premiums are not tax deductible in Australia. However, income protection insurance premiums are usually tax deductible because they relate to your ability to earn an income. If your life insurance is held within your superannuation fund different tax rules apply.

How do I make a life insurance claim?

To make a life insurance claim you or your beneficiary will need to contact the insurer as soon as possible. You will typically be asked to complete a claim form and provide supporting documents such as a death certificate medical reports or proof of identity. The insurer will then assess the claim which may involve further investigation before a payout is made.

Can I change my life insurance cover once I have a policy?

Yes, most life insurance policies offer flexibility to adjust your cover. You can usually increase or decrease your sum insured add or remove optional benefits or change your beneficiaries as your life circumstances evolve. It is important to regularly review your policy to ensure it continues to meet your needs for example after marriage parenthood or buying a home.

What is the maximum age to get life insurance?

The maximum age to apply for a new life insurance policy varies between insurers. Some policies allow new applications up to age 79 or 85. For existing policies, many can be renewed up to age 99 or even for life as long as you continue paying the premiums.

How much life insurance do I need?

This isn't an easy question to answer as it will depend on your individual needs and circumstances. A common approach is to add up your outstanding mortgage and debts, several years of living costs, and future expenses like children's education, then subtract any savings or existing cover. The gap is a useful starting point for your cover amount.

Is life insurance worth it?

It's generally worth considering if other people depend on your income, like a partner, children or other family. The lump sum can cover a mortgage, debts and living costs so your loved ones aren't left financially exposed.

Is it better to get life insurance through super or directly?

This will come down to what kind of cover you're looking for. Cover through your super fund is often cheaper and doesn't come out of your take-home pay, but it's usually more basic and may end at a certain age. A direct policy costs more but lets you choose your cover amount, features and premium type.

What types of life insurance are there?

The main types are life (death) cover, total and permanent disability (TPD), trauma or critical illness cover, and income protection. Many people hold more than one, either directly or through their super. This page focuses on life cover, but you can compare the others through the links above.

Life Insurance Comparison 2026:

What sort of cover are you looking for?

8 of 22 results

Finder Score	Maximum Cover	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover
Finder score 9.9 Excellent TAL Accelerated Protection Life Insurance Finder Award	Finder score 9.9 Excellent	Maximum Cover No set limit	Funeral Benefit $25,000	Optional TPD Cover $3 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. T&Cs apply.	Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).	Get Quote View details Compare product selectionCompare	loading
Finder score 9 Excellent Medibank Life Insurance	Finder score 9 Excellent	Maximum Cover $2.5 million	Funeral Benefit $15,000	Optional TPD Cover $1.5 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get a 10% discount if you're already a Medibank Health Insurance member. T&Cs apply.	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 2025 Customer Satisfaction Awards.	Get Quote View details Compare product selectionCompare	loading
Finder score 8.5 Great ahm Life Insurance	Finder score 8.5 Great	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get your first month of cover for free when you apply by 14 Sep 2026. Plus, ahm Health members also save 10% each year. T&Cs apply.	Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.	Get Quote View details Compare product selectionCompare	loading
Finder score 6.5 Standard Zurich Ezicover Life Insurance	Finder score 6.5 Standard	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover	Optional Trauma Cover No	Discount: Get your first month free, plus a complimentary legal will. For policyholders who purchase an eligible Ezicover Life Insurance or Income Protection policy from 27 Jan 2023 and maintain cover for at least 12 months. Offer must be redeemed while the policy remains active. T&Cs apply.	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.	Get Quote View details Compare product selectionCompare	loading
Finder score 7.5 Great AAMI Life Insurance Most Loved	Finder score 7.5 Great	Maximum Cover $1.5 million	Funeral Benefit $10,000	Optional TPD Cover	Optional Trauma Cover Yes	Discount: Get a $100 first year discount when you take out a new AAMI Life Insurance policy. T&Cs apply.	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.	Get Quote View details Compare product selectionCompare	loading
Finder score 9.5 Excellent NobleOak Life Insurance	Finder score 9.5 Excellent	Maximum Cover $25 million	Funeral Benefit $25,000	Optional TPD Cover $5 million (maximum cover)	Optional Trauma Cover Yes	Our verdict: Highly commended in the 2026 Finder Life Insurance Awards, offering up to $25 million in life cover, one of the highest payouts available.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Australian Seniors Life Insurance	Finder score Not scored yet	Maximum Cover $0.2 million	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover No	Our verdict: Australian Seniors lets you take out cover up to the age of 79. No medical exams or blood tests needed to apply. Keep in mind: Low cover limit of up to $200,000 and no option to add TPD or Trauma cover.	Get Quote View details Compare product selectionCompare	loading
Finder score Not scored yet Real Life Insurance	Finder score Not scored yet	Maximum Cover $2 million	Funeral Benefit $20,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Discount: Get 10% cash back of the premiums you've paid after your 12-month anniversary with The Real Reward™. T&Cs apply.	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams.	Get Quote View details Compare product selectionCompare	loading

