Which insurance company is best for life insurance?

The best life insurance for you will depend on your personal profile and budget, however, we've done some research to help get you started. In 2025, TAL life insurance was the winner of our best life insurance award . This is because TAL offers competitive pricing and extensive benefit limits. In short; it's well priced for such a good product. Keep in mind, you should always get your own quote and read through the product disclosure statement to know if this product offers the kind of coverage you're looking for.

Is it worth getting life insurance?

To be straight with you, only you can answer this one. Life insurance is one of those products you hope you never have to use because for it to ever be used, something terrible has to happen first. However, you may deem it 'worth it' for the peace of mind it brings you and your family. Life insurance can cover the cost of major debts like your mortgage in the event you're unable to do so yourself. For many, knowing your family would be financially stable in the event of your passing makes life insurance worth it. If you're not sure whether or not life insurance is necessary for you, this article can help you assess your needs and what your family would need in the event of your passing.

Who gets a life insurance payout?

A life insurance payout goes to the beneficiary; this is the person you choose at the time of taking out your policy. In the event of your death, the beneficiary - which can be 1 person or a selection of people - would get the payout.

What happens if I cancel my life insurance?

If you cancel your life insurance , you will no longer be covered as of the date you cancel. If you've paid your premium in advance then you may be refunded for the unused portion of it, minus any cancellation fees you may owe.

Is it better to get a life insurance policy inside or outside of super?

It's an individual assessment depending on your cashflow, retirement funding and tax situation. While it's often cheaper and easier to hold life insurance within super , it reduces the amount in your retirement fund. Additionally, the payout is usually small and the policies typically expire when you turn 65. With a traditional life insurance policy, the expiry age is usually around 99 or there is no expiry age at all, as long as you keep paying your premiums.

I have a pre-existing condition. Can I still get life insurance?

Yes, it is possible. If you have a pre-existing medical condition , there are insurers who will still cover you. But they might ask you to pay slightly higher premiums or exclude that condition from your cover. It's really important to disclose any condition you have when you apply for life insurance. Not doing so could void your cover.

What is child life insurance?

Child life insurance is a feature you can add to your life insurance policy for an added fee. It will pay out a financial benefit if your child dies or suffers a serious medical condition.

Life insurance comparison: Compare 20+ policies

What sort of cover are you looking for?

7 of 22 results

Finder Score	Maximum Cover	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover
Finder score 9.9 Excellent TAL Accelerated Protection Life Insurance Finder AwardBonus	Finder score 9.9 Excellent	Maximum Cover No set limit	Funeral Benefit $25,000	Optional TPD Cover $3 million (maximum cover)	Optional Trauma Cover Yes	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. T&Cs apply.	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).	Get Quote View details Compare product selectionCompare	loading
Finder score 9.6 Excellent Medibank Life Insurance Most Loved	Finder score 9.6 Excellent	Maximum Cover $2.5 million	Funeral Benefit $15,000	Optional TPD Cover $1.5 million (maximum cover)	Optional Trauma Cover Yes	Get your 1st month free when you use promo code MB1MF and get cover by 2 Feb 2026. T&Cs apply.	Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2025 Customer Satisfaction Awards.	Get Quote View details Compare product selectionCompare	loading
Finder score 8.2 Great ahm Life Insurance	Finder score 8.2 Great	Maximum Cover $1.5 million	Funeral Benefit $15,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Get a 10% discount if you're already an ahm Health Insurance member. T&Cs apply.	Get Quote View details Compare product selectionCompare	loading
Finder score 7.5 Great Real Life Insurance Bonus	Finder score 7.5 Great	Maximum Cover $2 million	Funeral Benefit $20,000	Optional TPD Cover $1 million (maximum cover)	Optional Trauma Cover Yes	Get 10% cash back of the premiums you've paid after your 12-month anniversary with The Real Reward™. T&Cs apply.	Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams.	Get Quote View details Compare product selectionCompare	loading
Finder score Australian Seniors Life Insurance	Finder score	Maximum Cover $0.2 million	Funeral Benefit	Optional TPD Cover	Optional Trauma Cover No	Our verdict: Australian Seniors lets you take out cover up to the age of 79. No medical exams or blood tests needed to apply. Keep in mind: Low cover limit of up to $200,000 and no option to add TPD or Trauma cover.	Get Quote View details Compare product selectionCompare	loading
Finder score 6.4 Standard AAMI Life Insurance Bonus	Finder score 6.4 Standard	Maximum Cover $1.5 million	Funeral Benefit $10,000	Optional TPD Cover	Optional Trauma Cover Yes	Purchase a new AAMI Life Insurance policy and save $100 on your first year. T&Cs apply.	Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.	Get Quote View details Compare product selectionCompare	loading
Finder score 4.8 Basic Real Term Life Cover	Finder score 4.8 Basic	Maximum Cover $0.1 million	Funeral Benefit $20,000	Optional TPD Cover	Optional Trauma Cover No	View details Compare product selectionCompare	loading

