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Life Insurance Comparison Australia

We've helped over 150,000 Australians compare life insurance. Review policy benefits and cover amounts in seconds using quick filters.

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Compare life insurance quotes with an expert

Aside from the peace of mind life insurance can give you and your family, there are lots of concrete benefits that make life insurance a worthwhile investment:

Keep up with the rent or mortgage

Don't fall into debt if you're unable to work

Cover medical expenses if you prefer private healthcare

Pay for a nurse if you need home care

Afford everyday items, such as groceries and utility bills

Make sure your family will be okay without your income

A financial adviser or insurance broker can help you understand which insurance options are best for your needs.

Life insurance explained

Life insurance provides your family with an agreed-upon sum of money in the event of your death or, in some cases, if you are diagnosed with a terminal illness.

Sometimes called death cover, this type of insurance acts as a financial safety net for your loved ones when you die. It means, if the worst happens, your loved ones will still be able to afford the mortgage and pay off any debts. Getting through an illness or grieving for a loved one is hard enough without money worries on top.

Moneysmart.gov.au said that 91.5% of all claims for direct life insurance were paid out in the 12 months to 30 June 2021. There were just 16.9 policy disputes per 100,000 lives insured.

What types of life insurance are there?

Life insurance is often used as an umbrella term to describe lots of different types of personal insurance. You can either buy a standalone policy or bundle several policies together to create cover that is perfectly tailored to you and your family.

Life insurance

Life insurance/death

Life/death insurance pays a lump sum when you die. In some cases, it may also pay out if you are diagnosed with a terminal illness.

Trauma

Trauma

Trauma insurance pays a lump sum if you are diagnosed with a specific medical condition, such as meningitis or cancer.

TPD

TPD

Total and permanent disability (TPD) pays a lump sum if you are rendered totally and permanently disabled due to injury or illness. In some cases, it will pay a smaller lump sum if you are partially disabled.

Income protection

Income protection

Income protection pays a monthly benefit if you are unable to work due to illness or injury. Usually, it will only pay up to 75% or 85% of your typical wage.

Personal acccident

Personal accident

Personal accident insurance pays a lump-sum benefit if you are injured or killed. It does not provide cover for illnesses.

Funeral insurance

Funeral

Funeral insurance pays a lump sum to your family when you die, which they can use to cover the cost of your funeral.

Which types of life insurance are right for me?

It's possible you'll want more than 1 type of life insurance, so you can have peace of mind that you'll be covered in different situations.

If you're unsure which type, or types, are right for you, start by focusing on your motivation for buying life insurance.

I want to make sure my family will be okay if I die.

I want to make sure I can maintain my lifestyle if I can't work for a while.

I want financial help if I suffer a serious injury or critical illness.

I want to be able to cope if an injury or illness stops me from ever working again.

I don't want my family to have to pay for my funeral.

I already know that my family and I will be fine no matter what happens.

Remember: You can mix and match different types of life insurance to create a cover perfect for you and your family. For example, combining death cover with income protection means you're protected if an injury or illness stops you from working, plus your family will also be protected if you die.

How do I buy life insurance in Australia?

There are 3 ways to get life insurance in Australia: direct, retail and super. Each option has its own pros and cons. Check them out below to figure out which way might be best for you.

What it meansProsCons
DirectDo the research yourself and speak to an insurer directly
  • You have to do the research yourself
  • Typically has more exclusions
  • Not ideal for people with pre-existing medical conditions
RetailGet advice from a broker who then finds the best cover for you
  • Get expert guidance from a broker
  • More comprehensive cover
  • Cover can be tailored to your specific needs
  • Longer approval process
  • May require a medical
  • Usually more expensive
SuperGet it through your super fund
  • Guaranteed acceptance
  • Very convenient
  • No upfront costs
  • Premiums eat into your super balance and affect your retirement
  • Typically far more restrictive cover
  • Payouts won't be as high

Direct life insurance brands Australia

Life insurance is a popular product in Australia, so you have a lot of companies to choose from.

