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Cheap life insurance, a bill you will actually want to keep for a long time

We got 170 life insurance quotes so you can spend time on more fun things, like living.

Cheap Life Insurance
Cheap

TAL

Finder Award
  • Cheapest policy on average
  • No set limit for maximum cover - only provider on the market to offer this
  • 2024 Finder Awards winner
    *According to Finder research
Best Value

NobleOak

Finder Award
  • Comparatively low claims processing time
  • In the top 3 cheapest providers*
  • 2024 Finder Award - highly commended
    *According to Finder research

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.

Finding the cheapest life insurance

Our insurance team have gathered 170+ quotes from 15 of Australia's most popular providers. We've selected the cheapest policies based on 2024 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.

Cheap life insurance: TAL Accelerated Protection Life Insurance

TAL insurance

Our verdict

On average, TAL was the cheapest life insurance policy according to our 2024 Finder Awards. In some cases, for a 35-year old non-smoker, prices were as cheap as $6.75 a week. We researched 15 different life insurers in total.

Pros

  • 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.
  • Stepped or level premium options.

Cons

  • It was the cheapest in our research; keep in mind , prices may differ for you.
  • Claims acceptance rate of 86.4% is lower than the average – 90.7%.
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Best value life insurance: NobleOak life insurance

Nobleoak insurance

Our verdict

On average, NobleOak was in the top 3 cheapest life insurance policies, according to our 2024 Finder Awards. It's well priced and includes a decent level of coverage.

Pros

  • It's cheap - NobleOak was in the top 3 cheapest life insurance providers we researched for our 2024 Finder Awards.
  • It has a comparatively low claims processing time of 0.9 months. The industry average is 2.5 months.
  • Offers up to $25 million in cover - most offer up to just $1.5 million.

Cons

  • Only offers stepped premiums (they increase as you age)
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Why you can trust our research

15 policies analysed

170+ quotes gathered

100+ hours of research

Compare cheap life insurance in Australia

Life insurance policy 25-year-old (annual premium) 35-year-old (annual premium) 45-year-old (annual premium) 55-year-old (annual premium) Apply
AAMI life insurance $664.95 $666.23 $1,405.35 $1,405.35

Get quote

ahm life insurance $588.12 $545.22 $1,112.80 $3,997.63

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HCF life insurance $524.28 $608.05 $1,198.08 $3,098.40

More info

Medibank life insurance $612.69 $567.91 $1,135.42 $3,266.77

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Nobleoak life insurance $280.96 $326.85 $609.19 $2,161.06

Get quote

Suncorp life insurance $664.95 $666.23 $1,405.35 $3,493.55

Get quote

Methodology

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 existing medical conditions.
  • 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

Direct

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 required understand cover and conditions
Retail

Retail

This is bought through a life insurance broker or adviser.

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

Group life insurance (super)

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

  • Premiums are often cheaper
  • You're usually automatically accepted (at a lower amount)
  • Drains retirement savings
  • Lower benefit payments, as our guide explains
  • It usually expires when you are 60 or 65
Gary Ross Hunter

I cancelled the life insurance inside my super because it eating into my retirement savings, it would have expired when I turned 65 and the premiums were going up every year. I found it was much better value to get a standalone life insurance policy by choosing level premiums and the payout amount myself.
— Gary Ross Hunter, insurance and innovations editor

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.

Pros

  • 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

Cons

  • Insurers make assumptions on your health and the level of risk you carry
  • Premium rates may be higher compared to a policy 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

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).

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 to avoid medical exclusions or premium loadings.

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.

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

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.

Why you can trust Finder's life insurance experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
expert adviceYou save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
independentYou can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

Frequently asked questions

Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.

Karen Eley's headshot
To make sure you get accurate and helpful information, this guide has been reviewed by Karen Eley, a member of Finder's Editorial Review Board.
Gary Ross Hunter's headshot
Editor, Insurance & Innovations

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

Gary Ross's expertise
Gary Ross has written 730 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living
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Co-written by

Editor

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, WIN News, Insurance News, 7NEWS and The Guardian. 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 258 Finder guides across topics including:
  • Car, home, life, health, travel and pet insurance
  • Managing the cost of living
  • Money-saving tips

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