Showing 8 of 9 results

Life insurance pays your family a lump sum if you pass away or are diagnosed with a terminal illness, helping cover the mortgage, debts and everyday costs.
Your premium depends on your age, health, lifestyle and how much cover you choose, so compare on features and claims record, not just price.
Cover through your super is usually more basic, so it's worth reviewing whether it's enough, especially after a big life change like a mortgage or a new baby.

Compare these life insurance brands & more

If you're thinking about life insurance and don't know where to start, Finder can help you find the right policy to protect you and your loved ones. We get that thinking about a time where you're no longer here can be uncomfortable, which is why our comparison tool makes things as easy as possible.

We help you compare things like maximum payout amounts, TPD cover, funeral benefits and other optional features you may want added onto your policy.

What is life insurance?

Thinking about life insurance but not sure where to start? You're in the right place. We know that planning for a time when you're no longer around isn't easy, so we've built our comparison tool to make it as simple and stress-free as possible.

Life insurance pays your loved ones a lump sum if you pass away or are diagnosed with a terminal illness, money that can cover the mortgage, clear debts and keep everyday life going when they need it most. To help you find the right policy, we compare the things that actually matter: maximum payout amounts, TPD and trauma options, funeral benefits and other features you can add to suit your circumstances.

How much does life insurance cost?

There's no single price for life insurance, because what you pay depends heavily on your personal circumstances. When we asked Australians what they actually pay back in March 2026, the average came in at about $154 a month.

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

Because the price is so individual, the best way to know what you'll pay is to compare quotes based on your own details.

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 March 2026.

$154

Price based on 160 responses about their monthly premium in March 2026.

Other types of life 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 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 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.

"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."

Alex Holderness

Finder's head of publishing, parent and homeowner

How to compare life insurance

When you sit down to compare life insurance it helps to start with a few key questions:

If you passed away, could your family maintain their current lifestyle?
Would they still be able to reach future goals you've planned for them?
If you were permanently disabled, how would the bills get paid - and if you live alone, how would you afford care?
How long could you cover expenses without your regular income?
Could you afford major costs like home modifications or long-term rehab after a serious injury?
Are the ongoing premiums sustainable for your budget?

Asking these questions gives you a clear picture of the type and level of cover you may need. From there, you can compare life insurance policies side by side to weigh up the costs, features and benefits that best match your circumstances.

Compare life insurance premiums

When you compare life insurance, premiums are one of the biggest factors to look at. The cost you pay isn't just about today's price - it's also about how the structure of those premiums will affect your budget over time.

Because a life insurance policy can last for decades, understanding whether costs rise each year or stay fixed can make a big difference to affordability in the long run.