Showing 7 of 7 results

Compare these life insurance brands & more

If you're thinking about life insurance and don't know where to start, Finder can help you find the right policy to protect you and your loved ones. We get that thinking about a time where you're no longer here can be uncomfortable, which is why our comparison tool makes things as easy as possible.

We help you compare things like maximum payout amounts, TPD cover, funeral benefits and other optional features you may want added onto your policy.

What is life insurance?

Life insurance is an insurance that provides financial protection to you and your loved ones if you were to pass away or if you are significantly injured or diagnosed with a terminal illness and can no longer work.

It's your safety net during life's most unpredictable moments.

How much does life insurance cost?

The average cost of a life insurance policy is $1,258 annually, according to Finder research of 11 providers.

The cost of your life insurance premium will depend on the following:

Your age
Your health and any pre-existing conditions
Your lifestyle choices, for example, if you're a smoker or if you exercise regularly
The level of cover you choose
How many optional extras you do or don't add on

The cost of life insurance is highly dependent on personal factors so your own annual premium is likely to be different to our average cost. This information should be used as a guide only.

How much are Australians spending on life insurance?

Every month, we ask a bunch of Aussies what they're paying for their life insurance. Here's what their bill looked like in November 2025.

$150

Price based on 140+ responses about their monthly premium in November 2025.

Other types of life insurance

Total and permanent disability (TPD)

TPD covers you if you get severely injured or sick. For example, if you become blind or paralysed after a car accident and become permanently disabled.
Typical cover range:$50,000 to $5 million.

Trauma insurance

Trauma cover, sometimes called critical illness cover, is a policy add-on that pays a lump sum if you're diagnosed with a major medical condition, such as cancer or a heart attack.
Typical cover range:$500,000 to $2 million.

Income protection

Income protection insurance pays a monthly benefit if you're unable to work due to illness or injury. Usually, it will only pay up to 70% or 75% of your typical wage for a period of 2 or 5 years.

"I've never really thought about my life insurance, but after having a baby and buying a house in the same year I felt now was the time I needed to take out cover. Having a policy that would cover my mortgage payments is one less thing I now need to worry about."

Alex Holderness

Finder's head of publishing, parent and homeowner

How to compare life insurance

When you sit down to compare life insurance it helps to start with a few key questions:

If you passed away, could your family maintain their current lifestyle?
Would they still be able to reach future goals you've planned for them?
If you were permanently disabled, how would the bills get paid - and if you live alone, how would you afford care?
How long could you cover expenses without your regular income?
Could you afford major costs like home modifications or long-term rehab after a serious injury?
Are the ongoing premiums sustainable for your budget?

Asking these questions gives you a clear picture of the type and level of cover you may need. From there, you can compare life insurance policies side by side to weigh up the costs, features and benefits that best match your circumstances.

Compare life insurance premiums

When you compare life insurance, premiums are one of the biggest factors to look at. The cost you pay isn't just about today's price - it's also about how the structure of those premiums will affect your budget over time.

Because a life insurance policy can last for decades, understanding whether costs rise each year or stay fixed can make a big difference to affordability in the long run.

Premiums vary based on age, gender, occupation and smoking status.
Policies can run for decades, so check how costs may change over time.
Stepped premiums: cheaper upfront but increase as you age.
Level premiums: higher at first but stay consistent across the policy.

Compare life insurance features

Premiums matter, but the real value of life insurance lies in its features. The inclusions, exclusions and benefit limits all determine how useful the cover will be when your family needs it most. By taking the time to compare life insurance features alongside costs, you'll be able to find a policy that balances affordability with meaningful protection.

Ensure the cover amount is enough to support your family if you pass away.
Review inclusions, exclusions and benefit limits carefully.
Some policies include extras like financial planning or accommodation benefits.
Comparing features alongside premiums helps you find the best value protection.

