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Life insurance for women

There are 4 main types of life insurance for women to consider: death cover, TPD, trauma cover and income protection insurance.

Your options for life insurance Compare policies
Average cost of life insurance for women See the cost breakdown

What you need to know

  • Life insurance can protect your financial future, regardless of what life stage you are at.
  • It can help pay off the mortgage and other debts, cover funeral costs and provide your family with enough money to continue enjoying the standard of life you have created for them.
  • Women pay less than men for death cover, on average. But, women may face higher costs for trauma cover and income protection insurance.

What types of insurance should women look at getting?

Because there is more than one life-changing thing that can happen to you, there's more than one life insurance type out there. These include:

Shield with tick life insurance icon

Life Insurance

Life insurance (or, death cover) pays your beneficiaries – often your family – a lump sum when you die or become terminally ill. It's usually used to pay off the big things: your mortgage, car loan, and school fees. It also acts like an income you can no longer provide to pay for household bills such as utilities, food and petrol.

tpd

TPD (Total and Permanent Disability)

This pays you a lump sum if you become totally and permanently disabled and can't work again. It's essentially like getting your retirement payment early so you can continue to pay off debts, loans and daily expenses.

trauma

Trauma Insurance

This pays you a lump sum if you're diagnosed with a critical illness or injury. It's helpful to pay for immediate medical expenses, home modifications, rehab and more.

income protection

Income Protection Insurance

If you become sick or injured and need to take some time off work, this pays you a monthly income, usually up to 70%-75% of your current salary for a period of up to 2 or 5 years.

Compare life insurance from Australian providers

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$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.
TAL Accelerated Protection Life Insurance
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.
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.
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.
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.
RAC Life Insurance
$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.

Real Family Life Cover
$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.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
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Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

How much does life insurance cost for women?

Women tend to pay less than men for life insurance, as they have a longer life expectancy. This means they are seen as less of a risk to insurers. However, the cost of life insurance varies a lot depending on personal factors including your age, health and smoking status.

These quotes show the average monthly cost of cover, based on 4 age groups we researched for the 2023 Finder Awards:

Brand30 years old40 years old50 years old60 years oldApply
Nobleoak$15$22$67$236Get quote
RAC$19$28$82$293Get quote
TAL logo$19$24$51$165Get quote
Allianz logo$29$42$103$307More info
AAMI life insurance$29$57$126361More info
Insuranceline logo$29$57$126361More info
Suncorp life insurance logo$29$57$126361More info
ahm logo$35$49$116$205Get quote
Bendigo bank$36$56$128$406More info
Medibank logo$37$52$122$357Get quote

The quotes above were based on a white-collar worker, non-smoker, living in NSW, with an income of $80,000 per annum and a $500,000 policy.

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

What are the advantages of life insurance for women?

Some of the pros of life insurance for women include:

  • Financial security for your family. Whether you're the primary breadwinner or a stay at home mum, life insurance can safeguard you and your family's future if you're no longer there to look after them.
  • Terminal illness benefit. Many policies will pay out the full benefit amount if you are diagnosed with a terminal or critical illness, helping you pay for medical bills and living expenses.
  • It's generally cheaper for women. Women tend to pay less than men. For example, a policy with HBF for a non-smoking 25-year-old male was $40.50 compared to $27.69 for a female.
  • Life insurance is usually tax-free. Life insurance payouts to your beneficiaries are usually tax-free, meaning if you take out a $1 million dollar policy, that's exactly how much your family will get.

Are there disadvantages of life insurance for women?

Here are some of the cons of a life insurance policy for women.

  • It's an added expense. You probably already have lots of bills to worry about and a monthly life insurance payment is simply adding to the pile. The question really comes down to whether you're willing to risk it.
  • You need to take some time to look for a policy. It's not the most fun task, but it is necessary to shop around if you do plan to buy.

Why is there a price difference between women and men for life cover?

On average, women pay less for death cover due to the difference in life expectancy – which is 85.4 years for females and 81.3 for males. This means that men are seen as an added risk of making a claim, and this is passed on in the form of higher premiums.

However, women tend to pay more for both income protection insurance and trauma cover due to their higher likelihood of making a claim for these insurances. Women are on the whole more susceptible to some working-age based illnesses, such as breast cancer, that can lead to more claims.

Phil Thompson, Director of Skye Wealth, told Finder: "There are no anti-discrimination laws for insurance companies. That's what insurance is all about: pricing based on risk. It's a discrimination."

Pascale Helyar-Moray, a financial literacy expert, told Finder the inequality in pricing is also due to cultural factors – with women being generally more inclined to go to a doctor when they suspect they're ill.

Insurers know that women are more likely to take action. Therefore, there's going to be a higher degree of medical treatment and a cost outlay required. And that's why women are charged more.

Pascale Helyar-Moray

Pascale Helyar-Moray
Founder and CEO of Super Rewards

Still unsure what cover you need? Take this quick quiz

Bottom line

Life insurance can provide financial security and peace of mind in case the worst happens. You can begin comparing policies here.

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