First month free for NobleOak Life Insurance
No premiums are payable in the first month for NobleOak Life Insurance if you buy cover before 30 June 2020.
Life insurance can provide a financial safety net for your loved ones' futures and it doesn't have to cost a fortune. We looked at over 20 life insurance brands in Australia to find the cheapest policies for you.
Not only that, but we've also provided some tips on how you can save further on your life insurance. By taking steps such as bundling your insurances or changing your premium types, you can save in the long run.
We requested quotes from over 20 life insurance brands in Australia and then ordered them from least expensive to most expensive, so you can see who's offering coverage at an affordable rate.
|Life Insurance Policy||Monthly premium (Male)||Monthly premium (Female)||Cover amount||Apply|
Medibank Life Insurance (non-member)
*Quotes are an estimate only. They are based on a 35-year-old nonsmoker with $500,000 worth of life insurance. Figures are correct as of February 2020 and are subject to change. There may be some policies in the market that aren't covered here.
The graph below illustrates the difference in price between the most expensive life insurance policy and the least expensive policy.
It might not look like there is much of a price difference between the cheapest and most expensive policies but, over a year, the dollars can add up.
This graph was created using online quotes from Finder partners. Information provided was for a nonsmoking office worker in NSW, who requested $500,000 of coverage. Quotes were requested in February 2020.
There's no hiding it. Life insurance gets more expensive as we age. Use the handy tool below to see how the average price of life insurance increases over time.
For a more accurate quote, compare quotes online.
Note: Data is based on a nonsmoking female office worker. Quotes are for illustrative purposes only and do not take into account your personal situation.
There are three types of life insurance: retail, direct and group.
|Type||How to buy||Pros||Cons|
|Retail||Buy after seeking advice from a life insurance broker or adviser.|
|Direct||Buy directly from an insurer without the aid of a broker, adviser or super fund.|
|Group/ super||Access cover as a member of a super fund|
For some people, yes. That's why you should never buy life insurance based on price alone. Always make sure you read the product disclosure statement (PDS) carefully. Risks associated with cheap life insurance include the following:
Getting a policy which doesn't suit your lifestyle
You can get cheaper life insurance by telling your insurer you don't smoke, but if it's not true, your policy might not pay out when you make a claim. Always be truthful, even if it's going to cost you more money upfront.
Not being covered for health conditions
Buying life insurance without a medical questionnaire may be quicker and sometimes cheaper, but it'll automatically exclude any pre-existing medical conditions. If you have any health issues, expect to pay more for your life insurance.
If the price of your life insurance premiums seems too good to be true, it probably is. Lots of Australians don't take out enough insurance for genuine financial security. While $200,000 worth of life insurance sounds great, that wouldn't even cover half of the average mortgage in Australia.
You can get life insurance without taking a medical exam, and while there are some decent benefits to going down this path, there are also some major pitfalls.
Some life insurers have health and wellness programs, which offer rewards for healthy living as well as discounts on wellness products and services.
You should compare your life insurance every year to see if you can switch and save. However, some insurance companies do reward customer loyalty, so be sure to check if you're close to earning a reward before switching providers.
Some insurers will offer discounts if you take out more than one policy with them or if your spouse takes out insurance through the company too.
If you're eager to buy a high-value life insurance policy, consider ones that offer discounts on policies over a certain value.
Some insurers will integrate frequent flier programs into their policies, so you can earn points for every dollar you spend on your premiums. While this won't save you money on your premium, it does mean you could save money elsewhere.
Some life insurers will run promotional offers from time to time. Be sure to look for discounts and deals before you buy your policy, as you could save some cash.
Quotes represent a 35-year-old requesting $500,000 life insurance cover. Figures correct as of February 2020.
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* The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.
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