Life Insurance Finder – Compare Australian Brands

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If you're getting married, buying a house or starting a family, now's the time to start thinking about how to take care of them. Life insurance can give you peace of mind, knowing that they're cared for if you were to die or become terminally ill.

Compare Australian life insurance brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
$1,500,000
65
$3,000
No
80
Choice of cover options and flexible premiums to suit your budget. No lock-in contracts and fast application.

$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™.
$1,500,000
65
$100,000
Yes
99
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, Medibank health insurance members can save 10% off premiums.
$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.
$1,000,000
65
$100,000
No
No expiry age as long as premiums are paid
Receive one month's premiums off every year if you pay annually upfront. T’s and C’s apply.
$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.

Compare up to 4 providers

The offers compared on this page are chosen from a range of products finder.com.au has access to and are not representative of all the products available in the market. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

What is life insurance?

It’s in the name. Life insurance offers a sum of money to your loved ones if you die (or are diagnosed with a terminal illness). This can be used to pay off a mortgage, send your kids through school, or set up your significant other for retirement.

Video: Life Insurance in 2 minutes


April 2019 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

About the author:

Getting the right life insurance

Over half of Australians3 don't even realise: life insurance protects you for more than just your life. You have the option of covering death, your income, against disabilities and even against health conditions like heart attack, stroke and cancer.

The main factors that influence your cost are: your age, sex, cover amount and smoking status. To illustrate this, take a look below:

Age and sex

Let's imagine two friends Jeremy and Jan who are the same age. Here's how much life insurance costs for each of them if they take it out at 35, 45 and 55. You'll notice the differences between each other as well.

35

Picture not described: man-1.png Image: Getty

Jeremy

Picture not described: woman.png Image: Getty

Jan

$34.00 per month$26.76 per month

45

Picture not described: man-1.png Image: Getty

Jeremy

Picture not described: woman.png Image: Getty

Jan

$52.86 per month$45.91 per month

55

Picture not described: man-1.png Image: Getty

Jeremy

Picture not described: woman.png Image: Getty

Jan

$184.08 p.m$126.66p.m

Note: Some insurers will also take into account your health and lifestyle. This is called underwriting and usually happens during the application process.

The average cost of life insurance in Australia

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

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Types of life insurance

Life insurance has many components, which provide benefits in different circumstances:

Picture not described: Life-stages-Graph.jpg Image: GettyLife Insurance States Graph

Type When will you receive a benefit? Maximum amount of cover you can get
umbrellaTerm life (or Death) cover
  • You pass away unexpectedly. A benefit will go to your loved ones in the event of your death.
  • 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 cover

  • 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 cover

  • 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.

Note: If you want multiple situations covered make sure you let your insurer or an adviser know during the application process so you can get the right cover included.

Types of life insurance: 2018 guide

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 of life that may need to be covered if you're not around.

Comparison Average cost
Average cost of a $500,000 life insurance policy

$28.56 per month

Average cost of raising a child in Australia

$297,000

Average home loan size in Australia

$371,700

Average credit card debt in Australia

$3,130

It's cheaper than a couple of movie tickets

The monthly premium for a $500,000 policy is around $28 for a 30 year old. Meanwhile, the cost of movie tickets for two people in Australia can cost around $39.


How do you actually compare cover online?

Research1 shows more people prefer to compare online than with an adviser, so you're not alone on this journey.

It's also pretty straightforward to compare online. Just follow this process:

1. Find out what cover you need

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

Life cover: $1,000,000, TPD: $250,000, Income protection: $6,000 per month.

2. Compare prices and benefits

Use our quote engine to get an online comparison of:

Price, Features, Benefits, Age limits and more.

Or quickly compare cover without price.

3. Apply online or with an adviser

How much help do you need?

Need some help choosing

Handle it yourself


Why use Finder to compare?

About our comparison service

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Finder is independently owned

Unlike some other comparison services, Life Insurance Finder™ is independently owned and operated. 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.

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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 informative guides so you aren't just blindly comparing on price.

Empower your life insurance choice with knowledge that will help you even after purchase.

We're constantly reviewing Australian brands

A to Z listing of life insurance brands we review

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How do I find cover that suits me?

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

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;

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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:

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 be 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

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Am I eligible for cover if...

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Further reading: Questions and answers

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

1NobleOak Whitepaper: Life Insurance in Australia, Consumer Behaviour Transformation, January 2018.

*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

3. Based on a 2018 NobleOak survey of 1034 Aussies. Note: life insurance brands offer income protection insurance as a product)

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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

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