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Cheap life insurance

We collected over 170 cheap life insurance quotes and found it's possible to get $500k in cover from as little as $6.75 a week.

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.

Why you can trust our research

15 policies analysed

170+ quotes gathered

100+ hours of research

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 and cons

  • 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.
  • It was the cheapest in our research; keep in mind though, prices may differ for you.
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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.

Finder survey: How many Australians have had a premium increase to their life insurance policy in the last 12 months?

Response
I don't have life insurance49.91%
Yes23.69%
I don't know14.41%
No11.98%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

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

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 understand cover
Retail

Retail

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

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
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 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

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.

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.

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

free

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.
independent

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.
help

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

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