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Life Insurance Application Process

The life insurance application process can be as simple as going online, choosing a policy and answering a few questions.

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The life insurance application process can be relatively straightforward. Ordinarily, you have two options: either to take out a direct policy or get covered through a financial adviser. Both will ask you questions about your health, lifestyle and occupation which will determine how much you pay for a policy.

Life insurance application: direct vs advised options

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Directly from the insurer

If you apply directly, the life insurance application process is typically done online by you, without an adviser. The questionnaire itself is usually straightforward and requires a few details about your personal circumstances – for instance, your medical history, employment and age. You'll also need to decide how much life insurance you need and agree to certain exclusions and premium loadings.

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With an adviser

If you apply with an adviser, the life insurance application tends to be a lengthier and more thorough process, though the adviser will do most of the work. They can work out how much and what type of cover you'll need based on your personal circumstances, clarify anything you're unsure about and talk you through what you are and are not covered for.

What kind of information will I have to provide?

During the application process you'll usually be asked to disclose the following information:

  • Height and weight
  • Date of birth
  • Gender
  • Lifestyle habits (smoking habits, if you drink or take recreational drugs)
  • Your own medical history (medications you are taking, any pre-existing conditions)
  • Your family's medical history
  • Information about your occupation and hobbies

What are the typical stages involved in a life insurance application?

Number 1

Submit a policy application

Start the application process by completing the paperwork with your chosen life insurance provider. You need to answer all the questions truthfully (as best you can) and you will need to sign a declaration that the information you have provided is accurate. By deliberately providing incorrect or misleading information, you risk voiding your insurance policy and leaving your family with nothing when they claim.

Number 2

Medical assessment

Some insurance companies will require you to have an actual physical examination before you're approved; others will just need you to answer questions about your medical history on your application form. If you're having difficulty remembering something about your medical history, contact your doctor for medical records.

Number 3

Your overall risk is assessed

The life insurance provider will work with an underwriting team to assess your eligibility based on your application. They'll consider your medical history, lifestyle activities, sports you engage in and occupation to work out out the premium you should pay. All of the information in your insurance application will be kept confidential.

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Did you know?
Over 3.8 million Australians have told a fib in order to get a discount on their life insurance policy, according to recent research by Finder. The research found men (29%) are more likely than women (11%) to be less than truthful on a life insurance application.

What happens after I've been assessed?

Once your application and details have been assessed:

  • The life insurance company will notify you in writing of their findings. Usually the company will accept your application and send you a policy schedule with details of the cover and policy you have applied for, as well as the premiums, which have been finalised for you. Your provider will keep your details on file until the time you or your family make a claim.
  • If a life insurance provider cannot accept your application they will instead offer you amended terms of insurance so that you can still obtain some form of cover. For example, if you have a serious pre-existing medical condition, or you regularly take part in high-risk activities, then your insurer will do one of two things with your application:
  • Apply a loading: This means that you'll have to pay a little extra but you'll still be covered.
  • Place exclusions on your policy: For example, if you have a history of blood disease, you won’t be able to claim for any instances related to this condition, or if you regularly participate in high-risk sports such as sky diving, then you won’t be able to claim for any illnesses or injuries resulting from sky diving.

How much cover do I need?

There are a few different ways to determine how much cover you need to take out, including using our online calculator. Another common method is to take your annual salary and multiply it by 10 (so if you make $50,000 a year, take out cover for $500,000).

You might also want to consider the immediate expenses that will need to be covered after your death – such as your funeral, mortgage repayments that still need to be made, other loans or debts that you still need to pay off, school fees and education costs for your children and a retirement fund for your partner. If you total these costs together, you will have a rough idea of how much cover you need.

Why you can trust Finder's life insurance experts

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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.

FAQs about life insurance applications

Compare life insurance brands and quotes

1 - 7 of 13
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
Finder AwardBonus
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 two months free on all cover types apply by 14 June 2024. T&Cs 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.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs 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.
RACWA 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. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
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 needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
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.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
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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.

Speak to an insurance specialist to help you find the best policy for your needs

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