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How much does life insurance cost in Australia?

Life insurance can cost less than $25 a month for a healthy 40-year-old. People between the age of 30 and 40 pay much less on average than a 50- or 60-year-old.

We gathered over 100 life insurance quotes to get our average costs, looking at 4 different age groups between 30 and 60 with $500,000 of life insurance cover.

A healthy male at age 40 can expect to pay around $19 per week for a $500,000 life insurance policy in Australia. It's also generally cheaper for women, who might expect to pay around $14 per week for the same level of cover.

Life insurance costs vary from person to person. While we've done our best to give you an idea of the price of life insurance, however, your own circumstances will impact the cost of your cover.

Why you can trust our research

100+

quotes gathered

10+

policies analysed

4

age groups

What is the average life insurance cost per week 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

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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

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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

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

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Methodology

What is the average life insurance cost for men and women?

Finder sourced quotes from 10 Australian life insurance brands. Below are the average weekly costs for a non-smoker with no medical conditions earning an annual income of $80,000. These quotes were correct as of February 2023.

Average life insurance rates for women

Amount Insured30-year-old40-year-old50-year-old60-year-old
$500,000$6.93$11.1$26.33$76.3

Average life insurance rates for men

Amount Insured30-year-old40-year-old50-year-old60-year-old
$500,000$10.02$15.28$39.48$137.35

Finder survey: How many Australians have life insurance?

Response
Life insurance32.52%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

How much is life insurance per month in Australia?

Male non-smokers (monthly cost)

30-year-old40-year-old50-year-old60-year-old
AAMI$80$138$330$1025
ahm$44$63$171$563
Allianz$37$54$153$507
ANZ$32$46$121$450
Bendigo$59$59$170$595
Budget Direct$22$28$92$376
Insuranceline$42$69$153$555
Medibank$46$66$180$592
NobleOak$22$28$92$376
RAC$28$35$114$466
Suncorp$29$69$153$555
TAL$20$30$63$260
Zurich Ezicover Life Insurance$23$29$66$234

Female non-smokers (monthly cost)

30-year-old40-year-old50-year-old60-year-old
AAMI$29$57$126$361
ahm$35$49$116$205
Allianz$29$42$103$307
ANZ$25$37$86$268
Bendigo$36$56$128$406
Budget Direct$15$22$67$236
Insuranceline$29$57$126$361
Medibank$37$52$122$357
NobleOak$15$22$67$236
RAC$19$28$82$293
Suncorp$29$57$126$361
TAL$19$24$51$165
Zurich Ezicover Life Insurance$18$25$48$143

What affects the cost of life insurance?

There are several factors which insurers consider when determining how much you will pay for life insurance:

  • Age. The older you get, the greater the risk you become to the insurer and the more you will pay for your life insurance. For this reason, many people opt for level premiums (remain the same for the life of the policy).
  • Gender. Males and females are assessed differently by insurers, with females generally seen as lower risk than males.
  • Occupation. What you do for a living can affect how much you pay for life insurance. If you are an underground miner for instance, you are considered to be in a high risk occupation.
  • Lifestyle. The things you do in your spare time can also have an influence on your risk rating. If you pursue risky pastimes such as rock climbing or driving fast cars, then your premiums may be higher.
  • Current medical condition. If a policy covers your medical condition they may increase your premium in some cases.
  • Past medical history. Any pre-existing medical conditions you have or have had in the past can affect your premiums.
  • Amount and period of cover required. The greater the amount and the longer the period, the higher your premiums will be.
  • Smoking status. If you are a smoker, you are seen as high risk and will pay more for your premiums. Some brands will reduce your premiums if you give up smoking for at least 12 months.

Get a quote to see how much life insurance will cost you

1 - 7 of 12
Name Finder Score Funeral Benefit Optional TPD Cover Optional Trauma Cover Maximum Cover
Medibank Life Insurance image
Finder Award
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$2.5 million
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer satisfaction awards.
TAL Accelerated Protection Life Insurance image
Finder Award
Finder score
Funeral Benefit
$25,000
Optional TPD Cover
$3 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
No set limit
Get QuoteView details
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.
ahm Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.
AAMI Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
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: Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 2 December 2024. T&Cs apply.
Suncorp Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
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: Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 2 December 2024. T&Cs apply.
Real Family Life Cover image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1 million
Get QuoteView details
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
Zurich Ezicover Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
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Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 20 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

Speak with an expert about your life insurance needs

Frequently asked questions

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.
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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 240 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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