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Quick life insurance comparison

Use this table below to quickly compare life insurance brands. To compare quotes, use the tool above.

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
$15,000,000
69
$0
Yes
99
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs.
$1,500,000
65
$3,000
No
80
Flexible cover options to suit your budget. New eligible customers can receive 25,000 Velocity Points. Ends 31 Aug 2018. Min monthly premium and T&Cs apply.
$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
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.
$2,000,000
59
$50,000
Yes
99
Get flexible life insurance up to the sum of $2,000,000.
$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.

Compare up to 4 providers

How do I actually compare cover?

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

1. Find out what cover you need

Consider how much cover you need and what type of cover you'll need.

Find the right coverage

Answer two quick questions to work out the type of cover you need.

Question 1 of 2

You're probably looking for...

Life insurance

Life insurance pays out a benefit to your loved ones if you die. This payment can be used to pay off the mortgage and for any ongoing expenses your family has.

Calculate how much life insurance you need

2. Compare prices and benefits

Use our quote engine to get an online comparison of price, features and benefits, as well as age limits.

3. Apply online or with an adviser

How much help do you need?

I want someone to walk me through

Find an adviser

I can do this myself

Apply with insurer


Why use finder to get life insurance?

So we've got a comparison service, but why should you go with us?

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We're 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.

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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. It's all online.

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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.

Here's what one of our users was able to save

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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

Back to topt

What is life insurance?

Life insurance is a safety tool for anyone who depends on you. If you die or become really ill unexpectedly, life insurance provides money to help replace your income, make mortgage payments and even pay for the cost of your child's education.

Video: Life Insurance in 2 minutes

What types of life insurance exist?

And what situations do they cover?

TypeSituations it generally coversMaximum 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.
Some brands determine the maximum when they assess you. 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.
traumaPersonal 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

This payment can be used to achieve financial goals such as:

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.

ComparisonAverage 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

How does the cost of life insurance compare to some of your regular expenses?

Updated June 2018. We compared the average monthly premium of a $500,000 policy for 40 year old with these expenses:

Expense Average cost
Monthly life insurance premium ($500,000 of cover) $30
Internet 8 Mbps (1 month of connection) $58
Flat screen TV (40 inches) $651
Microwave (800/900 Watts) e.g. Bosch, Panasonic, LG, Sharp, or equivalent brands $195
Laundry detergent (3 l.) $10
Cleaning (hourly) $35
Pair of jeans e.g. Levis 501 or similar $113
A summer dress in a High Street Store e.g. Uniqlo, Zara, H&M $81
Pair of sport shoes e.g. Adidas, Nike, Puma, etc $154
Pair of leather shoes (Mens) $171
1 liter of petrol $1.42
Monthly ticket public transport $169
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) $114
1 cocktail drink at a downtown club $18
Coffee in the city $4.30
1 beer in neighbourhood pub (500ml) $8
1 min. of prepaid mobile phone chat $0.75
1 month of gym membership (business district) $104
1 package of cigarettes e.g. Marlboro $29

Data sourced from Expatistan.com and compares the cost of living in Sydney.

Why life insurance is worth your money


Some guides to help you make an informed decision

Latest life insurance news and tips

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 suits me?

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

    Back to top

    Guide: Right time to buy life insurance

    Back to top

    Should I buy cover with an adviser or straight from the insurer?

    Both options have benefits to consider so it really comes down to your own personal preference...

    Reasons why people buy with an adviser

    • Access to wide range of products to give you greater choice.
    • Can use their knowledge of the market to help you find cover suitable for your situation.
    • Can offer advice around life insurance inside and outside superannuation.
    • Generally offer higher cover levels and greater range of features.

    Life insurance with advice

    Reasons people go direct to the insurer

    • Usually no medical required on direct products
    • Cover can be put in place entirely online or over the phone.
    • You know straight away if your application is successful.
    • Some direct brands offer cover amounts up to $15 million.
    • Number of life insurance products now combine products with general insurers to offer cover for involuntary redundancy.

    Direct life insurance guide

    I've already got life insurance in my Superannuation, is it enough?

    Most superannuation funds provide members with a default level of cover which can be increased, decreased or cancelled altogether. Check with your employer if they are making contributions to a superfund for you.

    Benefits of funding through super

    • Generally cheaper as cover is purchased in bulk by super fund.
    • Premium payments may be tax-deductible if paid with pre-tax dollars.
    • Self-employed workers under the age of 75 may be eligible to claim a tax deduction for personal contributions.
    • In some cases can arrange for employer to make contributions directly to their fund of an amount that will include the premium of life or disability cover.
    • Payments made automatically direct from your super and not your after tax income.
    • Reduced requirement for health checks.

    Drawbacks of funding through super

    • Types of cover available is limited. Trauma insurance is no longer offered through superannuation.
    • Usually reduced level of cover offered to retail policies.
    • Benefits paid to non-dependents can attract tax.
    • Payment of benefit can be more complicated/drawn out as benefit is paid to fund trustee first who then distributes funds.
    • Cover is generally more comprehensive/flexible for policies outside of super.
    • Cover expires at age 70 (most policies outside of Super will continue to provide cover until age 90 or 100).

    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:

    • 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?
    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 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.

    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.

    Back to top

    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.
    • Keep an eye out for special offers. Competition among insurers has resulted in an increase of special offers to help you save further on your cover. This may include free cover for the first year, access to health rewards programs and premium discounts.

    Useful things to understand

    Still need help? Check out these answers to common questions

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    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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    *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

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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.

      • Staff
        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

      • Staff
        LiezlAugust 5, 2017Staff

        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

      • Staff
        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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