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Cheap life insurance

We collected over 100 cheap life insurance quotes and found it's possible to get $500k in cover from as little as $5.50 a week.

Finding the cheapest life insurance

Our insurance team have gathered 100+ quotes from 10 of Australia's most popular providers. We've selected the cheapest policies based on 2023 Finder Awards research. All the policies in this guide can pay your loved ones a lump sum if you die. Keep in mind, prices will differ depending on your age, health, occupation and smoking status.

Why you can trust our research

10 policies analysed

100+ quotes gathered

100+ hours of research

Cheap life insurance for 30 + 40-year-olds: NobleOak


At an average of $5.50 per week for a $500k policy, NobleOak is the cheapest life insurance policy for 30 and 40-year-olds, according to our 2023 Finder Awards research.

  • It can payout up to $25 million. The industry average is $1.5 million. It also came first place in the Finder Awards for the last five years.
  • It has a very high claims payout rate. NobleOak paid out 96.9% of claims in the latest period. This was higher than the industry average of 92.4%.
  • NobleOak only offer fully underwritten cover. This minimises the risk of unforeseen delays when it comes to claiming but it does mean you will need to answer questions about your health, occupation and lifestyle when you apply.
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Cheap life insurance for 50 + 60-year-olds: TAL

TAL insurance

On average, TAL is the cheapest life insurance policy for 50 and 60-year-olds, according to our 2023 Finder Awards research of 10 different insurers. A policy costs around $34 per week for a $500k policy. That's $26 less than NobleOak, the second cheapest policy.

  • TAL doesn't have a cap on payouts. All other insurers have a limit of around $1.5 million.
  • The application process is very straightforward. You can get a quote with TAL in less than five minutes.
  • It comes with a level premium option. This means costs will largely remain the same as you get older but they start off a little more expensive. With other insurers, costs will typically increase as you age and can do so substantially. These are called stepped premiums. TAL is one of the only insurers to offer both options.
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Compare cheap life insurance in Australia

We gathered quotes from 10 direct life insurance brands in Australia. On average, NobleOak was the cheapest policy for 30 + 40-year-olds. TAL was the cheapest for 50 + 60-year-olds.

Prices calculated are for male and female non-smokers in NSW with $500,000 worth of life insurance cover. Keep in mind: Prices vary based on your cover amount, age, gender, income and occupation.

Life insurance policy 30 + 40-year-olds (weekly premium) 50 + 60-year-olds (weekly premium) Cover amount Apply
TAL life insurance $5.77 $33.69 $500,000

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Nobleoak life insurance $5.50 $48.17 $500,000

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RAC life insurance $6.82 $59.72 $500,000

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ahm life insurance $11.93 $65.93 $500,000

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Allianz life insurance $10.03 $66.89 $500,000

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Suncorp life insurance $11.56 $74.65 $500,000

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Insuranceline life insurance $12.36 $74.65 $500,000

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Medibank life insurance $12.55 $78.19 $500,000

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Bendigo life insurance $13.10 $81.14 $500,000

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AAMI life insurance $19.05 $115.06 $500,000

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*Quotes are an estimate only. Figures are correct as of May 2023 and are subject to change. There may be some policies in the market that aren't covered here.

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.

What impacts the price you pay?

The following are some of the factors impacting the cost of your life insurance premiums:

  • Your age. Premiums go up as we get older.
  • Your gender. Life insurance for women tends to be cheaper.
  • Your health. Healthy people will pay less than those with medical problems.
  • Your lifestyle. Gym-goers may be able to claim premium reductions.
  • If you smoke. Smokers typically pay about twice as much as non-smokers.
  • Level of cover. The higher the benefit payout, the higher the premium tends to be.
  • Added cover. Premiums go up if you add trauma, income protection and total permanent disability cover to your standard life insurance policy.
  • Payment type. You can generally choose to pay your premiums in 1 of 2 ways:
    - Stepped. Your premiums start out lower but increase as you get older.
    - Level. You pay the same price for the term of the policy.
  • Combining cover. Some insurers offer discounts to customers with multiple policies.

What are the 3 main types of life insurance?

There are 3 types of life insurance: retail, direct and group.

Single person


This is when you buy a policy (like the ones above) directly from an insurer without the help of a broker, adviser or super fund.

  • It can be very cheap if you're still young and healthy
  • It's guaranteed renewable
  • Can buy online or over the phone
  • Cover can be more expensive than buying through a broker (retail)
  • More effort to understand cover


This is bought through a life insurance broker or adviser.

  • Premiums can be cheaper than buying a direct policy yourself
  • You can choose the amount of cover
  • It's guaranteed renewable
  • You need to speak with an adviser.

Group life insurance (super)

This is life insurance you get through your work or a super fund.

  • Premiums are usually very cheap
  • You're usually automatically accepted
  • Drains retirement savings
  • Lower benefit payments, as our guide explains
  • It usually expires when you are 60 or 65

Can you get cheap life insurance without a medical exam?

Yes, you can get life insurance without taking a medical exam. And while there are some advantages to going down this path, there are also some pitfalls.


  • Straightforward application process
  • Convenient for people who know exactly what they need in a policy
  • Little to no medical underwriting is required
  • Convenient for people who understand how the specific policy works
  • Good for people who don't need the help of an adviser


  • Insurers make assumptions on your health and the level of risk you carry
  • Premium rates may be higher compared to a plan that has a more stringent medical underwriting process
  • You may find you're not covered for any pre-existing medical conditions you might have

How to get cheaper life insurance

Muscle heart icon

Adopt healthy habits

Some life insurers have health and wellness programs, which offer rewards for healthy living as well as discounts on wellness products and services. For example, TAL lets you score ongoing discounts on your premium of up to 15% if you're able to keep your BMI between 19 and 29 (and you don't smoke).

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Compare policies

You should compare your life insurance from time to time to see if you can save. Keep in mind that switching won't always be beneficial as you get older – it's generally better to get in early with life cover.


Bundle policies

Some insurers will offer discounts if you take out more than 1 policy with them or if your spouse takes out insurance through the company too. With Zurich, you can get a premium discount of 5% on each relevant policy.

Frequent Flyer Points

Look for frequent flyer programs

Some insurers will integrate frequent flyer programs into their policies, so you can earn points for every dollar you spend on your premiums. For instance, Qantas Frequent Flyer members can earn 1 point for every dollar spent in premiums with OnePath Life Insurance

Coupon code

Apply coupon codes

Some life insurers will occasionally run promotional offers including some generous sign-up perks. Be sure to look for discounts and deals before you buy your policy, as you could save some cash.

Life insurance glossary: Key terms to know

A rundown of the tricky definitions for life insurance. Plus, what to look for when you're comparing.

  • 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.
    expert advice

    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

    1. 80 hours+ of research, based on time taken to gather quotes and research each policy, February–March 2023
    2. APRA claims and disputes
    3. Finder life insurance awards 2023
    4. Riskinfo article

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