Premiums vary based on age, gender, occupation and smoking status.
Policies can run for decades, so check how costs may change over time.
Stepped premiums: cheaper upfront but increase as you age.
Level premiums: higher at first but stay consistent across the policy.

Compare life insurance features

Premiums matter, but the real value of life insurance lies in its features. The inclusions, exclusions and benefit limits all determine how useful the cover will be when your family needs it most. By taking the time to compare life insurance features alongside costs, you'll be able to find a policy that balances affordability with meaningful protection.

Ensure the cover amount is enough to support your family if you pass away.
Review inclusions, exclusions and benefit limits carefully.
Some policies include extras like financial planning or accommodation benefits.
Comparing features alongside premiums helps you find the best value protection.

Our top 3 tips for comparing and purchasing life insurance

Understand the ins and outs of your policy

We get it. Purchasing life insurance is not the most glamorous thing to shop for, but it's essential to get it right. When you've found an insurer you like, ensure you read through the PDS so you fully understand how your policy works. This can prevent misunderstandings or delays if you need to make a claim or a change to your policy.

Regularly review your cover

Your life insurance should never be a "set and forget" product. Life insurance is meant to reflect your lifestyle, which means it should be reviewed whenever you hit a major milestone, like purchasing a house or starting a family. It's important to ensure your policy's cover always aligns with your current living situation.

Double check your super

Once you turn 25 and have a balance of at least $6,000, you will automatically receive life insurance through your superannuation. This typically includes death cover, TPD and income protection insurance. While there are some perks for relying on your super's life insurance, cover is generally limited, plus your premiums are deducted from your super balance.

Life insurance guides and resources

Life insurance policy

New to life insurance

Couple walking on the beach

Specific needs

Blocks

Popular types

Happy family

Income protection

Old woman with a party hat

Comparisons & deals

FAQs

Not always. Many direct life insurance policies especially for lower cover amounts or younger applicants do not require a medical exam. You might only need to answer some health and lifestyle questions. For higher cover amounts or if you are older or have certain health conditions insurers may ask for medical tests a GP report or a blood test to assess your risk.
A waiting period is a set length of time after your policy starts during which certain events or conditions are not covered. For example, many policies have a waiting period for death by suicide usually 12 or 13 months. Claims related to illnesses or injuries that arise during this period may also be excluded or limited depending on your policy terms.
To make a life insurance claim you or your beneficiary will need to contact the insurer as soon as possible. You will typically be asked to complete a claim form and provide supporting documents such as a death certificate medical reports or proof of identity. The insurer will then assess the claim which may involve further investigation before a payout is made.
Yes, most life insurance policies offer flexibility to adjust your cover. You can usually increase or decrease your sum insured add or remove optional benefits or change your beneficiaries as your life circumstances evolve. It is important to regularly review your policy to ensure it continues to meet your needs for example after marriage parenthood or buying a home.
This isn't an easy question to answer as it will depend on your individual needs and circumstances. A common approach is to add up your outstanding mortgage and debts, several years of living costs, and future expenses like children's education, then subtract any savings or existing cover. The gap is a useful starting point for your cover amount.

Sources

Thank you for your feedback!

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.

Written by

Ceyda Erem

Senior writer

Ceyda Erem is Finder’s senior writer for insurance and has almost 10 years of experience writing about personal finance. Formerly a copywriter for several business and finance clients, Ceyda has written hundreds of articles, guides, blogs and more to ensure Australians stay in the loop about how to best manage their money. She has a Bachelor of Arts, Majoring in Writing from Macquarie University. See full bio

Ceyda's expertise

Ceyda has written 199 Finder guides across topics including:

Insurance

Co-written by

James Martin

Journalist

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, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. 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 179 Finder guides across topics including:

Car, home, life, health, travel and pet insurance
Managing the cost of living
Money-saving tips

More resources on Finder

Compare life insurance in Australia

Compare life insurance from Australia's leading insurers, independently scored on price, cover and claims.

Key takeaways