Our top 3 tips for comparing and purchasing life insurance

Understand the ins and outs of your policy

We get it. Purchasing life insurance is not the most glamorous thing to shop for, but it's essential to get it right. When you've found an insurer you like, ensure you read through the PDS so you fully understand how your policy works. This can prevent misunderstandings or delays if you need to make a claim or a change to your policy.

Regularly review your cover

Your life insurance should never be a "set and forget" product. Life insurance is meant to reflect your lifestyle, which means it should be reviewed whenever you hit a major milestone, like purchasing a house or starting a family. It's important to ensure your policy's cover always aligns with your current living situation.

Double check your super

Once you turn 25 and have a balance of at least $6,000, you will automatically receive life insurance through your superannuation. This typically includes death cover, TPD and income protection insurance. While there are some perks for relying on your super's life insurance, cover is generally limited, plus your premiums are deducted from your super balance.

Life insurance guides and resources

Life insurance policy

New to life insurance

Couple walking on the beach

Specific needs

Blocks

Popular types

Happy family

Income protection

Old woman with a party hat

Comparisons & deals

FAQs

The best life insurance for you will depend on your personal profile and budget, however, we've done some research to help get you started. In 2025, TAL life insurance was the winner of our best life insurance award. This is because TAL offers competitive pricing and extensive benefit limits. In short; it's well priced for such a good product.
Keep in mind, you should always get your own quote and read through the product disclosure statement to know if this product offers the kind of coverage you're looking for.
To be straight with you, only you can answer this one. Life insurance is one of those products you hope you never have to use because for it to ever be used, something terrible has to happen first. However, you may deem it 'worth it' for the peace of mind it brings you and your family. Life insurance can cover the cost of major debts like your mortgage in the event you're unable to do so yourself. For many, knowing your family would be financially stable in the event of your passing makes life insurance worth it. If you're not sure whether or not life insurance is necessary for you, this article can help you assess your needs and what your family would need in the event of your passing.
It's an individual assessment depending on your cashflow, retirement funding and tax situation. While it's often cheaper and easier to hold life insurance within super, it reduces the amount in your retirement fund. Additionally, the payout is usually small and the policies typically expire when you turn 65. With a traditional life insurance policy, the expiry age is usually around 99 or there is no expiry age at all, as long as you keep paying your premiums.
Yes, it is possible. If you have a pre-existing medical condition, there are insurers who will still cover you. But they might ask you to pay slightly higher premiums or exclude that condition from your cover. It's really important to disclose any condition you have when you apply for life insurance. Not doing so could void your cover.

What is the Finder Score?

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other.

We have assessed over 30 products and assign each product a score out of 10 based on 13 features, including price.

Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.

To be eligible for a Finder Score, providers must provide us with quotes. We use the average price across 12 personas. The personas we collect quotes and use for the purpose of Finder Score are:

Age	Gender	Smoker/Non Smoker
25	Male	Non Smoker
35	Male	Non Smoker
45	Male	Non Smoker
25	Female	Non Smoker
35	Female	Non Smoker
45	Female	Non Smoker
25	Male	Smoker
35	Male	Smoker
45	Male	Smoker
25	Female	Smoker
35	Female	Smoker
45	Female	Smoker

Feature	Weights
Price	40.0%
Interim Accident Cover	5.0%
Optional TPD Cover	2.5%
Optional Trauma Cover	2.5%
Guaranteed Renewability	5.0%
Counselling	5.0%
Child Benefit	5.0%
Future Insurability	5.0%
Online Quotation	5.0%
Repayment Methods	2.5%
Serious Illness	2.5%
Terminal Illness	5.0%
Maximum Cover	10.0%
Funeral Benefits	2.5%
Claims finalised	5.0%

The Finder Score methodology is designed by our insights team and reviewed by our editorial team. We review the products objectively. Commercial partnerships do not affect the score.

Sources

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal and reviewed by Karen Eley, a member of Finder's Editorial Review Board.

Written by

Gary Ross Hunter

Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise

Gary Ross has written 580 Finder guides across topics including:

Health, home, life, car, pet and travel insurance
Managing the cost of living

Co-written by

James Martin

Journalist

James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

James's expertise

James has written 183 Finder guides across topics including:

Car, home, life, health, travel and pet insurance
Managing the cost of living
Money-saving tips

More resources on Finder

Compare life insurance in Australia

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