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Life insurance in Melbourne, Victoria

Live in Melbourne but don’t have life insurance? Here’s what you need to know before you buy.

With a cost of living index of 85.69 according to Numbeo, Melbourne is expensive even when compared to a number of major cities across the world, ranking 62 out of 538. Given its status as the second-most populous city in all of Australia and Oceania, this is not a surprise.

If you live in Melbourne or need life insurance in Victoria, this is what you need to know:

Compare life insurance quotes from these direct brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
$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.
$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.
$1,500,000
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.
$1,500,000
64
$100,000
No
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

.
$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.
$2,000,000
59
$50,000
Yes
99
Get flexible life insurance up to the sum of $2,000,000.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Why is life insurance in Melbourne so important?

If you live in Melbourne, we don’t have to tell you the costs are high. According to Expatistan.com, monthly rent for a 85 square-metre furnished accommodation in a “normal” area in Melbourne will run about AU$1,956 per month. This kind of money adds up, especially if you’re no longer around to provide the income that makes a Melbourne lifestyle possible.

If you’re not there to provide your loved ones with income, they may have to move somewhere else. But there is a way to ensure that your family is taken care of, even if the unthinkable happens: securing the proper coverage.

What is life insurance stamp duty?

Stamp duty is a tax levied on specific types of arrangements such as life insurance. Generally, in Victoria you’ll see a 10% duty charge slapped on most types of insurance. The good news is this no longer applies to life insurance in Victoria.

According to the State Revenue Office Victoria, life insurance duty has been abolished since 2014, which means there is a built-in advantage to acquiring low-cost life coverage at the right price.

This doesn’t excuse you from researching other types of insurance and understanding how the duties may apply on those. But for life coverage, you’ll find there’s additional incentive to get covered thanks to the 2014 abolishment.

How does stamp duty in Melbourne, Victoria compare to the rest of Australia?

Find out how much stamp duty works in Australia.

Do I need to go to an office to buy life insurance?

Buying life insurance can be much easier than you imagine. You can secure life insurance quotes for yourself in just a few clicks, entering basic information like whether you smoke, your occupation and your date of birth. You’ll then be taken to various insurance providers that can offer you quotes and tell you about the next steps.

The key is taking action. If something should happen to you, you don’t want to leave your family alone to deal with the stress of coping with a high cost of living. Check out your life insurance options by speaking to an adviser.

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Maurice Thach

An insurance researcher and writer for finder.com.au who loves finding an answer to the question "Am I covered for ________?" Maurice has also completed a Tier 1 Life Insurance and a Tier 2 General Insurance Certification under ASIC's Regulatory Guide 146. This means he can confidently provide general advice for life insurance and non-life insurance products.

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