We've reviewed 21 Australian life insurance providers on the market, rating them a score out of 10 based on the features that each one offers. Here were the top 5 highest-scoring providers for features:

InsurerFeature ratingStandout featuresFind out more
NobleOak8.1
  • Fully underwritten
  • Future insurability
  • Guaranteed renewability
  • Counselling benefit
  • Premium suspension
  • Interim accident cover
  • TPD and trauma options
  • $15,000 funeral advancement

Get a quote from NobleOak

Guardian6.54
  • Future insurability
  • Guaranteed renewability
  • Counselling benefit
  • Children's trauma cover
  • TPD and Trauma options
  • $15,000 funeral advancement

Read the full review

Medibank6.44
  • Future insurability
  • Guaranteed renewability
  • Premium suspension
  • Interim accident cover
  • Trauma option
  • $15,000 funeral advancement

Get a quote from Medibank

Real5.87
  • Future insurability
  • Guaranteed renewability
  • Children's cover available
  • TPD & Trauma options
  • $1,000,000 terminal illness benefit

Get a quote from Real

TAL5.48
  • No maximum cover
  • Guaranteed renewability
  • Interim accident cover
  • TPD & Trauma option
  • Child trauma option

Get a quote from TAL

When is the right time to buy life insurance?

You can buy life insurance whenever you like, but there are a few life stages that often prompt people to get cover, such as the following:

Father

When you become financially independent

New house

When you buy a house

Family

When you start a family

Baby

When you have people who rely on your income

What to check before you buy life insurance

So you're already well on your way to buying life insurance, but there are a few things you should always check before signing on the dotted line.

  • What's covered and what's excluded
  • How much cover you currently have through your super
  • What personal information you'll need to give the insurer
  • How your premiums may change over time
  • What the waiting periods are
  • How you make a claim
  • How the claims process works
  • Customer reviews for the insurer

Did you know? Finder surveyed 5,050 Aussies and found that 19% already had income protection insurance while a further 13% plan on getting it.

What affects the cost of life insurance?

Lots of different factors influence the cost of life insurance. That's why it's important to get a personalised quote before deciding whether it's right for you.

FactorImpact
AgeYounger people will pay less for life insurance
Biological sexIn general, women pay less for life insurance but more for income protection
ProfessionPeople with riskier jobs will pay more for life insurance
SmokingNon-smokers will enjoy cheaper life insurance premiums
Overall healthPeople without pre-existing medical conditions may pay less
Cover amountThe higher the potential benefit, the higher the monthly premiums

Is life insurance right for me?

If you answer YES to any of these questions, you should seriously consider life insurance:

  • Are you the main breadwinner for your family?
  • Would your family struggle to survive financially without your income?
  • Do you have financial obligations, such as a mortgage, rental agreement or car loan?
  • Do you have significant household debts?

If you answer NO to any of these questions, you should seriously consider life insurance:

  • Do you have significant cash savings that could last many years?
  • Do you have income streams that would continue after your death?
  • Do you have any high-value assets, such as a second home?
  • Could your family comfortably survive on your partner's income?

Did you know? Savings are scarce. A Finder survey revealed that the average Aussie has just $28,186 in cash savings.

How much life insurance should I get?

There's no perfect amount. You have to consider a lot of different factors when deciding how much life insurance you should get, such as:

  • How much cash savings you have
  • If you have passive income streams
  • What financial obligations you have
  • How many people are dependent on you
  • Your typical income and outgoings
  • How much is in your super fund
  • What other assets you have
  • Your level of household debt
  • How much help is available to you
  • How old you are

We created a calculator to help you figure it out. However, you should only use this as a starting point. If you want expert advice, you should speak to an adviser.

When will life insurance pay out?

Life insurance is there to help when things get hard. Take a look at the situations below to see which type of policy would pay out.

TypeDeathTerminal illnessPermanent disabilityIllnessInjury
Life insurance/death YesVaries between brandsNoNoNo
TraumaNoYesYesYesLimited conditions
TPDNoNoYesLimited conditionsLimited conditions
Income protectionVaries between brandsYesYesYesYes
Personal accident Varies between brandsNoLimited conditionsNoYes
FuneralYesVaries between brandsNoNoNo
Ready to buy life insurance? Go back to compare

Did you know? Most people can get life insurance. In a Finder survey of 5,050 Aussies, only 2% had been refused cover by a life insurer.

Life insurance glossary: Key terms to know

A rundown of the tricky definitions for life insurance. Plus, what to look for when you're comparing.

Want to know more about life insurance?

Buying life insurance can be a tricky decision. Luckily, we have heaps of guides that can help.

Number 1
Start with the basics with our beginner's guide to life insurance.
Number 2
If you have any lingering questions about insurance premiums, we break down the different payment structures you can have. Find out if stepped or level premiums are the way to go.
Number 3
If you're wondering what the tax implications of life insurance are, here's when life insurance premiums are tax-deductible and payments are tax-free.

If there's anything you still have questions on, drop us a comment below and we'll reply to you.

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Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
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Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Life insurance frequently asked questions

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