Life insurance for 35-year-olds

With all the new assets – and possibly people – in your life, you need to think about life insurance when you reach your mid-30s. Because you're still young and healthy, it's probably the best time to buy and lock in cheap premiums that will quickly disappear if you delay.

What are the types of life insurance for a 35-year-old?

If you're in your 30s, there are a few different types of life insurance tailored to your needs. They are:

Life insurance. Sometimes referred to as death cover, this is a policy that pays out if you die during the "term" of your cover. In other words, it only pays out if you die before the policy's expiry age, which is usually around 90 to 100 years old. In your 30s, you're likely to marry, have children and take out a mortgage. Term life insurance can provide financial protection for all these new assets.

Income protection. Another very important consideration you need to have in mind is your income. In your 20s, it's likely that you could have got by for a while without an income, but it's likely a different story by the time you're 35. If you needed to take some time off work due to injury or illness, could you still pay all your bills? Income protection can pay you a monthly benefit up to 85% of your income to make sure you still can.

TPD. Total and permanent disability insurance provides a lump sum payment if you are seriously injured or ill and become permanently disabled. As you begin to accumulate more in your 30s, TPD can be crucial if something bad happens, covering everything from medical bills and home modifications to paying the mortgage.

Top picks for life insurance in Australia

Top pick:
Winner

NobleOak Life Insurance

Finder Award

• $25 million sum insured
• 1st place in Finder Awards: 8.45 final score
• Fully underwritten policy
• Cheapest average policy price

Top pick:
Finalist

TAL Accelerated Protection Life Insurance

Finder AwardBonus

• Pays up to $5 million in TPD
• 2nd place in Finder Awards
• Interim accident cover
• $25,000 funeral advancement

Top pick:
Finalist

RAC Life Insurance

Bonus

• Pays up to $25 million
• 3rd place in Finder Awards
• TPD and trauma options
• $15,000 funeral advancement

Is my superannuation life insurance enough?

Probably not. If you want enough to cover everything that you currently pay for and ensure that your family continues to enjoy the same lifestyle, then life insurance through super is likely to fall short. In most cases, it will only provide your beneficiaries with between $100,000 and $200,000, which is usually nowhere near enough. Considering that you've likely got a mortgage, school fees, car loans, healthcare and day-to-day expenses to pay, it's generally not enough for the average Australian.

Standalone life insurance, on the other hand, can cover you for more than $1,000,000, which is far closer to the amount your dependants would actually need when you die.

How much is life insurance for 35-year-olds?

Life insurance is usually very affordable for 35-year-olds, largely because you're still young and likely have little to no health issues. Factors such as your age, health, job and the amount you're applying for will be your insurer's main considerations when determining your premiums.

But let's talk averages. The longer you put it off, the more expensive taking out cover gets. See the full breakdown of weekly costs of life insurance for different ages and genders below.

Non-smoking female

Non-smoking male

We compiled life insurance quotes from 12 Finder partners. These are the average costs for a non-smoker with no medical conditions and earning a gross annual income of $80,000. Quotes researched as of March 2022.

How much life insurance do I need at age 35?

This depends entirely on your personal circumstances, but there are a few simple ways to work it out. Our life insurance calculator can give you an idea of how much you'll need but on average, around $1 to $1.5 million is generally what most people in their 30s need. This is because this is often a new stage in your life when your responsibilities and financial obligations increase.

As a gauge of how much you'll need, it's generally said that your life insurance cover is around 10 times the amount of your annual income. So if you earn $150,000 a year, you'll want to have around a $1.5 million payout.

You can also buy life insurance through an adviser. This will cost you a little more, but that's because they'll do all these bits for you and make sure that you've got cover for the right amount. If that's the way you want to go, you can find a broker here.

