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Compare NowHow much does life insurance cost?
The average cost of a life insurance policy is $1,258 annually, according to Finder research of 11 providers.
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
The cost of life insurance is highly dependent on personal factors so your own annual premium is likely to be different to our average cost. This information should be used as a guide only.
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 November 2024.$160
Price based on 130+ responses about their monthly premium in November 2024.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."
Life insurance guides and resources
FAQs
What is the Finder Score?
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other.
We have assessed over 30 products and assign each product a score between 1-10 based on 13 features, including price.
Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.
To be eligible for a Finder Score, providers must provide us with quotes. We use the average price across 12 personas. The personas we collect quotes and use for the purpose of Finder Score are:
The Finder Score methodology is designed by our insights team and reviewed by our editorial team. We review the products objectively. Commercial partnerships do not affect the score.
Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.
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