Compare life insurance from Australian brands

Name	Product	Maximum Cover	Maximum Entry Age	Terminal Illness Benefit	Claims Acceptance Rate	Average Claim Time	Sum Insured
NobleOak Life Insurance Finder Award		$25,000,000	74	$25,000,000	96.90%	1.1 months	$24,483 million	Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate. ⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.	Get Quote View details	Compare	loading Fetching your data...
TAL Accelerated Protection Life Insurance Finder AwardBonus		No set limit	73	Not stated	Data not available	1 months	$249,285 million	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). ⭐ Current offer: 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. Offer T&Cs on insurer website apply.	Get Quote View details	Compare	loading Fetching your data...
Medibank Life Insurance		$2,500,000	70	$2,500,000	Data not available	Data not available	Data not available	Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.	Get Quote View details	Compare	loading Fetching your data...
ahm Life Insurance		$1,500,000	55	$1,500,000	Data not available	Data not available	Data not available	Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests required.	Get Quote View details	Compare	loading Fetching your data...
HCF Life Protect Insurance		$1,500,000	65	$1,500,000	Data not available	Data not available	Data not available	Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process. ⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.	View details	Compare	loading Fetching your data...
RAC Life Insurance Bonus		$25,000,000	74	$25,000,000	96.90%	1.1 months	$24,483 million	Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance.	Get Quote View details	Compare	loading Fetching your data...
Real Family Life Cover Bonus		$1,000,000	64	$1,000,000	88.90%	2.4 months	$53,238 million	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout. ⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.	Get Quote View details	Compare	loading Fetching your data...

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What should I be taking into consideration?

When working out how much life insurance you need , make sure you consider everything on the following list:

• Your mortgage and how much it would cost you to pay it off.
• Debts you have, including your own tuition fees, car loans and credit cards.
• School fees so that your child or children can continue to receive the same standard of education.
• Health insurance and healthcare costs, taking family members' health needs into account.
• Funeral costs, which usually range from around $4,000 to $15,000.
• Everyday living expenses, from groceries to fuel and car insurance.

Pros and cons of life insurance at 35 years old

Still on the fence about whether life insurance at 35 is worth it? Check out the pros and cons:

Pros

• Premiums are cheaper if you get a policy now. On average, you'll pay $14.26 a month for a $1 million policy at 35 and you can choose to stay the same forever. That goes up to a whopping $287.52 if you buy when you're 65.
• You're covered if the worst happens. Nobody wants to think about it, especially when they're just starting a family and buying a home, but if you die, life insurance makes sure your loved ones can live the life you were building for them.
• The benefit is tax-free. If your policy covers you for $1 million, that's exactly how much your family will get; the death benefit is tax-free.
• You can adjust your policy. Just because you're getting it when you're young, doesn't mean you can't adapt or change your policy as your life changes. Life insurers are aware of this and make it very easy to upgrade or downgrade depending on your needs.

Cons

• It's an added expense. You've probably got lots of other things on your plate to pay for. Life insurance is another expense, albeit an affordable one if you get in early. It really comes down to whether you're willing to risk it or wait until later when it's much more pricey.
• A medical is often required. If you're young, fit and healthy, this will actually benefit you because you'll attract lower premiums. But if you have a pre-existing condition, you might have to pay more.

Are there any exclusions I need to be aware of?

If you've never had a life insurance policy before, then it's worth pointing out some common life insurance exclusions. They're not startling, but they're worth knowing:

• Suicide. Insurers usually don't cover you for suicide for the first 13 months of buying a policy.
• Illegal or criminal activity. Pretty obvious, but if you're injured or killed while taking part in something illegal, the insurer has the right to deny the claim.
• Drug or alcohol use. You won't be covered for injury or death as a result of drug or alcohol use, unless prescribed by a doctor.
• War or warlike activity. This may seem a little far-fetched for most, but still worth knowing you won't be covered for death due to civil unrest, riots or war.
• Sport. This is really only an exclusion if you're consistently taking part in dangerous sports, activities or risky hobbies like skydiving. You could still be eligible for income protection though.

Bottom line

Your 30s are usually when you start making big decisions: starting a family, buying a home, getting married. With all these new financial responsibilities, you need to be prepared for the worst. Luckily, buying life insurance when you're in your 30s is one of the most affordable times to do it. It's something you'll need eventually and the longer you put it off, the more expensive it becomes.

Why you can trust Finder's life insurance experts

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.

We're independent

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.

We're here to help

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.

Frequently asked questions

• Should I keep my life insurace through super?

  When you open a super fund, you'll usually automatically be given life insurance with it. You can cancel it if you like, as the premiums you pay from your super are essentially eating into your retirement fund, but you don't need to. It's perfectly acceptable to have more than one life insurance policy and you'll still get the maximum amount from both.

• Can I cancel my life insurance?

  Yes, you're under no obligation to keep your life insurance policy if it's not working for you any more. If you do cancel though, you will probably forfeit the cheap premiums you were able to get in your 30s.